The Australian government has released the draft Corporations Amendment (NZ Closer Economic Relations) Bill 2006 for public scrutiny.
According to Chris Pearce, Parliamentary Secretary, the initiative builds on the commitment by both the Australian and New Zealand Governments to remove unnecessary regulation of trans-Tasman business and promote greater coordination of business law between the two countries.
“When enacted, the provisions will allow the offer of securities and managed investment interests to be made in either country with the same offer documents, therefore reducing duplication and cost which inevitably get passed on to consumers," Pearce explained.
"The reduced filing requirements provisions of the draft bill are intended to exempt New Zealand companies operating in Australia from lodging the same information with ASIC that the companies have already lodged with the New Zealand Companies Office,” he added.
The Australian Treasury is inviting comments on the new legislation in a consultation that closes on October 13, 2006. The draft bill and commentary can be viewed on the Treasury's website.
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