Agreement on Trans-Tasman securities offeringsMinister of Commerce Lianne Dalziel and Australian Treasurer Peter Costello signed an agreement in February opening the way to easier trans-Tasman offers of securities. This agreement establishes a mutual recognition regime which will allow an issuer offering securities and interests in managed investment schemes in either New Zealand or Australia to extend this offer to investors on the other side of the Tasman using the same offer documents and offer structure. “This will promote investment between Australia and New Zealand, enhance competition in capital markets, reduce costs for business, and increase the choice for investors” Ms Dalziel and Mr Costello said. The mutual recognition regime will be implemented through legislation or regulations in both Australia and New Zealand. Ms Dalziel and Mr Costello said the new regime could be in force by the end of this year. Business Law MOU with Australia reviewedThe MOU on Coordination of Business Law between Australia and New Zealand has been reviewed. A revised MOU was signed on 22 February by Minister of Commerce Lianne Dalziel and Australian Treasurer Peter Costello.  Minister of Commerce “The MOU has been a success in improving the trans-Tasman business environment. We are confident it will continue to provide benefits to both countries over the next five years,” said the Ministers. A significant item of progress has been the agreement on mutual recognition of securities offerings. The revised MOU sets new priorities for trans-Tasman business law coordination. It includes a work programme for further work on coordinating securities disclosure and information sharing amongst regulators, and also includes consideration of mutual recognition and/or further coordination of the regulation of financial intermediaries. |
Jane Diplock reappointed ChairmanThe Governor-General has re-appointed Jane Diplock as Chairman of the Commission for a second term through to 2011. “Jane Diplock has established the Commission’s reputation in the New Zealand marketplace as an effective enforcement body, built the Commission’s organisational capability and gained international recognition for New Zealand’s financial market regulation,” Minister of Commerce Lianne Dalziel said. The Minister announced the re-appointment at a function on 7 February 2006 to welcome delegates to meetings of the International Organisation of Securities Commissions (IOSCO) in New Zealand. Jane Diplock has chaired the Securities Commission since 2001. During that time she has overseen a body of securities law resulting from reforms the Government commenced in 1999. She is the current chair of the IOSCO Executive Committee. |
Securities Commission highly ranked in “Best Places to Work”The Securities Commission was rated second best of 69 small workplaces in the Unlimited/JRA Best Places to Work in New Zealand Survey 2005. “The result confirms the Commission’s positive and vibrant organisational culture,” Chairman Jane Diplock said. To qualify for the best places to work awards, responses are required from at least 30 employees and 60% of their staff. “It is a great tribute to Commission staff that they have fostered a supportive, collegial and enthusiastic work environment while delivering increasingly good outcomes for New Zealand capital markets,” Jane Diplock said. The Unlimited/JRA Best Places to Work in New Zealand Survey 2005 surveyed 23,400 employees from 197 organisations in New Zealand. This is up from 16,800 employees from 161 work places in 2004. |
Exemption summaries phased outSince April 1999 the Commission has published on its website summaries of exemptions granted from securities law. Originally called Exemption Notes, the summaries included the effects of the exemption, the conditions which applied, and the reasons or principal considerations the Commission took into account in granting the exemption. At that time exemption notices were written in technical terms and the summaries provided a business language version of the exemption. Subsequently the written style of exemption notices has become easier to understand and since 2004 a Statement of Reasons has been included in each notice. These improvements have made summaries unnecessary for current exemptions. Exemption summaries already been published will remain on
the website at |
| 2 | THE BULLETIN April 2006 |