The Council of Financial Regulators (CFR) aims to facilitate cooperation and collaboration between the Reserve Bank of Australia (RBA), the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC) and The Treasury. Its ultimate objectives are to contribute to the efficiency and effectiveness of regulation and to promote stability of the Australian financial system.
The CFR provides a forum for:
- identifying important issues and trends in the financial system, including those that may impinge upon overall financial stability;
- ensuring the existence of appropriate coordination arrangements for responding to actual or potential instances of financial instability, and helping to resolve any issues where members' responsibilities overlap; and
- harmonising regulatory and reporting requirements, paying close attention to the need to keep regulatory costs to a minimum.
This modified charter was adopted by the CFR on 13 January 2004.