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New Zealand Securities Commission |
Last Updated: 15 November 2014
Offering securities in New Zealand and Australia under mutual recognition
SECURITIES COMMISSION
Level 8, Unisys House
56 The Terrace
PO Box 1179
WELLINGTON Ph (04) 472 9830
Fax (04) 472 8076
Web site www.seccom.govt.nz
13 June 2008
About this guide
This is a guide for New Zealand and Australian issuers offering securities or
interests in managed or collective investment schemes
in both countries. It
explains what issuers have to do under the trans-Tasman mutual recognition
scheme for offers of securities.
This is a joint guide published by the Australian Securities and Investments Commission
(ASIC) and the New Zealand Securities Commission (NZSC).
Document history
This version was issued on 13 June 2008 and is based on legislation and regulations as at 13
June 2008.
Disclaimer
This guide does not constitute legal advice. We encourage you to seek your
own professional advice to find out how the Australian
Corporations Act 2001
or the New Zealand Securities Act 1978 and other applicable laws
apply to you, as it is your responsibility to determine your
obligations.
Examples in this guide are purely for illustration; they are not exhaustive and are not intended to impose or imply particular rules or requirements.
TABLE OF CONTENTS
A. OVERVIEW ........................................................................................................................ 1
The mutual recognition scheme ................................................................................................. 1
Requirements for issuers ............................................................................................................ 1
Role of regulators
.......................................................................................................................
2
B. WHAT MUST NEW ZEALAND ISSUERS DO? ............................................................ 4
Before making an offer (entry requirements)............................................................................. 4
While the offer is open (ongoing requirements) ........................................................................ 5
What happens if an offering condition is breached? .................................................................. 8
What other Australian securities laws apply to a recognised offer?
.......................................... 8
C. WHAT MUST AUSTRALIAN ISSUERS DO?................................................................ 9
Before making an offer (entry requirements)............................................................................. 9
While the offer is open (ongoing requirements) ...................................................................... 11
What happens if an offering condition is breached? ................................................................ 14
What other NZ securities laws apply to a regulated offer?
...................................................... 14
D. HOW WILL ASIC, NZCO AND THE NZSC WORK TOGETHER?
........................ 15
KEY TERMS
..........................................................................................................................
16
RELATED
INFORMATION................................................................................................
17
A. OVERVIEW
Key points
1. The trans-Tasman mutual recognition scheme allows an issuer to
offer securities or interests in collective or managed investment
schemes in
both countries using one disclosure document prepared under regulation in its
home country.
2. Issuers who wish to operate under the scheme will be able to
comply with minimal entry and ongoing requirements agreed
to between the two
countries and prescribed in each country’s law.
3. ASIC, the New Zealand Registrar of Companies (NZCO) and
the NZSC have established processes for cooperation
between the authorities in
administering the mutual recognition scheme.
The mutual recognition scheme
4. The trans-Tasman mutual recognition scheme for offers of
securities promotes investment between Australia and
New Zealand. It allows an
issuer to offer securities or interests in managed or collective investment
schemes in both countries using
one disclosure document prepared under the
fundraising laws in its home country.
5. The aim of the scheme is to remove unnecessary
regulatory barriers to trans-Tasman securities offerings
and reduce costs of
capital raising in both Australia and New Zealand. At the same time the scheme
maintains investor protection
through appropriate disclosure and supervision of
offerings.
6. The mutual recognition scheme is contained in the following law:
(a) for New Zealand issuers wishing to extend an offer into the Australian market (a
‘recognised offer’)—Chapter 8 of the Corporations Act 2001 (Australian Corporations Act) and the Corporations Amendment Regulations 2008 (No.2) (the Australian mutual recognition regulations), which amend the Corporations Regulations 2001; and
(b) for Australian issuers wishing to extend an offer into the New Zealand market (a
‘regulated offer’)—Part 5 of the Securities Act 1978 (NZ Securities Act) and the
Securities (Mutual Recognition of Securities Offerings—Australia) Regulations
2008 (NZ) (the NZ mutual recognition regulations).
7. To help Australian and New Zealand issuers who wish to participate
in the scheme, the New Zealand Securities Commission
(NZSC) and the Australian
Securities and Investments Commission (ASIC) have issued this joint guide
highlighting the key features
of each country’s securities offering regime
and key requirements under the scheme.
Requirements for issuers
8. Under the mutual recognition scheme, issuers will not be required
to comply with most of the requirements of the other
country’s fundraising
laws. Instead, issuers who wish to operate under the scheme will be able to
comply with some minimal
entry and
ongoing requirements: see Table 1 and Section B (for New Zealand issuers) and
Section C (for Australian issuers).
Table 1: Requirements for issuers under the mutual recognition
scheme
|
New Zealand issuers
|
Australian issuers
|
Entry requirements (before making an offer)
|
The offer must require disclosure under Part 2 of the NZ Securities
Act.
|
The offer must require disclosure under the Australian Corporations
Act.
|
The issuer must be incorporated under the law of New Zealand and not be
disqualified or banned.
|
The issuer must be incorporated by/under the law of Australia, or be a
registered foreign company under the Australian Corporations Act, and not be
disqualified or banned.
|
|
The offer can apply to shares, debentures and interests in managed
investment schemes, and certain rights, interests and options in
these financial
products under s1200A of the Australian Corporations Act.
|
The offer can apply to equity or debt securities, interests in collective
investment schemes, and any interest in, or option to acquire
these securities
under reg 4 of the NZ mutual recognition regulations.
|
|
The issuer must lodge with ASIC a written notice of the intention to make
the offer, including an offer document that contains a warning
statement. The
issuer must also notify NZCO.
|
The issuer must lodge with the NZCO a written notice of the intention to
make the offer, including an offer document
that contains a warning statement. The issuer must also notify ASIC.
|
|
Ongoing requirements (while the offer is open)
|
Issuers must comply with specific ongoing offering conditions, which
include ensuring that the offer remains open to investors in
the home
jurisdiction and notifying the host regulator of certain circumstances.
|
Role of regulators
9. In Australia, ASIC is the regulator for offers of securities and
investigates suspected contraventions of Australian law.
10. In New Zealand, there are two regulators for securities
offers. The NZSC is responsible for market conduct
and has enforcement
powers to require offer documents and advertisements to comply with New
Zealand law. The New Zealand NZCO
is responsible for the registration of
corporate bodies and corporate documents, which includes registration of
prospectuses for
offers of securities in New Zealand.
11. Under the mutual recognition scheme, ASIC, the NZSC and the NZCO
will exercise their usual powers for offers of securities.
NZCO, NZSC and ASIC
have also established arrangements for cooperation and information sharing in
administering the mutual recognition
scheme: see Section D.
B. WHAT MUST NEW ZEALAND ISSUERS DO?
Key points
12. A New Zealand issuer who wants to offer securities to Australian
investors under the mutual recognition scheme must:
(a) be entitled under the NZ securities law to offer the securities (i.e. the offer must require disclosure under Part 2 of the NZ Securities Act); and
(b) comply with all applicable New Zealand laws.
13. The issuer must also comply with specified requirements for
offering securities into Australia, including lodging a notice
with ASIC and
ensuring that the offer document contains a warning statement.
14. While the offer remains open to Australian investors, the New
Zealand issuer must comply with the offering conditions, including
ensuring that
the offer remains open to NZ investors and notifying ASIC of certain
circumstances.
Before making an offer (entry requirements)
What is a ‘recognised offer’?
15. To be a ‘recognised offer’ under the mutual recognition
scheme, the offer must require disclosure under Part
2 of the NZ Securities
Act.
Who can make an offer?
16. The issuer must be incorporated under the law of New Zealand, a
natural person resident in New Zealand or a legal person
established under the
law in New Zealand. An entity that is registered as an overseas company under
New Zealand law will not be able
to opt into this scheme.
17. The New Zealand issuer or any person concerned in the management of
the issuer must not be:
(a) disqualified from being concerned in the management of the issuer under New
Zealand law;
(b) disqualified from managing corporations under Pt 2D.6 of the Australian Corporations Act (e.g. as an undischarged bankrupt or having been convicted of certain offences);
(c) banned by ASIC from providing financial services (e.g. because the person has not complied with the law, has become insolvent, has committed a fraud) or disqualified by a court under the Australian Corporations Act; or
(d) previously banned by ASIC from making a recognised offer in the future
under s1200P of the Australian Corporations Act.
What securities can be offered in Australia?
18. The mutual recognition scheme applies to shares, debentures and
interests in managed investment schemes, and certain
rights, interests and
options in these financial products (s1200A of the Australian Corporations
Act).
What must be lodged with ASIC?
