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12-221MR ASIC consults on amendments to clearing and settlement facilities guidance

Monday 10 September 2012


ASIC 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 ASIC’s 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 ASIC 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’s paper Ensuring Appropriate Influence for Australian Regulators over Cross-Border Clearing and Settlement Facilities.

Download report from CPSS-IOSCO website (new window)
Download paper from Council of Financial Regulators website (new window)

The Reserve Bank of Australia (RBA) is also consulting on complementary proposals to determine new financial stability standards to take into account these policy developments.

Submissions on ASIC’s proposed amendments close on 19 October 2012.

Download Consultation Paper 186 Clearing and settlement facilities: International principles and cross-border policy (update to RG 211)


Background


CP 186 should be read in conjunction with:

ASIC’s guidance for clearing and settlement facilities is contained in Regulatory Guide 211 Clearing and settlement facilities: Australian and overseas operators (RG 211).


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