January 2009
About this guide
This is a guide for New Zealand and Australian issuers offering securities or interests in managed or collective investment schemes in both countries. It explains what issuers have to do under the trans-Tasman mutual recognition scheme for offers of securities.
This is a joint guide published by the Australian Securities and Investments Commission (ASIC) and the New Zealand Securities Commission (NZSC).
Document history
This version was issued on 21 January 2009 and is based on legislation and regulations as at 21 January 2009.
Previous version:
Disclaimer
This guide does not constitute legal advice. We encourage you to seek your own professional advice to find out how the Australian Corporations Act 2001 or the New Zealand Securities Act 1978 and other applicable laws apply to you, as it is your responsibility to determine your obligations.
Examples in this guide are purely for illustration; they are not exhaustive and are not intended to impose or imply particular rules or requirements.
TABLE OF CONTENTS
A. OVERVIEW
The mutual recognition scheme
Requirements for issuers
Role of regulators
B. WHAT MUST NEW ZEALAND ISSUERS DO?
Before making an offer (entry requirements)
While the offer is open (ongoing requirements)
What happens if an offering condition is breached?
What other Australian securities laws apply to a recognised offer?
C. WHAT MUST AUSTRALIAN ISSUERS DO?
Before making an offer (entry requirements)
While the offer is open (ongoing requirements)
What happens if an offering condition is breached?
What other NZ securities laws apply to a regulated offer?
D. HOW WILL ASIC, NZCO AND THE NZSC WORK TOGETHER?
KEY TERMS
RELATED INFORMATION