The U.S. Securities Industry and Financial Markets Association applauded the mutual recognition agreement announced today between the Securities and Exchange Commission, the Australian Treasury and the Australian Securities and Investments Commission.

SIFMA calls the deal “a landmark in American financial services reform and a model for future cooperation with other regulators”.

“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, in a release.

The trade association also urged the SEC to continue the other essential reforms it has sought in this area, especially modernizing and streamlining the SEC’s foreign broker rule, which would open US markets to greater access for firms serving institutional clients.

“This important bilateral work must not eclipse, or be a substitute for, other reform efforts already underway. Rewriting [the foreign broker rule] 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 said it will provide more detailed comments on the mutual recognition proposal once the new framework has been analyzed by the industry.