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.
