Call for Submissions
The Australian and New Zealand Governments seek submissions from interested parties on the following issues:
- What costs do the current requirements for trans-Tasman offers of securities impose on Australian and New Zealand issuers?
- Should Australia and New Zealand put in place a mutual recognition regime for offers of securities and interests in managed investment schemes broadly along the lines described in this paper?
- Are there any features of the proposal set out in this paper which you see as particularly important in order to ensure that the regime achieves the objectives of facilitating investment between the two countries, enhancing competition in capital markets, reducing compliance costs for business, and increasing choice for investors?
- Are there any features of the proposal that you see as inappropriate or undesirable, and that you consider should be changed? How should they be changed?
- Are the proposed exemptions from the standard domestic requirements of each country's fund-raising laws for offers made under the mutual recognition regime, as set out in Appendix 2, appropriate? Should additional requirements be excluded? Should any of these requirements continue to apply to offers under the mutual recognition regime?
- Is it appropriate to provide for special arrangements for enforcement of civil and/or criminal penalties for breach of the host jurisdiction's ongoing requirements, along the lines described in section 5.5 of this paper?
- Are there any other aspects of this proposal on which you wish to comment?
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