The Treasury and ASIC have issued a joint consultation paper,  Cross border recognition: Facilitating access to overseas markets and financial services.
The consultation paper invites comment on proposals for cross border
recognition of financial markets, financial services and disclosure
about investments.

Under existing arrangements, Australia can unilaterally grant
recognition to foreign financial markets, advisers and collective
foreign investment schemes to operate in Australia. However, the
consultation paper has identified some scope for improvements to the
administration of the existing regime, including a new framework for
mutual recognition.

The joint consultation paper contains proposals to:

• refine ASIC’s current framework of unilateral recognition as stated in ASIC Regulatory
  Guide 54 Principles for cross border financial services regulation:
  Making the regulatory regime work in a cross border environment; and
• develop a mutual recognition framework for
  application in agreements between Australia and an overseas
  jurisdiction that ensures the integrity of financial markets and
  protects investors.
• The consultation paper seeks to obtain the
  views of the users and providers of financial services, financial
  markets and those involved in raising capital about how the initiatives
  outlined in the consultation paper will assist Australian investors and
  enhance Australia’s position in the global economy.

Comments on the proposals may be made by 25 July 2008.