Exposure draft of the Corporations Amendment (NZ Closer Economic Relations) Bill 2006

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The Parliamentary Secretary to the Treasurer, The Hon Chris Pearce MP, has released the draft Corporations Amendment (NZ Closer Economic Relations) Bill 2006 for public exposure.

With New Zealand’s regulations which were recently released for public comment, this initiative 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.

The scheme will allow an issuer to extend an offer that is being lawfully made in one country to investors in the other country without the issuer being required to comply with most of the substantive requirements of the host jurisdiction’s fundraising laws that apply to domestic offers. The scheme will apply to offers of securities and interests in managed investment schemes, but not to the provision of financial advice. The reduced filing requirements provisions are intended to exempt New Zealand companies operating in Australia from lodging the same information with the Australian Securities and Investments Commission that the companies have already lodged with the New Zealand Registrar of companies.

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

The draft New Zealand regulations to give effect to this regime were released for public comment on 10 September 2006 on the Ministry of Economic Development website. 

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