19. At least 14 days before the day on which the offer is first made in
Australia, and no later than the time the NZCO is notified,
the New Zealand
issuer must lodge with ASIC a written notice of the intention to make the offer,
including:
(a) any offer document required by the NZ securities law (e.g. a prospectus and an investment statement);
(b) the constituent documents of the New Zealand issuer or the scheme constitution; (c) details of any exemption from the NZ securities law that applies to the offer;
(d) an address for service in Australia, (s1200D of the Australian
Corporations Act).
20. The offer document must include a warning statement that the offer
is regulated under the NZ securities law and that Australian
law does not apply
to the offer, along with any other warnings about tax differences and currency
risk (reg 8.2.02–8.2.03 of
the Australian mutual recognition
regulations).
21. The notice and related documents must be sent to:
Australian Securities and Investments Commission
Information Processing Centre
PO Box 4000, Gippsland Mail Centre
VIC 3184 AUSTRALIA
While the offer is open (ongoing requirements)
22. At all times while the offer remains open to Australian investors,
the New Zealand issuer must comply with the offering
conditions (see Table 2),
which include ensuring that the offer remains open to NZ investors and notifying
ASIC of certain circumstances
(see Table 3).
Table 2: Offering conditions for New Zealand issuers
The offer
|
At all times while the offer is open to Australian investors, the offer
must:
remain a recognised offer in New Zealand (reg 8.2.01 of the
Australian mutual recognition regulations);
comply with NZ securities law (s1200G(5) of the Australian
Corporations Act); and
be open to acceptance by persons in New Zealand.
|
The issuer
|
At all times while the offer is open to Australian investors, the New
Zealand issuer must:
give a prospective investor, on request and free of charge, copies
of the constitution of the issuer;
comply with the notification requirements—see Table 3;
maintain an address for service in Australia;
ensure that the following persons are not concerned in the
management of the issuer:
− anyone who is disqualified from managing corporations, or from
being concerned in the management of the issuer, in New Zealand
or Australia;
or
− anyone who is subject to a banning order or a court order under
s921A(2)(a) of the Australian Corporations Act,
(s1200G(6) of the Australian Corporations Act); and
if the offer is an offer of interests in a managed investment
scheme:
− comply with the dispute resolution provisions in
s1017G of the
Australian Corporations Act; and
− maintain the dispute resolution scheme in Australia for as long as
the issuer’s records show that an Australian resident
holds securities in
the class of securities that was the subject of the offer.
|
Table 3: Notification requirements for New Zealand issuers (s1200g(9) of the
Australian Corporations Act)
Situation—if ...
|
You must lodge with ASIC
|
By this time
|
A change is made to an offer document, or any other document, required by
NZ securities law
|
A copy of the document as changed
|
No later than 7 days after the day on which the issuer notified (or should
have notified) the NZCO of the change
|
A change is made to the warning statement that is included in the offer
document in Australia
|
A copy of the warning statement as changed
|
|
A supplementary or replacement offer document is required by NZ securities
law
|
A copy of the supplementary or replacement offer document
|
|
A change is made to the constitution or constituent document of the entity
whose securities are being offered
|
A copy of the constitution or constituent document as changed
|
|
The NZSC, changes or revokes an exemption that applies exclusively
to the offer or the issuer under NZ securities law
|
A copy of the exemption, the exemption as changed, or notice in the
prescribed form (if any) of the details of the revocation
|
No later than 7 days after the making, change or
revocation of the exemption occurs
|
The NZSC or the NZCO makes, changes or revokes an exemption that applies,
but not exclusively, to the offer or the issuer under NZ securities
law
|
Written notice in the prescribed form (if any) of the details of the
exemption, change or revocation
|
No later than 14 days after the making, change or revocation of the
exemption occurs
|
The NZSC or the NZCO begins enforcement action, or exercises a power it has
under law, in relation to the issuer or offer
|
Written notice in the prescribed form (if any) of the details of the action
taken or power exercised
|
No later than 7 days after the action is taken or the power
is exercised
|
What happens if an offering condition is breached?
23. A breach of an offering condition amounts to a breach of Australian
law, which ASIC can investigate: s1200Q of the
Australian Corporations
Act. In addition, under Chapter 8 of the Australian Corporations Act, ASIC
may:
(a) make a stop order under s1200N; or
(b) ban the issuer from making a recognised offer for a specified
period.
What other Australian securities laws apply to a recognised
offer?
