For financial market infrastructures (FMIs) that are subject to the Corporations Act, the Australian Securities and Investments Commission (ASIC) and/or the Reserve Bank of Australia (RBA) have a role in:
- assessing the applications of prospective licensees
- periodically assessing how well a licensee is complying with its obligations
- enforcing licensees' compliance with their obligations
ASIC and the RBA have issued guidance on their approach. Given the overlapping regulatory responsibilities for clearing and settlement (CS) facilities, some of this guidance has been issued through the Council of Financial Regulators (CFR). The RBA also sets out its approach to overseeing systemically important payment systems on its website.
The 2019 Consultation on Financial Market Infrastructure Regulatory Reforms proposed a number of reforms to the legal framework for FMI oversight.