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US and Australia Sign Mutual Recognition Agreement |
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| Focus: |
Mutual Recognition agreement between US and Australia |
| Services: |
Financial Services |
| Industry Focus: |
Financial Services |
| Date: |
03 September 2008 |
| Author: |
Piny Ly, Lawyer, Sydney |
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Dibbs Abbott Stillman Lawyers restructured on 1 March, 2009.
The Sydney, Brisbane and Canberra offices are now DibbsBarker.
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On 25 August 2008, five months after initial discussions between the SEC, ASIC and the Australian Treasury Department, the US and Australia have now signed a mutual recognition agreement.
The mutual recognition arrangement provides a framework for permitting US and eligible Australian stock exchanges and broker-dealers to operate in both jurisdictions, without the need for separate regulation in both countries. If implemented, Australian investors will benefit by being able to trade in a wider range of US stocks, without having to use a US-registered broker.
This is already Australia's third mutual recognition arrangement, following deals with New Zealand and Hong Kong.
The next step for the SEC and Australian authorities is to consider formulating the regulatory exemptions under the arrangement - expected to be completed by early 2009.
The signed mutual recognition arrangement, enhanced enforcement memorandum of understanding and supervisory memorandum of understanding can be accessed at:
http://www.asic.gov.au/asic/asic.nsf/byHeadline/08-193%20SEC%2C%20Australian%20authorities%20sign%20mutual%20recognition%20agreement?opendocument#
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