24. A recognised offer is exempt from many of the provisions of the Australian
Corporations Act, including:
(a) if the offer relates to debentures, Chapter 2L;
(b) the requirements for disclosure for the offer of securities, Chapter 6D (except for the hawking provisions);
(c) if the offer relates to a managed investment scheme, Chapter 5C;
(d) the requirements to be licensed or authorised to provide financial
advice and to provide disclosure for financial products under
Parts 7.6, 7.7,
7.8 and 7.9 of Chapter 7 (except for the hawking and short selling
provisions).
25. In Australia, there is a broad-ranging prohibition in relation to a
‘deal in securities’ (including offers of
securities) that is likely
to mislead or deceive. There are also general content rules for pre-offer
advertising for securities
and for interests in managed investment
schemes. In addition, a person must not offer securities for issue or sale in
the course
of, or because of, an unsolicited meeting with another person or an
unsolicited telephone call to another person (this is known as
‘hawking’).
26. Under Australian law, issuers with at least 100 members must comply
with continuous disclosure rules. For example, they
must lodge information that
a reasonable person would expect to have a material effect on the price or value
of the securities with
ASIC on an ongoing basis. An issuer is also prohibited
from short selling securities.
C. WHAT MUST AUSTRALIAN ISSUERS DO?
Key points
27. An Australian issuer who wants to offer securities to New Zealand
investors under the mutual recognition scheme must:
(a) be entitled under the Australian securities law to offer the securities
(i.e. the offer of securities must require a disclosure
document or a Product
Disclosure Statement (PDS) under the Australian Corporations Act); and
(b) comply with all applicable Australian laws.
28. The issuer must also comply with specified requirements for an
offer of securities in New Zealand, including lodging a notice
with the NZCO and
ensuring that the offer document contains a warning statement.
29. While the offer remains open to New Zealand investors, the
Australian issuer must comply with the offering conditions, including
ensuring
that the offer remains open to Australian investors and notifying the NZCO of
certain circumstances.
Before making an offer (entry requirements)
What is a ‘regulated offer’?
30. To be a ‘regulated offer’ under the mutual recognition
scheme, the offer of securities must require a disclosure
document or a Product
Disclosure Statement (PDS) under the Australian Corporations Act. The disclosure
document or PDS must be lodged with ASIC and any exposure period must have
expired.
Who can make an offer?
31. The issuer must be incorporated under the law of Australia, a
natural person resident in Australia, a legal person established
under the law
of Australia, or a registered foreign company under the Australian Corporations
Act.
32. The issuer or any person concerned in the management of the issuer must
not be:
(a) Prohibited by, or under a power exercised under Australian law from being concerned in the management of a company in Australia (reg 13(2)(b) NZ mutual recognition regulations);
(b) Prohibited by, or under power exercised under New Zealand law from being concerned in the management of a company in New Zealand (reg 13(2)(b) NZ mutual recognition regulations); and
(c) Previously banned by the NZSC from making a regulated offer (reg 13(4) NZ
mutual recognition regulations).
What securities can be offered in New Zealand?
33. The mutual recognition scheme applies to equity or debt
securities, interests in collective investment schemes,
and any interest
in, or option to acquire these securities: reg 4 NZ mutual recognition
regulations.
What must be lodged with the NZCO?
34. Before making the offer in New Zealand, an Australian issuer must
lodge with the NZCO a written notice of its intention
to make the offer under
the NZ mutual recognition regulations: s73(1)(c) of the NZ Securities Act and
reg 11 NZ mutual recognition
regulations. The notice must:
(a) state that it intends to make an offer according to the NZ mutual recognition regulations;
(b) specify the securities to be offered;
(c) specify the proposed offer period for each of:
(i) the offer of the securities in New Zealand; (ii) the offer of the securities in Australia;
(d) give the name and address of a person who is authorised to accept service in New
Zealand;
(e) state that the Australian issuer submits to the jurisdiction of the courts of New
Zealand;
(f) state the Australian issuer’s New Zealand overseas issuer registration number (if any);
(g) be signed by a person who is authorised to act on the issuer’s behalf; (h) be accompanied by the following documents:
(i) an offer document required by Australian law (e.g. a prospectus or, if the offer relates to a managed investment scheme, a PDS);
(ii) details of any exemption or declaration (whether specific to the issuer or the offer, or generally) from the Australian Corporations Act that applies to the offer; and
(iii) the constitution of the company or scheme.
