The Implications of Brexit – July 2016
ATTACHMENT A: LETTER TO THE CFR CHAIR
Mr Glenn Stevens
Reserve Bank of Australia
GPO Box 3947
SYDNEY NSW 2001
We write to you in your role as Chairman of The Council of Financial Regulators (CFR) the coordinating body for Australia's main financial regulatory agencies.
There remains considerable uncertainty about the short and medium term outlook for financial markets after the Brexit poll result.
CFR's role is to contribute to the efficiency and effectiveness of financial regulation and to promote stability of the Australian financial system. Consistent with this role, we request that you initiate consultation between CFR agencies and their counterparts in the UK, Europe and other relevant countries and international fora to get detailed information on the following:
- short term impacts to the Brexit vote and policy and regulatory measures taken to mitigate early risks
- an assessment of alobal responses to Brexit and implications for Australia – immediately and in the medium to longer term.
Based on the information obtained and the views of CFR, I ask that a report be prepared to be available next week for the Government to consider.
The Hon Scott Morrison MP
Parliament House Canberra ACT 2600 Australia
Telephone: 61 2 6277 7340 | Facsimile: 61 2 6273 3420