Launching the Council of Financial Regulators Website
To improve public understanding about the Council of Financial Regulators (CFR), the CFR is today launching a dedicated website. The CFR is the coordinating body for Australia's main financial regulatory agencies. The website brings together information produced by the CFR and its member agencies on Australian financial sector regulatory issues. It includes information about how the CFR operates, and highlights some of the key policy initiatives progressed by the CFR in recent years.
The website is also intended to be a source for financial crisis-related information, in addition to the websites of the individual member agencies. It includes information about the roles of different members in a crisis and the way they work within the CFR to plan for and manage financial distress. In the event of financial sector distress, whether financial or business continuity in nature, the CFR will use the website as a key communications tool. The website also provides links to assessments and regulatory policy work of certain international organisations that may be relevant to Australian financial sector entities.
The CFR comprises the Reserve Bank of Australia (Chair); the Australian Prudential Regulation Authority; the Australian Securities and Investments Commission; and The Treasury. The CFR's role is to contribute to the efficiency and effectiveness of financial regulation and to promote stability of the Australian financial system. Its members share information, discuss regulatory issues and, if the need arises, coordinate responses to potential threats to financial stability through the powers of its individual member agencies. The CFR also provides advice to Government on the adequacy of Australia's financial regulatory arrangements.