Clearing and settlement regulatory obligations
The Assistant Treasurer ("the Minister") has primary responsibility for licensing clearing and settlement ("CS") facilities operating in Australia and for granting exemptions from the requirement to hold a CS facility licence. The Minister has the power to disallow amendments to the operating rules of the CS facilities, which must be submitted by the CS facilities for Ministerial review as soon as practicable after being made. ASIC is the principal regulatory authority advising the Minister in relation to the exercise of his functions and powers. ASIC assesses each CS facility licensee on its compliance with its licence obligations under the Corporations Act annually. The RBA determines the Financial Stability Standards ("FSS"), annually assesses CS facility licensees on their compliance with them and advises the Minister in relation to certain matters. The Department of Treasury advises the Minister on clearing and settlement policy.
Globally, the Committee on Payments and Market Infrastructures ("CPMI") and the Technical Committee of the International Organisation of Securities Commissions ("IOSCO") are responsible for the establishment of the broad international standards for the regulation and conduct of clearing and settlement facilities.
See below for further information about the regulatory framework in which ASX's clearing and settlement facilities operate:
- Code of Practice
- The Reserve Bank of Australia
- The Australian Securities and Investments Commission
- European Securities & Markets Authority (ESMA)
- Commodity Futures Trading Commission (CFTC)
- Basel Committee on Banking Supervision