Australia’s Council of Financial Regulators updates its Charter and crisis management cooperation framework

The Council of Financial Regulators has published an updated Charter and an updated Memorandum of Understanding on Crisis Management, aimed at reinforcing cooperation arrangements among its members to support financial stability in Australia. The revised Charter clarifies the outcomes the Council seeks to achieve and the roles of its member agencies, reflecting developments in its operating model in recent years. The updated crisis management memorandum sets out the framework for coordination across the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, the Australian Treasury and the Reserve Bank of Australia in instances of potential or actual financial instability.