Council of Financial Regulators

The Council of Financial Regulators (CFR) comprises APRA, ASIC, the RBA and Treasury. It aims to facilitate cooperation and collaboration between member agencies, with the ultimate objectives of promoting stability of the Australian financial system and supporting effective and efficient regulation by Australia's financial regulatory agencies. In doing so, the CFR recognises the benefits of a competitive, efficient and fair financial system.

The CFR provides a forum for:

• identifying important issues and trends in the financial system, with a focus on those that may impinge upon overall financial stability;
• exchanging information and views on financial regulation and assisting with coordination where members' responsibilities overlap;
• harmonising regulatory and reporting requirements, paying close attention to regulatory costs;
• ensuring appropriate coordination among the agencies in planning for and responding to instances of financial instability; and
• coordinating engagement with the work of international institutions, forums and regulators as it relates to financial system stability.

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:

• Memorandum of Understanding on Financial Distress Management
• RBA/APRA Memorandum of Understanding
• RBA/ASIC Memorandum of Understanding