New laws
Extending an offer of securities to investors in New Zealand
has just been made easier. On 13 June 2008, the Australian and
New Zealand governments brought into effect laws in each
country to establish a regime for Trans-Tasman mutual
recognition of securities. Now issuers from both Australia and
New Zealand will be able to offer securities to the
Trans-Tasman market using one disclosure document prepared
under the laws of its home country, removing unnecessary
regulatory barriers and reducing the cost to business.
The old regime
While the regulatory objectives are similar across the
Tasman, to make an offer of securities to New Zealand investors
before the enactment of the new laws, an Australian issuer
needed to comply with the laws of both jurisdictions, unless an
exemption applied. This meant preparation of an investment
statement regulated by the New Zealand Securities Act
1978
