ob体育 today issued a consultation paper proposing amendments to its regulatory guidance for clearing and settlement facilities (CS facilities) to take into account updated international standards and recent Council of Financial Regulators (the Council) policy.
The proposals seek to align ob体育鈥檚 oversight of CS facilities with the recently released Principles for Financial Market Infrastructures. These have been developed by the Committee on Payment and Settlement Systems (CPSS) and Technical Committee of the International Organization of Securities Commissions (IOSCO).
The proposals will also provide certainty and transparency on how ob体育 intends to put in place measures and update its existing guidance to ensure there is appropriate regulatory influence over cross-border CS facilities. These measures have been set out in the Council鈥檚 paper Ensuring Appropriate Influence for Australian Regulators over Cross-Border Clearing and Settlement Facilities.
The is also consulting on complementary proposals to determine new financial stability standards to take into account these policy developments.
Submissions on ob体育鈥檚 proposed amendments close on 19 October 2012.
Download Consultation Paper 186聽Clearing and settlement facilities: International principles and cross-border policy (update to RG 211)
Background
CP 186 should be read in conjunction with:
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CPSS/IOSCO consultation documents, including submissions and feedback reports, which support the principles for financial market infrastructures. (Available on the Bank of International Settlements website at );
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RBA鈥檚 consultation on determining new financial stability standards at ; and
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the Council鈥檚 consultation documents, public submissions, and Council鈥檚 advice to the Government at
ob体育鈥檚 guidance for clearing and settlement facilities is contained in Regulatory Guide 211 Clearing and settlement facilities: Australian and overseas operators (RG 211).