WELLINGTON, NEW ZEALAND - The Assistant Treasurer, Senator Nick Sherry, visiting New Zealand as part of an Australian Ministerial delegation, has marked one year of operation of the Australia-New Zealand Mutual Recognition Agreement in a meeting with his New Zealand counterpart, the Hon Simon Power, New Zealand Minister of Commerce.
The Mutual Recognition of Securities Offerings Agreement, which was signed into force by Minister Sherry in mid-2008, allows for the same securities offering documents to be issued in both countries, slashing red-tape, freeing up capital markets and helping boost both economies.
"This Agreement has proven to be a major success - in just twelve months 155 Australian prospectuses have been recognised in New Zealand," the Assistant Treasurer said
"This means 155 cases in which raising capital has been made easier by this Government initiative."
"In addition, five New Zealand prospectuses have received recognition for full offerings in the Australian market, helping New Zealand companies tap our capital markets."
"Today I held talks with New Zealand Commerce Minister Simon Power in which we reaffirmed out countries' strong and ongoing commitment to ever closer economic relations and cooperation."
"The Mutual Recognition Agreement - a clear example of this - has been a resounding success and both sides will continue to examine ways to further streamline the process to boost even further the number of offerings."