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Council of Financial Regulators

The Implications of Brexit – July 2016

ATTACHMENT A: LETTER TO THE CFR CHAIR

Signature of Prime Minister
PRIME MINISTER TREASURER

27/06/2016

Mr Glenn Stevens
Governor
Reserve Bank of Australia
GPO Box 3947
SYDNEY NSW 2001
AUSTRALIA

Dear Governor

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 global 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.

Yours sincerely

Signature of Prime Minister
PRIME MINISTER
Signature of Hem Scott Morrison
The Hon Scott Morrison MP
 

Parliament House Canberra ACT 2600 Australia
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