The Parliamentary Secretary to the Treasurer, the Hon Chris Pearce MP, today released the terms of reference for a proposed review of Australia and New Zealand’s Memorandum of Understanding (MOU) on Coordination of Business Law.
“The MOU, originally signed on 31 August 2000, provides an excellent opportunity for greater coordination of those laws, in both Australia and New Zealand, affecting business,” Mr Pearce said.
The review will consider whether the framework set up by the MOU needs to be modified to reflect changes over the past five years to enhance future business law coordination. The review will also involve an assessment of the work program arising from the MOU.
“Over the last five years, both Australia and New Zealand have faced a number of common, significant changes to business law”, Mr Pearce said.
“Both countries are adopting International Financial Reporting Standards, and New Zealand has undertaken law reform in a number of areas to harmonise the Australian and New Zealand positions. In addition, both countries are continuing to take steps to implement a mutual recognition regime for offers of securities and to facilitate cross-border insolvency procedures”.
“In an age of globalisation, it is important to ensure that the MOU continues to have the capacity to promote and support trans-Tasman consultation on business law issues”.
The review will be conducted by officials from the Australian Treasury and the New Zealand Ministry of Economic Development. The review body will report back to the Australian Treasurer and the New Zealand Minister of Commerce no later than 31 October 2005.
Comments from the public are being sought as part of this review and should be made by
5 September 2005 to:
Ruth Smith
Manager, Market Integrity Unit
The Treasury
Langton Crescent
PARKES ACT 2600
Or by email at rsmith@treasury.gov.au
Or by fax to (02) 6263 2882
The terms of reference and the current MOU are attached.
25 July 2005
MELBOURNE
Contact: Gillian Harvey (03) 9887 3890