35. The offer document must include the warning statement required under reg 13(1)(d)– (g) of the NZ mutual recognition regulations that the offer is principally regulated under Australian, rather than New Zealand, law along with disclosure of any other tax differences and currency risks.
Northern Business Centre
Private Bag 92061
Auckland Mail Centre
Auckland 1142 NEW ZEALAND
While the offer is open (ongoing requirements)
37. At all times while the offer remains open to New Zealand investors,
the Australian issuer must comply with the offering
conditions (see Table 4),
which include ensuring that the offer remains open to Australian investors and
notifying the NZCO of certain
circumstances (see Table 5).
Table 4: Offering conditions for Australian issuers
The offer
|
At all times while the offer is open to New Zealand investors, the offer
must:
remain a regulated offer in Australia (reg 13(1)(a) NZ mutual
recognition regulations);
comply with Australian securities law (reg 13(1)(b) NZ mutual
recognition regulations); and
be open to acceptance by persons in Australia (reg 13(1)(c) NZ
mutual recognition regulations).
|
The issuer
|
At all times while the offer is open to New Zealand investors, the
Australian issuer must:
give a prospective investor, on request and free of charge, copies
of the constitution of the company or scheme (reg 13(2)(a)
NZ mutual recognition
regulations);
comply with the notification requirements (reg 13(3) NZ mutual
recognition regulations)—see Table 5;
maintain an address for service in New Zealand (reg 13(2)(c) NZ
mutual recognition regulations); and
ensure that anyone who is prohibited by, or under a power
exercised under, Australian or New Zealand law from being concerned
in the
management of a company in Australia or New Zealand, is not concerned in
the management of the issuer (reg 13(2)(b) NZ mutual recognition
regulations).
|
Table 5: Notification requirements for Australian issuers
Situation—if ...
|
You must lodge with the
NZCO
|
By this time
|
A change is made to an offer document, or any other document, required by
the Australian securities law
|
Notice of change to the offer document stating the date on which the
Australian issuer notified (or should have notified) ASIC of
the change and a
copy of the document as changed with the changes marked
|
No later than 5 working days after the day on which the issuer notified (or
should have notified) ASIC of the change
|
A supplementary or replacement offer document is required by the Australian
securities law
|
Notice of supplementary or replacement offer document stating the date on
which the Australian issuer filed (or should have filed)
the supplementary or
replacement document and a copy of the supplementary
or replacement offer document
|
As soon as practicable after and no later than 5 working days after the day
on which the issuer filed (or should have filed) the supplementary
or
replacement offer document with ASIC
|
The issuer's address for service changes
|
Notice of change of address for service containing the new address for
service and the date on which the change takes effect
|
At least 5 working days before the change takes effect
|
A change is made to the constitution or constituent document of the entity
whose securities are being offered
|
Notice of change to constitutional document stating the date on which the
Australian issuer notified (or should have notified) ASIC
of the change and a
copy of the constitution or
constituent document as changed with changes marked
|
No later than 5 working days after the day on which the issuer notified (or
should have notified) ASIC of the change
|
ASIC makes, changes or revokes a general exemption relevant to the
offer
|
Notice of grant of, amendment to, or revocation of, general exemption
specifying the general exemption, stating whether it has been
granted,
amended
or revoked and date of its grant, amendment or revocation
|
No later than 10 working days after the day ASIC made, changed or revoked
the exemption or modification
|
Situation—if ...
|
You must lodge with the
NZCO
|
By this time
|
ASIC makes, changes or revokes an exemption or modification relevant to the
offer that is specific to the offer or the issuer
|
Notice of grant of, amendment to, or revocation of, specific exemption
specifying the specific exemption and if the exemption has
been granted or
amended, a copy of the exemption or amended exemption (with changes marked), and
the date the exemption was granted,
amended or revoked
|
No later than 5 working days after the day ASIC made, changed or revoked
the exemption or modification
|
ASIC begins enforcement action, or exercises a power it has under law, in
relation to the issuer or offer
|
Notice of enforcement action taken or power exercised stating the date on
which the enforcement action began or the power was exercised
and giving details
of the nature
of the enforcement action or the exercise of the power
|
No later than 5 working days after the day on which ASIC took the action or
exercised the power
|
What happens if an offering condition is breached?
