Trans-Tasman regulatory alignment moves closer
New Zealand Companies Office
Australian Securities and Investments Commission
Trans-Tasman regulatory alignment moves a step closer
Companies operating on both sides of the Tasman can expect simplified regulatory obligations in the future, with the signing of a Memorandum of Understanding between the New Zealand Companies Office and the Australian Securities and Investment Commission (ASIC).
The MOU, designed to promote greater regulatory cooperation between the two countries, was signed by Registrar of Companies, Neville Harris and Jeffrey Lucy, Chairman of ASIC in Wellington on Wednesday February 8.
The agreement reflects an ongoing interest in aligning
the regulatory functions of both agencies and allows for
cooperation and the exchange of information to assist each
regulator, particularly on operational and enforcement
Neville Harris and Jeffrey Lucy firmly agree the MOU works toward the goal of making doing business on both sides of the Tasman easier.
“We are looking at opportunities for alignment of processes and practices in order to simplify the corporate regulatory obligations for companies operating in both markets.
globalisation of markets allows for significant opportunity
for us to learn from each other and work together on issues
of mutual benefit.”
A proposal around alignment of corporate registration processes, compliance and disclosure activities between the Companies Office and (ASIC) will be progressed further under the terms of the Memorandum of Understanding.
Other issues discussed included:
Progress in operational and technology cooperation
- Key regulatory developments in each jurisdiction and the importance of alignment
- Joint enforcement strategies
- Planning a programme of work to be shared by the two regulators
ASIC is responsible for enforcing and regulating company and financial services laws to protect consumers, investors and creditors. ASIC regulates the financial markets, securities, futures and corporations.
The New Zealand Companies Office maintains the registry for all corporate bodies including New Zealand and overseas companies, co-operative companies, incorporated societies, friendly societies and credit unions.