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OFFERING SECURITIES IN NEW ZEALAND AND AUSTRALIA UNDER MUTUAL RECOGNITION

January 2009

D. HOW WILL ASIC, NZCO AND THE NZSC WORK TOGETHER?

Key points

The NZCO, NZSC and ASIC have established arrangements for cooperation and information sharing in administering the mutual recognition scheme.
ASIC and the NZCO have entered into a Memorandum of Understanding (MOU) for the exchange of information, data for companies carrying on business on both sides of the Tasman and mutual assistance. In addition to this, ASIC and the NZCO and NZSC have established protocols for cooperation between the authorities in administering the mutual recognition scheme. These protocols describe how ASIC, the NZCO and the NZSC intend to cooperate and share information under the mutual recognition scheme.
ASIC and the NZSC have established arrangements for cooperation and information sharing in the administration of the mutual recognition scheme. For example, the arrangements deal with notification by one regulator to the other if they initiate enforcement action against an issuer, where a complaint is made against an issuer, or where changes are made to offer documents.

KEY TERMS

Term	Meaning in this document
ASIC	Australian Securities and Investments Commission
Australian securities law	Corporations Act 2001 (Cth) of Australia and regulations made under that Act
Australian Corporations Act	Corporations Act 2001 (Cth) of Australia
home jurisdiction	The country in which the issuer of the securities is domiciled
host jurisdiction	The country in which the foreign offer of securities is being made
host regulator	The relevant regulator in the country in which the foreign offer of securities is being made
mutual recognition scheme	The trans-Tasman mutual recognition scheme for offers of securities as contained in the law stated in paragraph 6
NZCO	New Zealand Registrar of Companies
NZ mutual recognition regulations	Securities (Mutual Recognition of Securities Offerings-Australia) Regulations 2006 (NZ)
NZSC	New Zealand Securities Commission
NZ securities law	Securities Act 1978 of New Zealand and regulations made under that Act
PDS	A Product Disclosure Statement under the Australian Corporations Act
recognised offer	An offer of securities by a New Zealand issuer into the Australian market
regulated offer	An offer of securities by an Australian issuer into the New Zealand market
NZ Securities Act	Securities Act 1978 of New Zealand

RELATED INFORMATION

Headnotes

securities; offerings; trans-Tasman; mutual recognition; New Zealand; offer document; information sharing; managed investment schemes; collective investment schemes; disclosure document; recognised offer; regulated offer; fundraising; issuers; entry requirements; ongoing requirements; offering conditions; notification requirements; product disclosure statement (PDS)

Legislation

Corporations Act 2001 (Cth) of Australia, Pt 2D.6, Ch 2L, Ch 5C, Ch 6D, Pt 7.6, Pt 7.7, Pt 7.8, Pt 7.9, Ch 8, s921A(2)(a), 1017G, 1200A, 1200D, 1200G, 1200N, 1200P, 1200Q; Corporations Amendment Regulations 2008 (No.2) (Cth) of Australia; Corporations Regulations 2001 (Cth) of Australia, reg 8.2.01, 8.2.02, 8.2.03

Securities Act 1978 of New Zealand, Pt 2, Pt 5, s35, 38B, 58, 73(1)(c), 76; Securities (Mutual Recognition of Securities Offerings-Australia) Regulations 2008 of New Zealand, reg 3, 6(3), 13(1), 13(2), 13(3), 13(4)

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