International Law

Australia-New Zealand fund raising

Australia and New Zealand have commenced an arrangement that will smooth the way for businesses to raise capital and for the public to invest with greater ease in both countries.

The Agreement on the Mutual Recognition of Securities Offerings allows for the same securities offerings document to be issued in both countries.

Under the regime, Australian issuers can extend an offer that is being made in Australia to New Zealand investors without being required to comply with most of the substantive requirements of New Zealand's capital raising laws.

The Mutual Recognition of Securities Offerings (MRSO) will be overseen by ASIC in Australia and the Companies Office and the Securities Commission in New Zealand.

These agencies have developed protocols on cooperation and information-sharing to ensure the smooth running of the new regime.

The guide is available on the Securities Commission?s website at www.seccom.govt.nz and on ASIC?s website at www.asic.gov.au.

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Full post as published by Australian Regulatory Compliance Review on June 14, 2008 (boomark / email).