{ "entity_id": "B-000944", "folder": "Council-of-Financial-Regulators", "name": "Council of Financial Regulators", "type": "Advisory Body", "jurisdiction": "Commonwealth", "portfolio": "Treasury", "website": "http://www.cfr.gov.au/", "data_status": "partial", "completeness": { "has_strategy_brief": true, "has_strategy_structured": true, "has_vision": false, "has_kpi_targets": false, "has_kpi_results": false, "has_strategy_overview": true, "has_legislation_text": true, "has_legislation_structured": false, "has_global_initiatives_text": false, "has_ideas": true, "has_artifacts": true, "n_ideas": 12, "n_legislation": 0, "n_artifacts": 8, "n_kpi_targets": 0, "n_kpi_results": 0, "n_outcomes": 43, "verified_own_data": true }, "strategy_profile": { "status": "needs_review", "confidence": "medium", "summary": "Maintain and strengthen National Anti-Scam Centre's (NASC) partnership model\nConnect NASC data sharing systems with other government organisations to reduce duplication and improve coordination efforts across government, law enforcement, industry and consumer groups.", "official_site_url": "http://www.cfr.gov.au/", "source_documents": [ { "type": "strategie", "title": "Evolution of the BBSW methodology: Discussion Paper", "url": "http://www.cfr.gov.au/publications/consultations/2015/evolution-of-the-bbsw-methodology/pdf/discussion-paper.pdf", "period": "2015", "confidence": "medium" }, { "type": "strategie", "title": "implementation plan", "url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "period": null, "confidence": "medium" }, { "type": "strategie", "title": "Regulating Cash\n\n Distribution - Consultation Paper", "url": "http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf", "period": "2025", "confidence": "medium" } ], "purpose": null, "vision": null, "strategic_priorities": [], "values": [], "outcomes": [ { "name": "Regulatory Outcomes: Simplification and/or removing duplication | Better Government engagement, consultation or guidance", "description": "Maintain and strengthen National Anti-Scam Centre's (NASC) partnership model\nConnect NASC data sharing systems with other government organisations to reduce duplication and improve coordination efforts across government, law enforcement, industry and consumer groups.", "activities": [ "Connect NASC data sharing systems with other government organisations to reduce duplication and improve coordination efforts across government, law enforcement, industry and consumer groups." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 3, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=3" }, { "name": "Regulatory Outcomes: Simplification and/or removing duplication | Better Government engagement, consultation or guidance", "description": "Improve guidance for Consumer Data Right (CDR) participants\nPartner with Office of the Australian Information Commissioner (OAIC) and the Data Standards Board to simplify and unify the CDR guidance.", "activities": [ "Partner with Office of the Australian Information Commissioner (OAIC) and the Data Standards Board to simplify and unify the CDR guidance." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 3, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=3" }, { "name": "Regulatory Outcomes: Better Government engagement, consultation or guidance", "description": "Provide guidance to CDR participants to access exemptions from disproportionate compliance burdens\nProactively educate CDR participants about the option to seek an exemption from CDR Rules where the compliance burden is disproportionate.", "activities": [ "Proactively educate CDR participants about the option to seek an exemption from CDR Rules where the compliance burden is disproportionate." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 3, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=3" }, { "name": "Regulatory Outcomes: Better Government engagement, consultation or guidance", "description": "Enhanced guidance to small banks\nProvide practical guidance about small banks’ options to allow collaboration, promote open door engagement with the ACCC about collaboration, and streamline exemptions approval processes.", "activities": [ "Provide practical guidance about small banks’ options to allow collaboration, promote open door engagement with the ACCC about collaboration, and streamline exemptions approval processes." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 3, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=3" }, { "name": "Regulatory Outcomes: Better Government engagement, consultation or guidance", "description": "Improve guidance for the registration of intangible assets on the Personal Property Securities Register (PPSR)\nRaise PPSR visibility through education and outreach in the small business community by highlighting how the PPSR can protect intangible assets and updating guidance materials for registering intangible assets.", "activities": [ "Raise PPSR visibility through education and outreach in the small business community by highlighting how the PPSR can protect intangible assets and updating guidance materials for registering intangible assets." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 5, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=5" }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better Government engagement, consultation or guidance", "description": "Encourage the timely removal of registrations from the Personal Property Securities Register (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely removal of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as collateral and free up capital for reinvestment and growth", "activities": [ "Engage consumers, business owners, financial institutions, and other PPSR users to encourage the timely removal of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as collateral and free up capital for reinvestment and growth" ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 5, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=5" }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better Government engagement, consultation or guidance", "description": "Address professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve early detection of misconduct through better data use and AI tools, backed by AFSA’s 2025–26 Regulatory Action Statement.", "activities": [ "Work directly with insolvency professionals, provide guidance to support cultural change, and improve early detection of misconduct through better data use and AI tools, backed by AFSA’s 2025–26 Regulatory Action Statement." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 5, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=5" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Further reduce data reporting burden for industry\nMigrate data reporting to a more efficient platform which is estimated to save industry around $6 million annually in the long run.", "activities": [ "Migrate data reporting to a more efficient platform which is estimated to save industry around $6 million annually in the long run." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 6, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=6" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Reduce capital requirements for annuity products\nConsult with industry on a proposal to lower capital requirements for life insurers offering annuities, cutting costs and encouraging market growth.", "activities": [ "Consult with industry on a proposal to lower capital requirements for life insurers offering annuities, cutting costs and encouraging market growth." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 6, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=6" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Remove unnecessary or duplicative governance rules\nDiscuss proposals with industry to remove outdated or duplicative requirements from APRA’s governance standards, with a particular focus on reporting obligations that apply to entities under APRA’s fitness and proprietary requirements and statutory requirements under the Financial Accountability Regime (FAR).", "activities": [ "Discuss proposals with industry to remove outdated or duplicative requirements from APRA’s governance standards, with a particular focus on reporting obligations that apply to entities under APRA’s fitness and proprietary requirements and statutory requirements under the Financial Accountability Regime (FAR)." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 6, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=6" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Simplify APRA’s bank licensing regime\nConsult on changes to make the licencing process for banks clearer and more efficient, with the goal of reducing the time taken to process new bank licence applications by around half.", "activities": [ "Consult on changes to make the licencing process for banks clearer and more efficient, with the goal of reducing the time taken to process new bank licence applications by around half." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 6, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=6" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Improve searching of ASIC’s registers\nASIC, through the RegistryConnect program, is modernising how people search ASIC’s registers. Planned for release in 2026, the new Companies Register Search will offer a modernised experience for accessing company information, with enhanced search functionality and improved service availability.", "activities": [ "Planned for release in 2026, the new Companies Register Search will offer a modernised experience for accessing company information, with enhanced search functionality and improved service availability." