BT Funds Management welcomes new securities regime

13 June 2008

BT Funds Management welcomes new securities regime

Westpac New Zealand’s funds management business, BT Funds Management New Zealand (BTNZ), welcomes the introduction of the new Trans-Tasman mutual recognition of securities regime, saying it is another step towards a fully functioning single economic market.

The regime will allow an issuer lawfully offering securities (such as interests in managed investment schemes) to the public in one country to extend the offer into the other country using the offer documentation for their home jurisdiction (subject to meeting certain criteria).

Fiona Oliver, BTNZ’s Chief Operating Officer, says the new regime should streamline legal obligations and reduce compliance costs when securities are offered across the Tasman.

“It is another positive step towards improving investment sophistication and the greater goal of a single economic market. The traffic may be more one way than the other initially, but that will be beneficial for New Zealand investors as it offers New Zealanders the opportunity to choose their investments from a greater variety of security offerings.

“New Zealand issuers also stand to benefit by offering funds in Australia, due to the opportunity offered by the larger population there,” Ms Oliver said.

ENDS

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