Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Mutual recognition of securities offers proposed

18 May 2004

Mutual recognition of securities offers proposed

New Zealand Commerce Minister Margaret Wilson and Ross Cameron, Australian Parliamentary Secretary to the Treasurer, today released a joint discussion paper on the trans-Tasman mutual recognition of offers of securities and managed investment scheme interests.

“The proposed regime will allow issuers to offer securities in both Australia and New Zealand, using the same offer documents and offer structure”, said Margaret Wilson.

“The objective of the proposed regime is to remove unnecessary regulatory barriers to trans-Tasman securities offerings. This will promote investment between Australia and New Zealand, enhance competition in capital markets, reduce costs for business, and increase the choice for investors.”

“The regime proposed in the discussion paper is being developed as part of a general initiative for greater co-ordination of business law between Australia and New Zealand and is an important step in achieving a more integrated trans-Tasman financial market”, said Ross Cameron.

“A mutual recognition regime will reduce the costs of raising capital in both Australia and New Zealand while maintaining investor protection through appropriate disclosure.”

Background

In October 2001, the Australian Government invited New Zealand to work towards a regime for co-ordination in the recognition of securities offerings. After deciding on the broad parameters of the mutual recognition regime, New Zealand and Australian officials developed detailed proposals for the regime in 2003. These proposals are contained in the discussion paper.

The paper includes a description of the current position for Australian and New Zealand issuers making trans-Tasman offers of securities and then discusses the proposed mutual recognition model.

Currently, New Zealand and Australian issuers cannot use their home jurisdiction offer documents when making a trans-Tasman offer of securities. The issuer must comply with the relevant fundraising requirements in the host jurisdiction, unless operating under an exemption in the host jurisdiction.

The proposed model would allow an issuer offering securities or managed investment scheme interests to the public to extend an offer that is being lawfully made in one country (the home jurisdiction) to investors in the other country (the host jurisdiction) using the same offer documents and offer structure.

Details of the proposal are discussed, including the scope of the regime, the requirements to be met by issuers operating under it, how the laws of the host and home jurisdiction will apply, the role of the regulators, and jurisdiction and enforcement regarding civil and criminal proceedings for breaches of the regime.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>

ALSO:

Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>

ALSO:

More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news