38. A breach of a term or condition that must be complied
with under the mutual recognition scheme is an offence
under New Zealand law:
s76 NZ Securities Act. In addition, under the NZ mutual recognition regulations,
the NZSC may:
(a) Make an order prohibiting the distribution of the Australian offer document (s38B NZ Securities Act)
(b) Ban the issuer from making an offer under the NZ mutual recognition regulations
(reg 13(4) NZ mutual recognition regulations).
What other NZ securities laws apply to a regulated offer?
39. The following provisions of the NZ Securities Act will apply to
securities offered by an Australian issuer in New Zealand
under the mutual
recognition scheme:
(a) Prohibition against door-to-door sales (s35 NZ Securities Act);
(b) All Australian offer documents are advertisements under the NZ Securities Act.
While pre-offer advertising is permitted in certain circumstances (reg 6(3) NZ mutual recognition regulations), the NZSC has broad powers to prohibit the distribution of any advertisements that are likely to deceive, mislead or confuse in a material regard (s38B);
(c) Criminal liability for untrue or misleading statements or
omissions in offer documents (s58).
D. HOW WILL ASIC, NZCO AND THE NZSC WORK TOGETHER?
Key points
40. The NZCO, NZSC and ASIC have established arrangements for
cooperation and information sharing in administering the
mutual recognition
scheme.
41. ASIC and the NZCO have entered into a Memorandum of Understanding
(MOU) for the exchange of information, data for companies
carrying on business
on both sides of the Tasman and mutual assistance. In addition to this, ASIC and
the NZCO and NZSC have established
protocols for cooperation between the
authorities in administering the mutual recognition scheme. These protocols
describe
how ASIC, NZCO and the NZSC intend to cooperate and share
information under the mutual recognition scheme.
42. ASIC and the NZSC have established arrangements for cooperation and
information sharing in the administration of the mutual
recognition scheme. For
example, the arrangements deal with notification by one regulator to the
other if they initiate
enforcement action against an issuer, where a complaint
is made against an issuer, or where changes are made to offer
documents.
KEY TERMS
Term
|
Meaning in this document
|
ASIC
|
Australian Securities and Investments Commission
|
Australian securities law
|
Corporations Act 2001 (Cth) of Australia and regulations made under
that Act
|
Australian Corporations Act
|
Corporations Act 2001 (Cth) of Australia
|
home jurisdiction
|
The country in which the issuer of the securities is domiciled
|
host jurisdiction
|
The country in which the foreign offer of securities is being made
|
host regulator
|
The relevant regulator in the country in which the foreign offer of
securities is being made
|
mutual recognition scheme
|
The trans-Tasman mutual recognition scheme for offers of securities as
contained in the law stated in paragraph 6
|
NZCO
|
New Zealand Registrar of Companies
|
NZ mutual recognition regulations
|
Securities (Mutual Recognition of Securities
Offerings—Australia) Regulations 2006 (NZ)
|
NZSC
|
New Zealand Securities Commission
|
NZ securities law
|
Securities Act 1978 of New Zealand and regulations made under that
Act
|
PDS
|
A Product Disclosure Statement under the
Australian Corporations Act
|
recognised offer
|
An offer of securities by a New Zealand issuer into the Australian
market
|
regulated offer
|
An offer of securities by an Australian issuer into the New Zealand
market
|
NZ Securities Act
|
Securities Act 1978 of New Zealand
|
RELATED INFORMATION
Headnotes
securities; offerings; trans-Tasman; mutual recognition; New Zealand; offer
document; information sharing; managed investment schemes;
collective investment
schemes; disclosure document; recognised offer; regulated offer; fundraising;
issuers; entry requirements;
ongoing requirements; offering conditions;
notification requirements; product disclosure statement (PDS)
Legislation
Corporations Act 2001 (Cth) of Australia, Pt 2D.6, Ch 2L, Ch 5C, Ch
6D, Pt 7.6, Pt 7.7, Pt 7.8, Pt 7.9, Ch 8, s921A(2)(a), 1017G, 1200A, 1200D,
1200G, 1200N, 1200P, 1200Q; Corporations Amendment Regulations 2008 (No.2) (Cth)
of Australia; Corporations Regulations 2001 (Cth) of Australia, reg 8.2.01,
8.2.02, 8.2.03
Securities Act 1978 of New Zealand, Pt 2, Pt 5, s35, 38B, 58, 73(1)(c), 76; Securities (Mutual
Recognition of Securities Offerings—Australia) Regulations 2008 of New Zealand, reg 3,
6(3), 13(1), 13(2), 13(3), 13(4)
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