THE COUNCIL OF FINANCIAL REGULATORS' CHARTER

The Council of Financial Regulators aims to facilitate co-operation and collaboration between the Reserve Bank of Australia, the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission and the Australian Treasury. Its ultimate objectives are to contribute to the efficiency and effectiveness of regulation and to promote stability of the Australian financial system.

The Council 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 co-ordination 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.

In light of revised governance arrangements for APRA, this Charter for the Council was adopted on 13 January 2004.