Investments


SEC Chairman Christopher Cox, the Australian Minister for Superannuation and Corporate Law, and the Australian Securities and Investments Commission (ASIC) chairman entered into a mutual recognition arrangement among the SEC, the Australian government and ASIC.

Through the arrangement, the SEC and the Australian authorities agreed to consider providing exemptions to exchanges and securities brokers in one another's countries. Once implemented, these exemptions could permit U.S. stock exchanges and broker-dealers regulated by the SEC, subject to conditions imposed by the Australian authorities, to offer their services to Australian wholesale investors and financial firms without being subject to most ASIC regulation. Likewise, eligible Australian stock exchanges and broker-dealers regulated by ASIC, subject to conditions imposed by the SEC, could offer their services to certain types of U.S. investors and firms without being subject to most SEC regulation.

The SEC and Australian authorities will begin considering regulatory exemptions under the arrangement as they are submitted to the two agencies. It is expected that the process of considering the initial applications for exemptions could be concluded in early 2009, according to an SEC news release. For more information, visit http://tinyurl.com/5uqr8h.

SPONSORED REPORT

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.