Australian Financial Services Regulatory Update - July 2021 | Jones Day jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
May 12, 2021 â 2.50pm
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A new $5 billion fund for the Reserve Bank, earmarked for intervention into collapses of financial market infrastructure, has been a decade in the making and experts said it would only be used in the most extreme instances of market crisis.
It cements the governmentâs action on a 2011 Council of Financial Regulatorâs recommendation to introduce a mechanism to resolve very rare instances of market failure across clearing and settlement infrastructure.
A new Reserve Bank emergency fund will only be used in exceptional circumstances.Â
Reuters
Treasurer Josh Frydenbergâs budget on Tuesday announced the Australian Securities and Investments Commission and the Reserve Bank will get new powers to identify and intervene if financial market infrastructure, such as the ASX, catastrophically fails.
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