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SEC, Australia Sign Recognition Deal

Melissa Klein Aguilar | September 4, 2008

The SEC has signed an agreement with Australian securities regulators to pave the way for U.S. and Australian stock exchanges and broker-dealers to operate in both jurisdictions without being separately regulated in both countries—yet another step in the SEC’s vision of fewer barriers to global capital markets.

The Aug. 25 agreement provides a framework for the SEC, the Australian government, and Australian Securities and Investments Commission to consider regulatory exemptions that would permit U.S. and eligible Australian stock exchanges and broker-dealers to operate in each other’s jurisdictions. If approved, such exemptions would mean Australian stock exchanges and broker-dealers regulated by ASIC could offer their services to certain U.S. investors and firms without being subject to most SEC regulation, and vice versa.

The SEC has sharpened its focus on mutual recognition in recent months as interest...

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