CFR Releases Consultation Paper, Highlights Three Broad Reforms

  • Nov 15, 2019 AEDT
  • Team Kalkine

Seeking comments on suggested financial market infrastructure regulatory reforms, the Council of Financial Regulators (CFR) released a consultation paper that laid down three broad groups of reforms:

  • Enhancing supervision and enforcement: Designed to provide enhanced powers for the RBA (Reserve Bank of Australia) and the ASIC (Australian Securities and Investments Commission) to assist their supervision of financial market infrastructures, and their ability to take action to meet any identified deficiencies.
  • Enhancing the licensing regime: Designed to ensure that licensing regimes for financial market infrastructures are effective into the future and are fit for purpose.
  • Crisis management and resolution: Designed to introduce a resolution system for clearing and settlement facilities.

 

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