Press Release

Release Date: August 25, 2008
Contact:
Travis Larson, (202) 962-7357, tlarson@sifma.org

SIFMA Welcomes SEC's Initiatives to Update Global Regulatory Framework

Washington, D.C., August 25, 2008 – The Securities Industry and Financial Markets Association (SIFMA) today welcomed the mutual recognition agreement among the Securities and Exchange Commission (SEC), the Australian Treasury and the Australian Securities and Investments Commission as a landmark in American financial services reform and a model for future cooperation with other regulators. SIFMA also urged the SEC to continue the other essential reforms it has sought in this area, especially modernizing and streamlining the SEC’s nearly 20-year-old Rule 15a-6.

“The often-conflicting financial services regulations issued by each nation create an ever-shifting, three-dimensional maze for firms and investors that navigate global finance. But with this inaugural agreement, we have a groundbreaking map that will improve market access between the U.S. and Australia, and perhaps as importantly, serve as a model for cooperation with additional, non-U.S. regulators,” said Ira Hammerman, general counsel of SIFMA.

“This important bilateral work must not eclipse, or be a substitute for, other reform efforts already underway. Rewriting Rule 15a-6 is a necessary and vital change that will update existing regulations, open our markets and ensure that American investors have access to the best services and opportunities globally,” added Hammerman.

SIFMA will provide more detailed comments on the mutual recognition proposal once the new framework has been analyzed by the industry.

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The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.