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

 


Government to co-ordinate NZ-Aust business law

10 September 2006 Media Statement

Government to co-ordinate NZ-Aust business law

Commerce Minister Lianne Dalziel today released draft regulations to implement the next step in co-ordinating business law in New Zealand and Australia.

The draft regulations would enable the mutual recognition of securities offerings, allowing issuers to offer securities in both Australia and New Zealand using the offer documents of their home jurisdiction, she said.

“The regime is intended to remove unnecessary regulatory barriers to trans-Tasman securities offerings and reduce the costs of raising capital in both Australia and New Zealand.

“The release of the draft regulations is the next step towards completing one of the major achievements under the Memorandum of Understanding on Business Law Coordination between Australia and New Zealand signed earlier this year."

Lianne Dalziel said the Government would like feedback through the consultation process on any compliance issues for issuers.

“The regime aims to reduce costs for issuers, and feedback will enable the regime to be implemented in the most cost-effective way."

The draft regulations are available at www.med.govt.nz . Submissions close on 24 October.

The Agreement between the Government of Australia and the Government of New Zealand in Relation to Mutual Recognition of Securities Offerings contains the principles of the regime and the regulations provide for the implementation of the regime. The regulations will be made under the Securities Act 1978, as Part 5 of that Act already sets out the general framework for mutual recognition regimes for securities offerings.

The Australian Government proposes to release in the near future the exposure draft of its Bill to implement the regime. Together with the release of the draft New Zealand regulations, issuers and their advisors will be able to better assess how the regime will operate on both sides of the Tasman and provide comments on the workability of the regime.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Scoop Images:
Dame Patsy Reddy Sworn In As Governor-General

This morning Dame Patsy Reddy was sworn in as the New Zealand Realm’s 21st Governor-General. The ceremony began with a pōwhiri to welcome Dame Patsy and her husband Sir David Gascoigne to Parliament. More>>

ALSO:

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

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news