Australia’s FMI supervisory oversight ‘not fit for purpose’

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Australia’s Council of Financial Regulators has proposed giving the country’s central bank greater oversight of the country’s financial market infrastructure.

Current regulatory oversight arrangements are “inconsistent” and “not fit for purpose”, according to a CFR consultation, launched on November 15.

“A fit-for-purpose regulatory regime ideally aligns the powers available to regulators with their responsibilities under the regime, to provide the most effective means of achieving desired

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