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SEC Announces "Next Steps" for Broker-Dealer Mutual Recognition Regime Implementation

On March 24, 2008, the Securities and Exchange Commission (“SEC”) announced that it intends to take steps to implement a mutual recognition regime in the United States for “high quality regulatory regimes in other countries.” A mutual recognition regime would likely alleviate restrictions on the activities of foreign broker-dealers in the United States, providing U.S. investors with greater access to the services of foreign broker-dealers and foreign markets. While the announcement is general in nature and does not specify the details of a mutual recognition framework, it provides the first glimpse of the form such a regime may take in the future.

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