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 9, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Develop and implement best practice drafting principles\nIncorporate best-practice drafting principles into ASIC’s legislative instrument design, developed in consultation with the Office of Parliamentary Counsel and Treasury, to ensure future instruments are clearer and simpler.", "activities": [ "Incorporate best-practice drafting principles into ASIC’s legislative instrument design, developed in consultation with the Office of Parliamentary Counsel and Treasury, to ensure future instruments are clearer and simpler." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 9, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Simplify ASIC regulatory guidance\nMaintain a dedicated program to update existing Regulatory Guides and other guidance materials to ensure currency and relevance, informed by external consultant analysis of audience needs.", "activities": [ "Maintain a dedicated program to update existing Regulatory Guides and other guidance materials to ensure currency and relevance, informed by external consultant analysis of audience needs." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 9, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9" }, { "name": "Regulatory Outcomes: Enabling digital and data capability", "description": "Stabilise and uplift ASIC’s companies, business names and professional registers\nEnhance the companies, business names and professional registers to improve efficiency, security, and accuracy, supported by the Government’s RegistryConnect3 program.", "activities": [ "Enhance the companies, business names and professional registers to improve efficiency, security, and accuracy, supported by the Government’s RegistryConnect3 program." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 9, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9" }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance", "description": "Reduce data requests and reporting requirements for thematic surveillance activities\nReduce data collection through information requests for thematic surveillance activities.", "activities": [ "Reduce data collection through information requests for thematic surveillance activities." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 9, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9" }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance", "description": "Reduce data requests and reporting requirements for small banks\nHalve the volume of internal dispute resolution reports that small banks must lodge with ASIC each year – from two to one per entity.", "activities": [ "Halve the volume of internal dispute resolution reports that small banks must lodge with ASIC each year – from two to one per entity." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 9, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication", "description": "Simplify existing legislative instruments\nConsult on the value of consolidating and simplifying multiple legislative instruments through pilot projects:\n1. merge 21 financial reporting and audit instruments,\n2. simplify two key investment platform instruments, with significant page reductions anticipated.\nDetermine if particular instruments should be executed and other instruments progressed.", "activities": [ "Consult on the value of consolidating and simplifying multiple legislative instruments through pilot projects:\n1. merge 21 financial reporting and audit instruments,\n2. simplify two key investment platform instruments, with significant page reductions anticipated.\nDetermine if particular instruments should be executed and other instruments progressed." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 9, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9" }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Expand public and listings markets\nExpand the approved foreign markets by 15 per cent to include Cboe’s US and Canadian exchanges, along with the Canadian Securities Exchange, prospective acquirer of the National Stock Exchange of Australia.", "activities": [ "Expand the approved foreign markets by 15 per cent to include Cboe’s US and Canadian exchanges, along with the Canadian Securities Exchange, prospective acquirer of the National Stock Exchange of Australia." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 10, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=10" }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Consider disclosure burdens that impact efficient superannuation investment decisions\nSet up a working group to advise on whether stamp duty should be excluded as a disclosable transaction cost in Regulatory Guide 97 Disclosing fees and costs in Product Disclosure Statement (PDS)s and periodic statements (RG 97). Consider potential class order relief regarding how internally managed private credit arrangements are disclosed in private portfolio holdings disclosures.", "activities": [ "Set up a working group to advise on whether stamp duty should be excluded as a disclosable transaction cost in Regulatory Guide 97 Disclosing fees and costs in Product Disclosure Statement (PDS)s and periodic statements (RG 97). Consider potential class order relief regarding how internally managed private credit arrangements are disclosed in private portfolio holdings disclosures." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 10, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=10" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication", "description": "Streamline the Financial Accountability Regime (FAR)\nASIC and APRA commenced work to streamline the operation of the FAR and consider how it can be better embedded to promote risk management. Regulators will also consider whether changes should be made to APRA and ASIC’s regulations, which set out information for entities to include in Financial Accountability Regime reporting forms.", "activities": [ "ASIC and APRA commenced work to streamline the operation of the FAR and consider how it can be better embedded to promote risk management. Regulators will also consider whether changes should be made to APRA and ASIC’s regulations, which set out information for entities to include in Financial Accountability Regime reporting forms." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 10, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=10" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Introduce sector-based regulatory roadmaps\nDevelop and pilot sector-based regulatory roadmaps (‘one stop shops’) for small company directors and financial advice businesses.", "activities": [ "Develop and pilot sector-based regulatory roadmaps (‘one stop shops’) for small company directors and financial advice businesses." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 10, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=10" }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Encourage confidence in private markets\nContinue working with industry on better practices and standards, including identifying barriers to a deeper domestic corporate bond market through the next phase of public and private markets work.", "activities": [ "Continue working with industry on better practices and standards, including identifying barriers to a deeper domestic corporate bond market through the next phase of public and private markets work." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 10, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=10" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication", "description": "Support public and listings markets for foreign companies\nExplore measures to streamline dual listings of foreign companies in Australia and other innovative applications to attract international businesses to Australia’s public markets.", "activities": [ "Explore measures to streamline dual listings of foreign companies in Australia and other innovative applications to attract international businesses to Australia’s public markets." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 11, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=11" }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance", "description": "Improve ASIC regulatory transactions\nExpand digital lodgement options by allowing more forms to be lodged via email (next release to add 22 forms, saving $34,000 in postage annually).", "activities": [ "Expand digital lodgement options by allowing more forms to be lodged via email (next release to add 22 forms, saving $34,000 in postage annually)." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 11, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=11" }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance", "description": "Review approach to supervising financial market infrastructure (including clearing and settlement facilities with RBA)\nReview and enhance our oversight of financial market infrastructure to ensure oversight is effective and efficient.", "activities": [ "Review and enhance our oversight of financial market infrastructure to ensure oversight is effective and efficient." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 11, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=11" }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Develop Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Starter Program Kits\nDevelop AML/CTF starter kits to help small businesses establish effective compliance programs with minimal complexity. Kits will include a model risk assessment and program for a typical low-complexity business.", "activities": [ "Develop AML/CTF starter kits to help small businesses establish effective compliance programs with minimal complexity. Kits will include a model risk assessment and program for a typical low-complexity business." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 13, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=13" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Enabling digital and data capability | Better government engagement, consultation or guidance", "description": "Consult industry on enhancing large volume Suspicious Matter Reports (SMRs) reporting\nConsult with regulated businesses on options to reduce burden on regulated entities while maintaining intelligence value. Following consultation next steps are to be determined.", "activities": [ "Consult with regulated businesses on options to reduce burden on regulated entities while maintaining intelligence value. Following consultation next steps are to be determined." