Trans-Tasman regulatory alignment moves closer

New Zealand Companies Office

Australian Securities and Investments Commission

Trans-Tasman regulatory alignment moves a step closer

Companies operating on both sides of the Tasman can expect simplified regulatory obligations in the future, with the signing of a Memorandum of Understanding between the New Zealand Companies Office and the Australian Securities and Investment Commission (ASIC).

The MOU, designed to promote greater regulatory cooperation between the two countries, was signed by Registrar of Companies, Neville Harris and Jeffrey Lucy, Chairman of ASIC in Wellington on Wednesday February 8.

The agreement reflects an ongoing interest in aligning the regulatory functions of both agencies and allows for cooperation and the exchange of information to assist each regulator, particularly on operational and enforcement matters.
Neville Harris and Jeffrey Lucy firmly agree the MOU works toward the goal of making doing business on both sides of the Tasman easier.

“We are looking at opportunities for alignment of processes and practices in order to simplify the corporate regulatory obligations for companies operating in both markets.

The ongoing globalisation of markets allows for significant opportunity for us to learn from each other and work together on issues of mutual benefit.”
A proposal around alignment of corporate registration processes, compliance and disclosure activities between the Companies Office and (ASIC) will be progressed further under the terms of the Memorandum of Understanding.
Other issues discussed included:

- Progress in operational and technology cooperation
- Key regulatory developments in each jurisdiction and the importance of alignment
- Joint enforcement strategies
- Planning a programme of work to be shared by the two regulators
ASIC is responsible for enforcing and regulating company and financial services laws to protect consumers, investors and creditors. ASIC regulates the financial markets, securities, futures and corporations.

The New Zealand Companies Office maintains the registry for all corporate bodies including New Zealand and overseas companies, co-operative companies, incorporated societies, friendly societies and credit unions.

ENDS

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