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Australia; New Zealand: Mutual Recognition of Securities

(July 2, 2008) From July 2008, New Zealand and Australia will implement a Mutual Recognition of Securities Offerings (MRSO) that will permit issuers to use a single prospectus to offer shares, debentures, or managed or collective investment schemes to investors in both New Zealand and Australia. (Securities Commission New Zealand & Australian Securities and Investments Commission, OFFERING SECURITIES IN NEW ZEALAND AND AUSTRALIA UNDER MUTUAL RECOGNITION GUIDE (June 2008), available at http://www.seccom.govt.nz/publications/documents/nz-aus/.)