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 13, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=13" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Enabling digital and data capability", "description": "Consult industry on enabling automatic enrolment for Australian Financial Services license (AFSL) holders\nWork with ASIC to update the current registration process for AFSL holders to remove duplication for remitters and digital currency exchange (DCE) providers. Following consultation next steps are to be determined.", "activities": [ "Work with ASIC to update the current registration process for AFSL holders to remove duplication for remitters and digital currency exchange (DCE) providers. Following consultation next steps are to be determined." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 13, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=13" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Enabling digital and data capability", "description": "Promote harmonisation of payments messaging for cross-border payments\nThe Australian payments industry is expected to adopt internationally harmonised ISO 20022 messaging for cross-border payments by the end of 2027, in line with the global roadmap.", "activities": [ "The Australian payments industry is expected to adopt internationally harmonised ISO 20022 messaging for cross-border payments by the end of 2027, in line with the global roadmap." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 15, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=15" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Enabling digital and data capability", "description": "Consider options to reduce the regulatory burden for small issuers and fintechs\nConsider options to reduce the regulatory burden of card payments regulations on small issuers and fintechs as part of the Review of Retail Payments Regulation.", "activities": [ "Consider options to reduce the regulatory burden of card payments regulations on small issuers and fintechs as part of the Review of Retail Payments Regulation." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 15, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=15" }, { "name": "Regulatory Outcomes: Enabling digital and data capability", "description": "Explore how digital money can support tokenised asset markets\nWork with industry and regulators on Project Acacia, piloting wholesale central bank digital currency and other tokenisation use cases, with a report due in the first half of 2026.", "activities": [ "Work with industry and regulators on Project Acacia, piloting wholesale central bank digital currency and other tokenisation use cases, with a report due in the first half of 2026." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 15, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=15" }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance", "description": "Contribute to the design of the future account-to-account payments system\nEngage with industry to ensure the design of Australia’s future account-to-account payments system supports innovation opportunities alongside public policy goals, with public consultation on a shared vision and plan in 2026.", "activities": [ "Engage with industry to ensure the design of Australia’s future account-to-account payments system supports innovation opportunities alongside public policy goals, with public consultation on a shared vision and plan in 2026." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 15, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=15" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Review approach to supervising Australian clearing and settlement (CS) facilities\nUndertake a review of CS facilities, including in relation to license applications, to ensure that the regulation of CS facilities remains proportionate to the risk they pose to the Australian financial system.", "activities": [ "Undertake a review of CS facilities, including in relation to license applications, to ensure that the regulation of CS facilities remains proportionate to the risk they pose to the Australian financial system." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 16, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=16" }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Review low-value threshold for the regulation of purchased payment facilities\nReview the current $10 million low-value threshold up to which the Payment Systems (Regulation) Act 1998 (PSRA) does not apply to purchased payment facilities.", "activities": [ "Review the current $10 million low-value threshold up to which the Payment Systems (Regulation) Act 1998 (PSRA) does not apply to purchased payment facilities." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 16, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=16" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication", "description": "Remove redundant securities lending reporting requirements\nRemove redundant securities lending reporting requirements that were put in place in 2009, but did not meet their intended objectives, reducing the reporting burden for at least 35 institutions.", "activities": [ "Remove redundant securities lending reporting requirements that were put in place in 2009, but did not meet their intended objectives, reducing the reporting burden for at least 35 institutions." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 16, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=16" }, { "name": "Regulatory Outcomes: Enabling digital and data capability", "description": "Create a plan for modernising the Reserve Bank Information and Transfer System (RITS)\nInvestigate options to modernise the RITS, Australia’s system for settling payment obligations on a real-time basis, to take advantage of new technology and provide new or enhanced settlement modes, informed by learnings from Project Acacia.", "activities": [ "Investigate options to modernise the RITS, Australia’s system for settling payment obligations on a real-time basis, to take advantage of new technology and provide new or enhanced settlement modes, informed by learnings from Project Acacia." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 16, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=16" }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Review the Exchange Settlement Account (ESA) policy to support participation in payment systems\nUndertake a review of the ESA policy to explore options to support non-bank payment service providers (PSPs) direct participation in payment systems, after tranche 1 of the new PSP license passes Parliament and work on the common access requirements proceeds.", "activities": [ "Undertake a review of the ESA policy to explore options to support non-bank payment service providers (PSPs) direct participation in payment systems, after tranche 1 of the new PSP license passes Parliament and work on the common access requirements proceeds." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 17, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=17" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication", "description": "Review merchant card payment costs and surcharging\nFinalise reforms to reduce merchant card payment costs and surcharging by end of 2025. Proposals include banning surcharges on EFTPOS, Mastercard and Visa, lowering interchange fee caps, and requiring public fee disclosures by card networks and large acquirers.", "activities": [ "Finalise reforms to reduce merchant card payment costs and surcharging by end of 2025. Proposals include banning surcharges on EFTPOS, Mastercard and Visa, lowering interchange fee caps, and requiring public fee disclosures by card networks and large acquirers." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 17, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=17" }, { "name": "Regulatory Outcomes: Enabling digital and data capability", "description": "Review retail payments regulation\nConduct a review following the reforms to the Payment Systems (Regulation) Act 1998 to widen the range of payment systems and participants that are within scope of regulation.", "activities": [ "Conduct a review following the reforms to the Payment Systems (Regulation) Act 1998 to widen the range of payment systems and participants that are within scope of regulation." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 17, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=17" }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Review foreign investment delegations\nReview decision-making delegations for foreign investment applications to streamline low-risk cases, potentially revising monetary thresholds and adding new factors to delegation criteria, with options to be put to the Treasurer.", "activities": [ "Review decision-making delegations for foreign investment applications to streamline low-risk cases, potentially revising monetary thresholds and adding new factors to delegation criteria, with options to be put to the Treasurer." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 18, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=18" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Review foreign investment conditions\nReview conditions on existing foreign investment approvals, initially focusing on low-risk investments, to identify opportunities to remove or reduce reporting requirements while maintaining risk mitigation.", "activities": [ "Review conditions on existing foreign investment approvals, initially focusing on low-risk investments, to identify opportunities to remove or reduce reporting requirements while maintaining risk mitigation." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 18, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=18" }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Develop reform options for foreign investment legislation\nDesign reforms of the legislative framework for foreign investment to ensure it remains fit for purpose, balancing the need to attract investment with the imperative to manage national security and economic risks.", "activities": [ "Design reforms of the legislative framework for foreign investment to ensure it remains fit for purpose, balancing the need to attract investment with the imperative to manage national security and economic risks." ], "source_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "source_page": 18, "source_deep_url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=18" } ], "performance_measures": [], "document_alignment_terms": { "must_support": [], "watch_terms": [], "avoid_claiming_without_evidence": [] }, "review_note": "Structured strategy exists but is incomplete." }, "strategy_brief_md": "# Council of Financial Regulators — Strategy Brief\n\n**Reporting period**: 2024-25\n**Corporate plan in force**: 2025-26\n**Corporate Plan**: [2025-26](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)\n\n## Outcomes\n\n### Regulatory Outcomes: Simplification and/or removing duplication | Better Government engagement, consultation or guidance\nMaintain and strengthen National Anti-Scam Centre's (NASC) partnership model\nConnect NASC data sharing systems with other government organisations to reduce duplication and improve coordination efforts across government, law enforcement, industry and consumer groups. [[CP p.3](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=3)]\n\n**Key activities:**\n- Connect NASC data sharing systems with other government organisations to reduce duplication and improve coordination efforts across government, law enforcement, industry and consumer groups.\n\n### Regulatory Outcomes: Simplification and/or removing duplication | Better Government engagement, consultation or guidance\nImprove guidance for Consumer Data Right (CDR) participants\nPartner with Office of the Australian Information Commissioner (OAIC) and the Data Standards Board to simplify and unify the CDR guidance. [[CP p.3](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=3)]\n\n**Key activities:**\n- Partner with Office of the Australian Information Commissioner (OAIC) and the Data Standards Board to simplify and unify the CDR guidance.\n\n### Regulatory Outcomes: Better Government engagement, consultation or guidance\nProvide guidance to CDR participants to access exemptions from disproportionate compliance burdens\nProactively educate CDR participants about the option to seek an exemption from CDR Rules where the compliance burden is disproportionate. [[CP p.3](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=3)]\n\n**Key activities:**\n- Proactively educate CDR participants about the option to seek an exemption from CDR Rules where the compliance burden is disproportionate.\n\n### Regulatory Outcomes: Better Government engagement, consultation or guidance\nEnhanced guidance to small banks\nProvide practical guidance about small banks’ options to allow collaboration, promote open door engagement with the ACCC about collaboration, and streamline exemptions approval processes. [[CP p.3](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=3)]\n\n**Key activities:**\n- Provide practical guidance about small banks’ options to allow collaboration, promote open door engagement with the ACCC about collaboration, and streamline exemptions approval processes.\n\n### Regulatory Outcomes: Better Government engagement, consultation or guidance\nImprove guidance for the registration of intangible assets on the Personal Property Securities Register (PPSR)\nRaise PPSR visibility through education and outreach in the small business community by highlighting how the PPSR can protect intangible assets and updating guidance materials for registering intangible assets. [[CP p.5](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=5)]\n\n**Key activities:**\n- Raise PPSR visibility through education and outreach in the small business community by highlighting how the PPSR can protect intangible assets and updating guidance materials for registering intangible assets.\n\n### Regulatory Outcomes: Enabling digital and data capability | Better Government engagement, consultation or guidance\nEncourage the timely removal of registrations from the Personal Property Securities Register (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely removal of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as collateral and free up capital for reinvestment and growth [[CP p.5](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=5)]\n\n**Key activities:**\n- Engage consumers, business owners, financial institutions, and other PPSR users to encourage the timely removal of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as collateral and free up capital for reinvestment and growth\n\n### Regulatory Outcomes: Enabling digital and data capability | Better Government engagement, consultation or guidance\nAddress professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve early detection of misconduct through better data use and AI tools, backed by AFSA’s 2025–26 Regulatory Action Statement. [[CP p.5](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=5)]\n\n**Key activities:**\n- Work directly with insolvency professionals, provide guidance to support cultural change, and improve early detection of misconduct through better data use and AI tools, backed by AFSA’s 2025–26 Regulatory Action Statement.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance\nFurther reduce data reporting burden for industry\nMigrate data reporting to a more efficient platform which is estimated to save industry around $6 million annually in the long run. [[CP p.6](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=6)]\n\n**Key activities:**\n- Migrate data reporting to a more efficient platform which is estimated to save industry around $6 million annually in the long run.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance\nReduce capital requirements for annuity products\nConsult with industry on a proposal to lower capital requirements for life insurers offering annuities, cutting costs and encouraging market growth. [[CP p.6](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=6)]\n\n**Key activities:**\n- Consult with industry on a proposal to lower capital requirements for life insurers offering annuities, cutting costs and encouraging market growth.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance\nRemove unnecessary or duplicative governance rules\nDiscuss proposals with industry to remove outdated or duplicative requirements from APRA’s governance standards, with a particular focus on reporting obligations that apply to entities under APRA’s fitness and proprietary requirements and statutory requirements under the Financial Accountability Regime (FAR). [[CP p.6](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=6)]\n\n**Key activities:**\n- Discuss proposals with industry to remove outdated or duplicative requirements from APRA’s governance standards, with a particular focus on reporting obligations that apply to entities under APRA’s fitness and proprietary requirements and statutory requirements under the Financial Accountability Regime (FAR).\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance\nSimplify APRA’s bank licensing regime\nConsult on changes to make the licencing process for banks clearer and more efficient, with the goal of reducing the time taken to process new bank licence applications by around half. [[CP p.6](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=6)]\n\n**Key activities:**\n- Consult on changes to make the licencing process for banks clearer and more efficient, with the goal of reducing the time taken to process new bank licence applications by around half.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance\nImprove searching of ASIC’s registers\nASIC, through the RegistryConnect program, is modernising how people search ASIC’s registers. Planned for release in 2026, the new Companies Register Search will offer a modernised experience for accessing company information, with enhanced search functionality and improved service availability. [[CP p.9](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9)]\n\n**Key activities:**\n- Planned for release in 2026, the new Companies Register Search will offer a modernised experience for accessing company information, with enhanced search functionality and improved service availability.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance\nDevelop and implement best practice drafting principles\nIncorporate best-practice drafting principles into ASIC’s legislative instrument design, developed in consultation with the Office of Parliamentary Counsel and Treasury, to ensure future instruments are clearer and simpler. [[CP p.9](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9)]\n\n**Key activities:**\n- Incorporate best-practice drafting principles into ASIC’s legislative instrument design, developed in consultation with the Office of Parliamentary Counsel and Treasury, to ensure future instruments are clearer and simpler.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance\nSimplify ASIC regulatory guidance\nMaintain a dedicated program to update existing Regulatory Guides and other guidance materials to ensure currency and relevance, informed by external consultant analysis of audience needs. [[CP p.9](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9)]\n\n**Key activities:**\n- Maintain a dedicated program to update existing Regulatory Guides and other guidance materials to ensure currency and relevance, informed by external consultant analysis of audience needs.