Defined Terms and Documents

Council of Financial Regulators

The Council of Financial Regulators (CFR) is the coordinating body for Australia's main financial regulatory agencies. It is a non-statutory body whose role is to contribute to the efficiency and effectiveness of financial regulation and to promote stability of the Australian financial system.

Its membership comprises the -

  1. Reserve Bank of Australia (RBA), which chairs the Council;

  2. Australian Prudential Regulation Authority (APRA);

  3. Australian Securities and Investments Commission (ASIC); and

  4. Australian Treasury.

The CFR meets in person quarterly or more often if circumstances require it. The meetings are chaired by the RBA Governor, with secretariat support provided by the RBA.

In the CFR, members -

*        share information,

*        discuss regulatory issues; and,

*        if the need arises, coordinate responses to potential threats to financial stability.

The CFR also advises Government on the adequacy of Australia's financial regulatory arrangements.

Memorandum of Understanding between CFR Members

Various Memoranda of Understanding and bilateral coordination arrangements exist between the CFR members. Those to which the RBA is a signatory include: