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