\n\n### Regulatory Outcomes: Enabling digital and data capability\nStabilise and uplift ASIC’s companies, business names and professional registers\nEnhance the companies, business names and professional registers to improve efficiency, security, and accuracy, supported by the Government’s RegistryConnect3 program. [[CP p.9](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9)]\n\n**Key activities:**\n- Enhance the companies, business names and professional registers to improve efficiency, security, and accuracy, supported by the Government’s RegistryConnect3 program.\n\n### Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance\nReduce data requests and reporting requirements for thematic surveillance activities\nReduce data collection through information requests for thematic surveillance activities. [[CP p.9](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9)]\n\n**Key activities:**\n- Reduce data collection through information requests for thematic surveillance activities.\n\n### Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance\nReduce data requests and reporting requirements for small banks\nHalve the volume of internal dispute resolution reports that small banks must lodge with ASIC each year – from two to one per entity. [[CP p.9](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9)]\n\n**Key activities:**\n- Halve the volume of internal dispute resolution reports that small banks must lodge with ASIC each year – from two to one per entity.\n\n### Regulatory Outcomes: Simplification and/or remove duplication\nSimplify existing legislative instruments\nConsult on the value of consolidating and simplifying multiple legislative instruments through pilot projects:\n1. merge 21 financial reporting and audit instruments,\n2. simplify two key investment platform instruments, with significant page reductions anticipated.\nDetermine if particular instruments should be executed and other instruments progressed. [[CP p.9](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=9)]\n\n**Key activities:**\n- Consult on the value of consolidating and simplifying multiple legislative instruments through pilot projects:\n1. merge 21 financial reporting and audit instruments,\n2. simplify two key investment platform instruments, with significant page reductions anticipated.\nDetermine if particular instruments should be executed and other instruments progressed.\n\n### Regulatory Outcomes: Better government engagement, consultation or guidance\nExpand public and listings markets\nExpand the approved foreign markets by 15 per cent to include Cboe’s US and Canadian exchanges, along with the Canadian Securities Exchange, prospective acquirer of the National Stock Exchange of Australia. [[CP p.10](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=10)]\n\n**Key activities:**\n- Expand the approved foreign markets by 15 per cent to include Cboe’s US and Canadian exchanges, along with the Canadian Securities Exchange, prospective acquirer of the National Stock Exchange of Australia.\n\n### Regulatory Outcomes: Better government engagement, consultation or guidance\nConsider disclosure burdens that impact efficient superannuation investment decisions\nSet up a working group to advise on whether stamp duty should be excluded as a disclosable transaction cost in Regulatory Guide 97 Disclosing fees and costs in Product Disclosure Statement (PDS)s and periodic statements (RG 97). Consider potential class order relief regarding how internally managed private credit arrangements are disclosed in private portfolio holdings disclosures. [[CP p.10](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=10)]\n\n**Key activities:**\n- Set up a working group to advise on whether stamp duty should be excluded as a disclosable transaction cost in Regulatory Guide 97 Disclosing fees and costs in Product Disclosure Statement (PDS)s and periodic statements (RG 97). Consider potential class order relief regarding how internally managed private credit arrangements are disclosed in private portfolio holdings disclosures.\n\n### Regulatory Outcomes: Simplification and/or remove duplication\nStreamline the Financial Accountability Regime (FAR)\nASIC and APRA commenced work to streamline the operation of the FAR and consider how it can be better embedded to promote risk management. Regulators will also consider whether changes should be made to APRA and ASIC’s regulations, which set out information for entities to include in Financial Accountability Regime reporting forms. [[CP p.10](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=10)]\n\n**Key activities:**\n- ASIC and APRA commenced work to streamline the operation of the FAR and consider how it can be better embedded to promote risk management. Regulators will also consider whether changes should be made to APRA and ASIC’s regulations, which set out information for entities to include in Financial Accountability Regime reporting forms.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance\nIntroduce sector-based regulatory roadmaps\nDevelop and pilot sector-based regulatory roadmaps (‘one stop shops’) for small company directors and financial advice businesses. [[CP p.10](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=10)]\n\n**Key activities:**\n- Develop and pilot sector-based regulatory roadmaps (‘one stop shops’) for small company directors and financial advice businesses.\n\n### Regulatory Outcomes: Better government engagement, consultation or guidance\nEncourage confidence in private markets\nContinue working with industry on better practices and standards, including identifying barriers to a deeper domestic corporate bond market through the next phase of public and private markets work. [[CP p.10](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=10)]\n\n**Key activities:**\n- Continue working with industry on better practices and standards, including identifying barriers to a deeper domestic corporate bond market through the next phase of public and private markets work.\n\n### Regulatory Outcomes: Simplification and/or remove duplication\nSupport public and listings markets for foreign companies\nExplore measures to streamline dual listings of foreign companies in Australia and other innovative applications to attract international businesses to Australia’s public markets. [[CP p.11](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=11)]\n\n**Key activities:**\n- Explore measures to streamline dual listings of foreign companies in Australia and other innovative applications to attract international businesses to Australia’s public markets.\n\n### Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance\nImprove ASIC regulatory transactions\nExpand digital lodgement options by allowing more forms to be lodged via email (next release to add 22 forms, saving $34,000 in postage annually). [[CP p.11](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=11)]\n\n**Key activities:**\n- Expand digital lodgement options by allowing more forms to be lodged via email (next release to add 22 forms, saving $34,000 in postage annually).\n\n### Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance\nReview approach to supervising financial market infrastructure (including clearing and settlement facilities with RBA)\nReview and enhance our oversight of financial market infrastructure to ensure oversight is effective and efficient. [[CP p.11](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=11)]\n\n**Key activities:**\n- Review and enhance our oversight of financial market infrastructure to ensure oversight is effective and efficient.\n\n### Regulatory Outcomes: Better government engagement, consultation or guidance\nDevelop Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Starter Program Kits\nDevelop AML/CTF starter kits to help small businesses establish effective compliance programs with minimal complexity. Kits will include a model risk assessment and program for a typical low-complexity business. [[CP p.13](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=13)]\n\n**Key activities:**\n- Develop AML/CTF starter kits to help small businesses establish effective compliance programs with minimal complexity. Kits will include a model risk assessment and program for a typical low-complexity business.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Enabling digital and data capability | Better government engagement, consultation or guidance\nConsult industry on enhancing large volume Suspicious Matter Reports (SMRs) reporting\nConsult with regulated businesses on options to reduce burden on regulated entities while maintaining intelligence value. Following consultation next steps are to be determined. [[CP p.13](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=13)]\n\n**Key activities:**\n- Consult with regulated businesses on options to reduce burden on regulated entities while maintaining intelligence value. Following consultation next steps are to be determined.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Enabling digital and data capability\nConsult industry on enabling automatic enrolment for Australian Financial Services license (AFSL) holders\nWork with ASIC to update the current registration process for AFSL holders to remove duplication for remitters and digital currency exchange (DCE) providers. Following consultation next steps are to be determined. [[CP p.13](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=13)]\n\n**Key activities:**\n- Work with ASIC to update the current registration process for AFSL holders to remove duplication for remitters and digital currency exchange (DCE) providers. Following consultation next steps are to be determined.