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Australia; United States: Mutual Recognition of Securities Regulation Arrangement

(Aug. 29, 2008) Australia and the United States have signed a mutual recognition arrangement regarding recognition of financial services regulation. This arrangement will permit investors and brokers to comply primarily with their home jurisdiction regulations, but obtain recognition in the alternate market, thus providing greater access to the respective markets by each country. (Press Release, The Hon. Kevin Rudd, Prime Minister of Australia, Joint Media Release with the Treasurer, Wayne Swan, and the Minister for Superannuation and Corporate Law, Nick Sherry, Mutual Recognition of Securities Regulation Arrangement with the US Securities and Exchange Commission (Aug. 26, 2008), available at http://www.pm.gov.au/media/release/2008/media_release_0441.cfm.)