SEC, Australia Sign Mutual Recognition Deal

Law360, New York (August 25, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has signed a pact with Australian authorities that will allow the countries' brokers and stock exchanges to operate across the Pacific as part of efforts to globalize the world's financial markets.

SEC Chairman Christopher Cox announced the mutual recognition arrangement with the chairman of Australia's securities agency, Tony D'Aloisio, and the Australian minister for superannuation and corporate law, Nick Sherry, at a news conference in Washington, D.C., on Monday.

The deal — the first of its kind — will allow...
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