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Enabling digital and data capability\nPromote harmonisation of payments messaging for cross-border payments\nThe Australian payments industry is expected to adopt internationally harmonised ISO 20022 messaging for cross-border payments by the end of 2027, in line with the global roadmap. [[CP p.15](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=15)]\n\n**Key activities:**\n- The Australian payments industry is expected to adopt internationally harmonised ISO 20022 messaging for cross-border payments by the end of 2027, in line with the global roadmap.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Enabling digital and data capability\nConsider options to reduce the regulatory burden for small issuers and fintechs\nConsider options to reduce the regulatory burden of card payments regulations on small issuers and fintechs as part of the Review of Retail Payments Regulation. [[CP p.15](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=15)]\n\n**Key activities:**\n- Consider options to reduce the regulatory burden of card payments regulations on small issuers and fintechs as part of the Review of Retail Payments Regulation.\n\n### Regulatory Outcomes: Enabling digital and data capability\nExplore how digital money can support tokenised asset markets\nWork with industry and regulators on Project Acacia, piloting wholesale central bank digital currency and other tokenisation use cases, with a report due in the first half of 2026. [[CP p.15](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=15)]\n\n**Key activities:**\n- Work with industry and regulators on Project Acacia, piloting wholesale central bank digital currency and other tokenisation use cases, with a report due in the first half of 2026.\n\n### Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance\nContribute to the design of the future account-to-account payments system\nEngage with industry to ensure the design of Australia’s future account-to-account payments system supports innovation opportunities alongside public policy goals, with public consultation on a shared vision and plan in 2026. [[CP p.15](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=15)]\n\n**Key activities:**\n- Engage with industry to ensure the design of Australia’s future account-to-account payments system supports innovation opportunities alongside public policy goals, with public consultation on a shared vision and plan in 2026.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance\nReview approach to supervising Australian clearing and settlement (CS) facilities\nUndertake a review of CS facilities, including in relation to license applications, to ensure that the regulation of CS facilities remains proportionate to the risk they pose to the Australian financial system. [[CP p.16](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=16)]\n\n**Key activities:**\n- Undertake a review of CS facilities, including in relation to license applications, to ensure that the regulation of CS facilities remains proportionate to the risk they pose to the Australian financial system.\n\n### Regulatory Outcomes: Better government engagement, consultation or guidance\nReview low-value threshold for the regulation of purchased payment facilities\nReview the current $10 million low-value threshold up to which the Payment Systems (Regulation) Act 1998 (PSRA) does not apply to purchased payment facilities. [[CP p.16](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=16)]\n\n**Key activities:**\n- Review the current $10 million low-value threshold up to which the Payment Systems (Regulation) Act 1998 (PSRA) does not apply to purchased payment facilities.\n\n### Regulatory Outcomes: Simplification and/or remove duplication\nRemove redundant securities lending reporting requirements\nRemove redundant securities lending reporting requirements that were put in place in 2009, but did not meet their intended objectives, reducing the reporting burden for at least 35 institutions. [[CP p.16](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=16)]\n\n**Key activities:**\n- Remove redundant securities lending reporting requirements that were put in place in 2009, but did not meet their intended objectives, reducing the reporting burden for at least 35 institutions.\n\n### Regulatory Outcomes: Enabling digital and data capability\nCreate a plan for modernising the Reserve Bank Information and Transfer System (RITS)\nInvestigate options to modernise the RITS, Australia’s system for settling payment obligations on a real-time basis, to take advantage of new technology and provide new or enhanced settlement modes, informed by learnings from Project Acacia. [[CP p.16](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=16)]\n\n**Key activities:**\n- Investigate options to modernise the RITS, Australia’s system for settling payment obligations on a real-time basis, to take advantage of new technology and provide new or enhanced settlement modes, informed by learnings from Project Acacia.\n\n### Regulatory Outcomes: Better government engagement, consultation or guidance\nReview the Exchange Settlement Account (ESA) policy to support participation in payment systems\nUndertake a review of the ESA policy to explore options to support non-bank payment service providers (PSPs) direct participation in payment systems, after tranche 1 of the new PSP license passes Parliament and work on the common access requirements proceeds. [[CP p.17](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=17)]\n\n**Key activities:**\n- Undertake a review of the ESA policy to explore options to support non-bank payment service providers (PSPs) direct participation in payment systems, after tranche 1 of the new PSP license passes Parliament and work on the common access requirements proceeds.\n\n### Regulatory Outcomes: Simplification and/or remove duplication\nReview merchant card payment costs and surcharging\nFinalise reforms to reduce merchant card payment costs and surcharging by end of 2025. Proposals include banning surcharges on EFTPOS, Mastercard and Visa, lowering interchange fee caps, and requiring public fee disclosures by card networks and large acquirers. [[CP p.17](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=17)]\n\n**Key activities:**\n- Finalise reforms to reduce merchant card payment costs and surcharging by end of 2025. Proposals include banning surcharges on EFTPOS, Mastercard and Visa, lowering interchange fee caps, and requiring public fee disclosures by card networks and large acquirers.\n\n### Regulatory Outcomes: Enabling digital and data capability\nReview retail payments regulation\nConduct a review following the reforms to the Payment Systems (Regulation) Act 1998 to widen the range of payment systems and participants that are within scope of regulation. [[CP p.17](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=17)]\n\n**Key activities:**\n- Conduct a review following the reforms to the Payment Systems (Regulation) Act 1998 to widen the range of payment systems and participants that are within scope of regulation.\n\n### Regulatory Outcomes: Better government engagement, consultation or guidance\nReview foreign investment delegations\nReview decision-making delegations for foreign investment applications to streamline low-risk cases, potentially revising monetary thresholds and adding new factors to delegation criteria, with options to be put to the Treasurer. [[CP p.18](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=18)]\n\n**Key activities:**\n- Review decision-making delegations for foreign investment applications to streamline low-risk cases, potentially revising monetary thresholds and adding new factors to delegation criteria, with options to be put to the Treasurer.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance\nReview foreign investment conditions\nReview conditions on existing foreign investment approvals, initially focusing on low-risk investments, to identify opportunities to remove or reduce reporting requirements while maintaining risk mitigation. [[CP p.18](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=18)]\n\n**Key activities:**\n- Review conditions on existing foreign investment approvals, initially focusing on low-risk investments, to identify opportunities to remove or reduce reporting requirements while maintaining risk mitigation.\n\n### Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance\nDevelop reform options for foreign investment legislation\nDesign reforms of the legislative framework for foreign investment to ensure it remains fit for purpose, balancing the need to attract investment with the imperative to manage national security and economic risks. [[CP p.18](http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf#page=18)]\n\n**Key activities:**\n- Design reforms of the legislative framework for foreign investment to ensure it remains fit for purpose, balancing the need to attract investment with the imperative to manage national security and economic risks.", "strategy_overview_evidence_md": null, "internal_strategy_evidence_md": "# Council of Financial Regulators - Strategy, Performance, and Operating Profile\n\n**Generated at**: 2026-05-09T22:33:25.224503+00:00\n**Entity ID**: B-000944\n**Entity type**: Advisory Body\n**Jurisdiction**: Commonwealth\n**Portfolio**: Treasury\n**Website**: http://www.cfr.gov.au/\n\n> Draft generated from scraped source material. Treat this as an evidence pack for editorial review, not a final judgement.\n\n## Source Coverage\n\n| Source type | Count |\n|---|---:|\n| other-pdfs | 5 |\n| pages | 40 |\n| strategies | 3 |\n\n## Executive Readout\n\n### Purpose\n\n- Regulatory Outcomes\nBetter government engagement, consultation or guidance\nImplementation timeframe\nQ2 2025-26 to Q4 2025-26\nRemove redundant securities lending reporting requirements\nRemove redundant securities lending reporting requirements that were put in place in 2009, but did not\nmeet their intended objectives, reducing the reporting burden for at least 35 institutions.