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Trans-Tasman regulatory alignment moves a step closer

Companies operating on both sides of the Tasman can expect simplified regulatory obligations in the future, with the signing of a Memorandum of Understanding between the New Zealand Companies Office and ASIC. The MOU, designed to promote greater regulatory cooperation between the two countries, was signed by registrar of companies, Neville Harris and Jeffrey Lucy, chairman of ASIC, in Wellington on Wednesday February 8. The agreement reflects an ongoing interest in aligning the regulatory functions of both agencies and allows for cooperation and the exchange of information to assist each regulator, particularly on operational and enforcement matters. ASIC is responsible for enforcing and regulating company and financial services laws to protect consumers, investors and creditors. ASIC regulates the financial markets, securities, futures and corporations. The New Zealand Companies Office maintains the registry for all corporate bodies including New Zealand and overseas companies, co-operative companies, incorporated societies, friendly societies and credit unions.

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