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 Do you think that Ben Bernanke and the Fed have done a good job since the economic downturn?August 26, 2008 SEC, Australia Push for Globalized MarketsThe Securities and Exchange Commission signed a deal with the Australian government to allow brokers and exchanges to do business in each country while being regulated only by their home country. The deal is meant to promote global markets, according to The Wall Street Journal.
The deal was made August 25 between the SEC and Australian Minister for Superannuation and Corporate Law and Australian Securities and Investments Commission and could go into effect as early as January 2009.
SEC Chairman Christopher Cox believes the deal is groundbreaking and will expand to access to overseas markets without forgoing investor protections, according to WSJ. The pact was approved by five SEC commissioners. The SEC will also be considering a proposal for companies to file financial statements using International Financial Reporting Standards instead of the U.S. generally accepted accounting principles.
The proposal also includes allowing a “limited number” of U.S. companies to use international standards sooner, according to WSJ. The SEC has already ended a GAAP-reconciliation requirement for foreign companies that trade in the U.S. and are now required to file only according to IFRS.
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