Trans-Tasman recognition regime
How New Zealand and Australia manage offers
Australia and New Zealand have a mutual recognition regime in place which means an Australian offeror may be able to extend an offer that is registered in Australia into New Zealand, and a New Zealand issuer may be able to extend an offer that is registered in New Zealand into Australia.
Australian offerors
Financial Markets Conduct Act 2013
An Australian offeror can extend offers into New Zealand under the mutual recognition provisions of the Financial Markets Conduct Regulations 2014 (FMC Regulations). The offeror must register the offer and all documents required by the FMC Act and FMC Regulations online on the Disclose Register.
Visit the Disclose Register website for more information on the FMC Act, including opt in notice and other forms, or to make an offer under the mutual recognition provisions of the FMC Regulations.
Details of most offers will be publicly viewable on the Disclose Register, however the overseas offeror will be recorded on the Companies Office overseas issuer (offeror) register.
Ongoing compliance obligations
An Australian offeror has ongoing filing obligations under the FMC Regulations.
Visit the Disclose Register website for more information on the FMC Act and FMC Regulations.
Financial statements
An Australian offeror relying on the recognition provisions of the FMC Regulations is not required to file financial statements in New Zealand.
Most Australian offerors file financial statements with the Australian Securities & Investments Commission (ASIC).
Visit ASIC for information on viewing financial statements and other documents registered by an offeror.
New Zealand issuers
Financial Markets Conduct Act 2013
A New Zealand issuer must lodge a written notice of their intention to make an offer under the Financial Markets Conduct Regulations 2014 (FMC Regulations) with the Registrar of Financial Service Providers. Registration is online, and the notice must be provided at the time the offer is registered in New Zealand.
The notification must be made no later than the time that the Australian Securities and Investment Commission (ASIC) is notified of the New Zealand offeror’s intention.
Ongoing compliance obligations
A New Zealand issuer has ongoing compliance obligations under the FMC Regulations, ensure you are familiar with these requirements.
Financial statements
A New Zealand issuer has an annual obligation to file audited financial statements, within 4 months of their financial reporting balance date, with the Registrar of Financial Service Providers under section 461H of the FMC Act.
If the issuer is a company, the financial statements will need to be registered on the Companies Register.
If the issuer is an 'other registered entity' (e.g. a credit union), the financial statements will need to be delivered in hardcopy to the Companies Office for registration.
The fee for filing financial statements is NZ$255 (plus GST). This fee includes a Financial Markets Authority levy of $80 (plus GST).