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nSimplification and/or remove duplication | Better government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q2 2028-29\nDevelop reform options for foreign investment legislation\nDesign reforms of the legislative framework for foreign investment to ensure it remains fit for purpose,\nbalancing the need to attract investment with the imperative to manage national security and economic\nrisks.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Policy development principles\nIn developing the proposed reforms, the CFR has been guided by the following regulatory design principles:\nPrinciple 1: Clear purpose and objectives: The reforms should clearly identify policy goals; and set out a\nmechanism for prioritising those goals and coordinating regulatory activities to achieve the desired outcome.\n Source: `other-pdfs/response-to-consultation.pdf (http://www.cfr.gov.au/publications/consultations/2021/financial-market-infrastructure-regulatory-reforms-response-to-consultation/pdf/response-to-consultation.pdf)`\n- [pages 1,2,3,4]\n[Page 1]\nBetter Regulation Roadmap – Implementation Plan\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nMaintain and strengthen National Anti-Scam Centre's (NASC) partnership model O ngoi ng \nImprove guidance for Consumer Data Right (CDR) participants\nAustralian Competition\n& Consumer\nCommission (ACCC)\nProvide guidance to CDR participants to access exemptions from disproportionate compliance burdens\nEnhance guidance to small banks\nImprove guidance for the registration of intangible assets on the Personal Property Securities Register (PPSR)\nAustralian Financial\nSecurity Authority Encourage the timely removal of registrations from the PPSR\n(AFSA)\nAddress professional misconduct with a risk-based approach Q4 20 27-28\nFurther reduce data reporting burden for industry Q2 20 27-28\nReduce capital requirements for annuity products\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n\n### Role and Functions\n\n- [Page 19]\nA new regulatory framework for cash distribution could incorporate the following elements, which are\ndiscussed further in subsequent chapters:\n• Visibility of entities, capabilities and challenges: The scope of the regulatory framework and the\ntools available for monitoring entities providing cash distribution services are outlined in\nChapter 3.\n• Crisis readiness and resolution: The regulatory powers to safeguard critical cash distribution\nservices are outlined in Chapter 4.\n• Ensuring a fair and transparent sector: The regulatory powers to help ensure the sector continues\nto function effectively include:\n– Regulating price and non-price terms: An approach to ensuring that fair price and non-price\nterms are offered to business customers is outlined in Chapter 5.\n– Third-party access: An approach to ensuring third-party access is offered on fair terms is\noutlined in Chapter 6.\n Source: `strategies/consultation-paper.pdf (http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf)`\n- More generally, in the case of the Australian cash On market\nequity market, a number of factors argue in favour 2 2\nof setting the threshold for application of the\nrequirement to establish a domestic legal and\n0 0\noperational presence at a relatively low level: Nov Jan Mar May Jul Sep Nov\n2011 2012\n• the importance and profile of the Australian cash Source: ASIC\nequity market\n• the central role of the Australian cash equity market in the Australian financial system\n• the high level of retail participation in the Australian cash equity market\n• the connections that a competing CCP would have to other components of the domestic financial market\ninfrastructure.\n Source: `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf (https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf)`\n- [pages 1,2,3,4]\n[Page 1]\nBetter Regulation Roadmap – Implementation Plan\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nMaintain and strengthen National Anti-Scam Centre's (NASC) partnership model O ngoi ng \nImprove guidance for Consumer Data Right (CDR) participants\nAustralian Competition\n& Consumer\nCommission (ACCC)\nProvide guidance to CDR participants to access exemptions from disproportionate compliance burdens\nEnhance guidance to small banks\nImprove guidance for the registration of intangible assets on the Personal Property Securities Register (PPSR)\nAustralian Financial\nSecurity Authority Encourage the timely removal of registrations from the PPSR\n(AFSA)\nAddress professional misconduct with a risk-based approach Q4 20 27-28\nFurther reduce data reporting burden for industry Q2 20 27-28\nReduce capital requirements for annuity products\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nBetter Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nEncourage the timely removal of registrations from the Personal Property Securities\nRegister (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely\nremoval of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as\ncollateral and free up capital for reinvestment and growth\nRegulatory Outcomes\nEnabling digital and data capability | Better Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nAddress professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- 4.1 Timeline\n23 October 2015 The CFR published the Consultation Paper on the evolution of the\nBBSW methodology\n3 December 2015 Written submissions to the consultation closed\nDecember 2015 – RBA staff held bilateral discussions with each of the institutions that\nJanuary 2016 made written submissions to the consultation\n9 February 2016 The CFR published this Discussion Paper on the evolution of the BBSW\nmethodology\nFebruary 2016 AFMA’s Market Governance Committee, Benchmarks Committee and\nNegotiable & Transferable Instruments Committee will meet to\nconsider the proposal outlined in the Discussion Paper\nBy end June 2016 AFMA will complete any further consultation with the CFR agencies\nand market participants and finalise a set of amendments to the BBSW\nmethodology\nBy end December 2016 Depending on the scope of the changes, the Administrator will\n Source: `strategies/discussion-paper.pdf (http://www.cfr.gov.au/publications/consultations/2015/evolution-of-the-bbsw-methodology/pdf/discussion-paper.pdf)`\n- Figure A2: Participant Interoperability Links\nCCP 1 CCP 2\n(Participant CCP) (Host CCP)\nMargin payments\nCCP 1 CCP 2\nParticipant 1 Participant 1\nTrade\nManagement of risks\nExisting risk management requirements\nThe PFMIs and, correspondingly, the Bank’s FSS outline a number of requirements to ensure that CCPs\nidentify and properly control any risks associated with link arrangements.\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)`\n\n### Strategic Priorities\n\n- [pages 1,2,3,4]\n[Page 1]\nBetter Regulation Roadmap – Implementation Plan\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nMaintain and strengthen National Anti-Scam Centre's (NASC) partnership model O ngoi ng \nImprove guidance for Consumer Data Right (CDR) participants\nAustralian Competition\n& Consumer\nCommission (ACCC)\nProvide guidance to CDR participants to access exemptions from disproportionate compliance burdens\nEnhance guidance to small banks\nImprove guidance for the registration of intangible assets on the Personal Property Securities Register (PPSR)\nAustralian Financial\nSecurity Authority Encourage the timely removal of registrations from the PPSR\n(AFSA)\nAddress professional misconduct with a risk-based approach Q4 20 27-28\nFurther reduce data reporting burden for industry Q2 20 27-28\nReduce capital requirements for annuity products\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nBetter Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nEncourage the timely removal of registrations from the Personal Property Securities\nRegister (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely\nremoval of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as\ncollateral and free up capital for reinvestment and growth\nRegulatory Outcomes\nEnabling digital and data capability | Better Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nAddress professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- 4.1 Timeline\n23 October 2015 The CFR published the Consultation Paper on the evolution of the\nBBSW methodology\n3 December 2015 Written submissions to the consultation closed\nDecember 2015 – RBA staff held bilateral discussions with each of the institutions that\nJanuary 2016 made written submissions to the consultation\n9 February 2016 The CFR published this Discussion Paper on the evolution of the BBSW\nmethodology\nFebruary 2016 AFMA’s Market Governance Committee, Benchmarks Committee and\nNegotiable & Transferable Instruments Committee will meet to\nconsider the proposal outlined in the Discussion Paper\nBy end June 2016 AFMA will complete any further consultation with the CFR agencies\nand market participants and finalise a set of amendments to the BBSW\nmethodology\nBy end December 2016 Depending on the scope of the changes, the Administrator will\n Source: `strategies/discussion-paper.pdf (http://www.cfr.gov.au/publications/consultations/2015/evolution-of-the-bbsw-methodology/pdf/discussion-paper.pdf)`\n- Figure A2: Participant Interoperability Links\nCCP 1 CCP 2\n(Participant CCP) (Host CCP)\nMargin payments\nCCP 1 CCP 2\nParticipant 1 Participant 1\nTrade\nManagement of risks\nExisting risk management requirements\nThe PFMIs and, correspondingly, the Bank’s FSS outline a number of requirements to ensure that CCPs\nidentify and properly control any risks associated with link arrangements.\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)`\n- New regulations for market\ninfrastructures in Europe state that a CCP seeking entry into an interoperability arrangement with another\nCCP ‘shall be rejected or restricted, directly or indirectly, only in order to control any risk arising from that\narrangement or access’.26\n24 See Garvin N (2012), ‘Central Counterparty Interoperability’, RBA Bulletin, June, pp 59-68.