17 March 2011
Guide For Trans-Tasman Mutual Recognition Of Securities Offerings Updated
The Australian Securities and Investments Commission (ASIC) and New Zealand Securities Commission have jointly published
updated guidance for Australian and New Zealand issuers offering shares, debentures or interests in managed or
collective investment schemes in both countries. The guide explains the requirements under the mutual recognition of
securities offerings scheme (MRSO) and the role the regulators play in relation to an offer.
The guide also alerts issuers to the specific sections of Australian and New Zealand law that will continue to apply
when offers are made under the MRSO, such as the prohibition of door-to-door selling in New Zealand and the securities
hawking laws in Australia.
Many of the updates are based on feedback received from the market and are aimed at assisting issuers using the scheme.
Key updates provide:
• more detailed guidance by inserting references to underlying statutory requirements;
• information relating to relevant forms and lodgement processes;
• comment on the applicability of dispute resolution schemes;
• reference to certain relief powers that enable each regulator to declare a recognised offer where certain
requirements are not met by issuers; and
• more guidance on the offers that can be recognised under the scheme where the issuer or offer has obtained
relief in its home jurisdiction.
The guide is available on the Securities Commission’s website at www.seccom.govt.nz and on ASIC’s website at
The MRSO enables issuers of securities to use one disclosure document to offer shares, debentures, or managed or
collective investment schemes to investors on both sides of the Tasman, subject to meeting certain requirements. The
scheme has proven to bring significant cost savings for issuers offering securities and also benefits investors by
providing them with a wider range of investments. The scheme was first introduced in June 2008 as a significant step
towards achieving a single economic market.