Chris Pearce today released the draft Corporations Amendment (NZ Closer Economic Relations) Bill 2006 for public exposure. New Zealand's regulations are due to be released for comment in the near future.
“This initiative builds on the commitment of both the Australian and New Zealand Governments to remove unnecessary regulation of trans‑Tasman business and promote greater coordination of business law between the two countries.
“The Bill will implement the Agreement between the Government of Australia and the Government of New Zealand in Relation to Mutual Recognition of Securities Offerings , signed on 22 March 2006, and will reduce the filing requirements for New Zealand companies doing business in Australia.
“When enacted, the provisions will allow the offer of securities and managed investment interests to be made in either country with the same offer documents, therefore reducing duplication and cost which inevitably get passed on to consumers. The reduced filing requirements provisions of the draft bill are intended to exempt New Zealand companies operating in Australia from lodging the same information with ASIC that the companies have already lodged with the New Zealand Companies Office,” Mr Pearce said
“I therefore encourage all people with an interest in this issue to examine the draft bill and offer their comments,” he said.
The draft bill and commentary are available now at www.treasury.gov.au. Written comments on the draft bill should be received by 13 October 2006 and may be submitted by mail, fax or email to:
Corporations Amendment (NZ Closer Economic Relations) Bill 2006
Corporations and Financial Services Division
The Treasury
Langton Crescent
PARKES ACT 2600
Fax: 02 6263 2770
CorporationsNZCERBill@treasury.gov.au
CANBERRA
11 September 2006
Contact: Andrew Conway 02 6277 2088