Statement of Consultation Undertaken
Stakeholder Consultation
A discussion paper by the New Zealand Ministry of Economic Development and Australia Treasury, outlining the proposed regime was circulated to the public in Australia and New Zealand for comment in May 2004. Submitters were generally supportive of the regime. Some concerns were raised by submitters about the proposal including the manner in which the proposed regime would be enforced against overseas companies. It is considered that these issues are generic Trans Tasman legal enforcement issues and cannot be confined within this mutual recognition regime. A separate stream of work is being progressed on Trans Tasman Court Proceedings and Regulatory Enforcement that will consider the issue of enforcement in a wider context. Officials have agreed with most of the other submissions made and developed the regime accordingly.
Government Departments/Agencies Consultation
The Securities Commission, the Ministry of Foreign Affairs and Trade, the Ministry of Justice, the Treasury have been consulted. The Department of the Prime Minister and Cabinet has been informed. No significant concerns were raised.
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