EXPLANATORY STATEMENT
Proclamation
Issued by the authority of the Parliamentary Secretary to the Treasurer
Corporations (NZ Closer Economic Relations) and Other Legislation Amendment Act 2007
Item 6 in the table in subsection 2(1) of the Corporations (NZ Closer Economic Relations) and Other Legislation Amendment Act 2007 (the Act) provides that Schedule 2 to the Act will commence on a single day to be fixed by Proclamation.
Schedule 2 to the Act amends the Corporations Act 2001 to exempt companies, incorporated in a country that is prescribed in the Corporations Regulations 2001 (the Principal Regulations), from the requirement to lodge information or a copy of a document with the Australian Securities and Investments Commission (ASIC) that is already lodged with an authority of the prescribed foreign country, the functions of which include those equivalent to any of those of ASIC.
The Proclamation provides that Schedule 2 to the Act commences on 1 September 2007. This commencement date coincides with the commencement of the Corporations Amendment Regulations 2007 (No. 8), which amend the Principal Regulations to list New Zealand as a prescribed country.
The Proclamation is a legislative instrument for the purposes of the Legislative Instruments Act 2003.