Recommendations

1. Note that the fundamental objective of the Agreement between the Government of Australia and the Government of New Zealand in relation to Mutual Recognition of Securities Offerings (the Agreement) is to create a mutual recognition regime that benefits businesses and individuals by reducing barriers to cross-border securities offerings.

2. Note that the Minister of Foreign Affairs and Trade decided on 2 August 2005 that the Agreement is not a "major bilateral treaty of particular significance" and therefore does not need to be subject to the Parliamentary treaty examination process.

3. Agree that New Zealand sign the Agreement.

4. Agree that, following signature and the enactment by both Parties of the necessary legislation to implement the mutual recognition regime, New Zealand send a diplomatic note confirming the completion of its respective domestic procedures required for the entry into force of the Agreement.

5. Agree that the Regulatory Impact and Compliance Cost Statement attached to this paper be published on the Ministry of Economic Development website.

6. Direct officials to provide drafting instructions for regulations to give effect to the detail of the mutual recognition regime.