Single Economic Market
Contents
For further information email: businesslaw@med.govt.nz.
Under the Single Economic Market concept, the New Zealand and Australian governments are intensifying efforts to remove regulatory barriers to trans-Tasman trade and firms operating in both markets. The aim is create a more seamless trans-Tasman business environment. The major work areas are:
Outcomes of Prime Minister's Key and Rudd's meeting on Trans Tasman cooperation, 20 August.
Competition Policy and Consumer Protection
The two governments have agreed that the immediate goal is to deepen cooperation between the regulators, the Commerce Commission and the ACCC, and to streamline processes for firms seeking an authorisation for a merger which is required in both countries. Ways of achieving this are likely to include making it easier for the two Commissions to share information and providing for cross-appointments between the two Commissions.
Further information:
Intellectual Property
Intellectual Property Australia and New Zealand's Ministry of Economic Development have announced a joint work programme to consider options for policy and operational co-ordination in the granting of intellectual property rights.
Further information:
Accounting Standards
A Trans-Tasman Accounting Standards Advisory Group (TASAG) is looking at ways of reducing costs and improving efficiency through a single set of accounting standards in both countries. The ultimate aim would be for each company to keep only one set of accounts which serve in both jurisdictions.
Further information:
Securities Offerings
A joint discussion paper on the trans-Tasman recognition of offers of securities and managed investment scheme interests was released in May 2004. The proposal will allow issuers to offer securities in both Australia and New Zealand using the same offer documents.
The treaty establishing the mutual recognition regime is likely to be finalised within the next two to three months.
Further information:
Cross Border Insolvency
Both Governments have agreed to adopt the United Nations Commission on International Trade Law's model law for dealing with cross-border insolvencies. This will simplify business rehabilitation and insolvency proceedings where a debtor has assets in both countries.
Both countries have also agreed to develop a more extensive arrangement between Australia and New Zealand for cross-border insolvencies under the framework of the model law.
Further information:
Company Registrations
At present, companies operating across the Tasman are required to register in their home jurisdiction and meet overseas company registration requirements. Officials are looking into an option where if a company is registered in Australia it can then be registered in New Zealand, and would only be required to comply with one or two additional minor requirements and vice versa.
Officials are also discussing the creation of better links between the Registrar of Companies and Australian Securities and Investments Commission websites to encourage better access to information regarding companies operating trans-Tasman.
Trans-Tasman Mutual Recognition Arrangement (TTMRA)
The TTMRA is an arrangement between New Zealand, the Commonwealth, States and Territories of Australia. It aims to remove regulatory barriers to trans-Tasman trade in goods and the movement of registered professionals. It provides that:
- a good that can legally be sold in one country can be sold in the other; and
- a person registered to practice a profession in one country is entitled to register to practice an equivalent profession in the other.
Further information:
Other Documents
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