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Regulators seek market infrastructure reforms

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The Council of Financial Regulators has pushed ahead on reforms to financial market infrastructures, including enhancement of its licensing regimes as well as its supervision and enforcement powers.

The council released a consultation paper proposing sets of reforms across three categories:

  • Enhancing licensing regimes. Reforms designed to ensure that the licensing regimes for financial market infrastructures will be fit for purpose and effective into the future.
  • Enhancing supervision and enforcement. Enhanced powers for the Australian Securities and Investments Commission and the Reserve Bank of Australia to support their supervision of financial market infrastructures, and their ability to take actions to address any identified deficiencies.
  • Crisis management and resolution. Additional proposals that would form part of a resolution regime for domestic clearing and settlement facility licensees. A resolution regime was first consulted on the 2015 consultation paper Resolution Regime for Financial Market Infrastructures.

“Financial market infrastructures include Australian market licensees, benchmark administrator licensees, clearing and settlement facility licensees and derivative trade repository licensees,” the CFR said.

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“These infrastructures provide critical services relied upon by investors and businesses in order to raise capital and finance, borrow and lend funds, invest in equities and debt securities and manage the risks associated with their activities.”

The CFR has sought comments on the proposals. The closing date for submissions is 20 December.

 

Regulators seek market infrastructure reforms
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Adrian Flores

Adrian Flores

Adrian Flores is a features editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected]

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