23 November 2015
Media Release - #2015026, 2015

In the role of: Minister for Small Business and Assistant Treasurer [21 September 2015 - 18 July 2016]

Financial Market Infrastructure resolution and the licensing of overseas Financial Market Infrastructure reports welcomed

The Turnbull Government welcomes the release of the Council of Financial Regulators' (CFR) reports on Financial Market Infrastructure (FMI) resolution and the licensing of overseas FMI, Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP said.

"A key part of the Government's agenda for improving our financial system is aimed at strengthening its resilience and stronger FMI regulation will support this goal," Minister O'Dwyer said.

"FMI plays a vital role in enabling our financial system to function smoothly and drive growth and innovation.

"Last month the Turnbull Government announced that it would act on the Murray Inquiry recommendation to strengthen crisis management powers for FMI. The Government committed to put clear powers in the hands of regulators to manage a crisis in the event an FMI fails.

"The release of these reports, responding to industry consultations, is an important step in this process.

"The Government's crisis management response package will include measures relating to both the resolution and licensing of certain FMI and will ensure a robust regulatory framework for these important entities.

"The Government will consult further on draft legislation in this area by mid-2016," Minister O'Dwyer said.

Details of the CFR's consultations are available on their website: www.cfr.gov.au.

The Council of Financial Regulators (CFR) is made up of the Reserve Bank of Australia (RBA), the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority (APRA) and the Australian Treasury.