\n Source: `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf (https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf)`\n- [Page 2]\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nImprove searching of ASIC’s registers Q4 20 29-30\nDevelop and implement best practice drafting principles\nSimplify ASIC regulatory guidance Ong oing \nStabilise and uplift ASIC’s companies, business names and professional registers Q4 2 029-3 0\nReduce data requests and reporting requirements for thematic surveillance activities Ong oing \nReduce data requests and reporting requirements for small banks\nSimplify existing legislative instruments\nAustralian Securities\nExpand public and listings markets\nand Investments\nCommission (ASIC)\nConsider disclosure burdens that impact efficient superannuation investment decisions\nStreamline the Financial Accountability Regime (FAR) (Joint work with APRA)\nIntroduce sector-based regulatory roadmaps Ong oing \nEncourage confidence in private markets\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- [Page 3]\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nOverhaul compliance reporting to reduce regulatory burden Q1 2027- 28\nImprove reporting standards for Suspicious Matter Reports (SMRs)\nConsult industry on co-designing International Value Transfer Services (IVTS) and International Funds Transfer Q3 2027-2 8\nInstruction (IFTI) reforms\nConsult industry on opportunities to implement a streamlined, digitised notice process Q3 2027-2 8\nPromote harmonisation of payments messaging for cross-border payments Q2 2027-2 8\nConsider options to reduce the regulatory burden for small issuers and fintechs\nExplore how digital money can support tokenised asset markets\nContribute to the design of the future account-to-account payments system\nReview approach to supervising Australian clearing and settlement (CS) facilities\nReserve Bank of\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- [pages 4,5,6,7,8]\nentation timeframe\nQ3 2025-26 to Q2 2026-27\nProvide guidance to CDR participants to access exemptions from disproportionate\ncompliance burdens\nProactively educate CDR participants about the option to seek an exemption from CDR Rules where the\ncompliance burden is disproportionate.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- [pages 8,9,10,11,12]\n2 2026-27\nPromote access to cost-effective reinsurance\nConsult with general insurers on ways to adjust reinsurance settings to support continued access to\naffordable and appropriate reinsurance.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nBetter government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nStreamline the Financial Accountability Regime (FAR)\nASIC and APRA commenced work to streamline the operation of the FAR and consider how it can be\nbetter embedded to promote risk management.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n\n## KPIs, Targets, and Where They Are At\n\n- Disadvantages: Depending on the design of the tender, this method may not facilitate switch\ntrades as effectively as Method 1, with investors facing the risk that they may not be able to\nexecute both legs of the switch trade (for instance, the investor sells NCDs with a 1 month tenor\nbut is unable to purchase corresponding NCDs with a 6 month tenor); as a result, this method\nmay not provide sufficient transactions for the calculation of the VWAP for 1 month BBSW.\n Source: `strategies/discussion-paper.pdf (http://www.cfr.gov.au/publications/consultations/2015/evolution-of-the-bbsw-methodology/pdf/discussion-paper.pdf)`\n- [Page 29]\nintervene should be held in reserve for use by the regulator subject to defined decision-making criteria\nand scenarios, including:\n• when a designated entity and its customers cannot reach an agreement within reasonable\ntimeframes (to minimise disruption where major agreements have not been achieved)\n• where agreements do not achieve adequate access, industry-led, sustainability and efficiency\nobjectives (e.g. an agreement has been reached but will likely result in cash distribution services\nnot being provided at fair prices)\n• where significant market changes have taken place since an agreement was originally agreed, such\nthat those terms no longer achieve the required objectives.\n Source: `strategies/consultation-paper.pdf (http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf)`\n- [pages 1,2,3,4]\n[Page 1]\nBetter Regulation Roadmap – Implementation Plan\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nMaintain and strengthen National Anti-Scam Centre's (NASC) partnership model O ngoi ng \nImprove guidance for Consumer Data Right (CDR) participants\nAustralian Competition\n& Consumer\nCommission (ACCC)\nProvide guidance to CDR participants to access exemptions from disproportionate compliance burdens\nEnhance guidance to small banks\nImprove guidance for the registration of intangible assets on the Personal Property Securities Register (PPSR)\nAustralian Financial\nSecurity Authority Encourage the timely removal of registrations from the PPSR\n(AFSA)\nAddress professional misconduct with a risk-based approach Q4 20 27-28\nFurther reduce data reporting burden for industry Q2 20 27-28\nReduce capital requirements for annuity products\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nBetter Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nEncourage the timely removal of registrations from the Personal Property Securities\nRegister (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely\nremoval of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as\ncollateral and free up capital for reinvestment and growth\nRegulatory Outcomes\nEnabling digital and data capability | Better Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nAddress professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- 4.1 Timeline\n23 October 2015 The CFR published the Consultation Paper on the evolution of the\nBBSW methodology\n3 December 2015 Written submissions to the consultation closed\nDecember 2015 – RBA staff held bilateral discussions with each of the institutions that\nJanuary 2016 made written submissions to the consultation\n9 February 2016 The CFR published this Discussion Paper on the evolution of the BBSW\nmethodology\nFebruary 2016 AFMA’s Market Governance Committee, Benchmarks Committee and\nNegotiable & Transferable Instruments Committee will meet to\nconsider the proposal outlined in the Discussion Paper\nBy end June 2016 AFMA will complete any further consultation with the CFR agencies\nand market participants and finalise a set of amendments to the BBSW\nmethodology\nBy end December 2016 Depending on the scope of the changes, the Administrator will\n Source: `strategies/discussion-paper.pdf (http://www.cfr.gov.au/publications/consultations/2015/evolution-of-the-bbsw-methodology/pdf/discussion-paper.pdf)`\n- Figure A2: Participant Interoperability Links\nCCP 1 CCP 2\n(Participant CCP) (Host CCP)\nMargin payments\nCCP 1 CCP 2\nParticipant 1 Participant 1\nTrade\nManagement of risks\nExisting risk management requirements\nThe PFMIs and, correspondingly, the Bank’s FSS outline a number of requirements to ensure that CCPs\nidentify and properly control any risks associated with link arrangements.\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)`\n- The best execution obligation requires a market participant to take reasonable steps when\nhandling and executing an order in equity market products to obtain the best outcome for the client.13\nFor a retail client, the best outcome means the best total consideration (which market participants may\ninterpret as best price), taking into account client instructions and including clearing and settlement\ncosts.14 In an environment with more than one CCP, but without interoperability, the application of best\nexecution rules is relatively clear: participants would either have to establish the capability to clear via\neither CCP, or else demonstrate that best execution was achieved under their existing arrangements.15 In\nprinciple, the best execution rules also contemplate interoperability.\n Source: `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf (https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf)`\n- While many submissions suggested moving the rate set to a slightly later time than 10am, no\nsubmissions advocated extending the window beyond 11am given the increase in event risk and\nbasis risk that would result.\n Source: `strategies/discussion-paper.pdf (http://www.cfr.gov.au/publications/consultations/2015/evolution-of-the-bbsw-methodology/pdf/discussion-paper.pdf)`\n- The 2009 Australian Government report,\nAustralia as a Financial Centre: Building on Our Strengths, suggested examining the case for\n16 For example, section 192 (now repealed) of the Airports Act 1996 was enacted to provide for ‘deemed\ndeclaration’ as a transitional measure in the context of the privatisation of a number of airports.\n Source: `other-pdfs/review-of-competition-in-clearing-australian-cash-equities.pdf (http://www.cfr.gov.au/publications/policy-statements-and-other-reports/2015/pdf/review-of-competition-in-clearing-australian-cash-equities.pdf)`\n- [Page 26]\ncompetition, noting that it ‘may result in foreclosure at all levels of the value chain and therefore lead\nto welfare losses’.26\nGiven that ASX is currently the sole provider of CS services for Australian cash equities, unaffiliated\nmarket operators would generally require access to the ASX CS facilities.\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)`\n- ASX has provided\nevidence that system availability has been broadly equivalent, with both CHESS and the TAS having\nachieved availability of 100 per cent in 2014, and that there has been no material difference in the\nincidence of rejection of trades submitted via the TAS relative to those submitted via ASX Trade.\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)`\n- New regulations for market\ninfrastructures in Europe state that a CCP seeking entry into an interoperability arrangement with another\nCCP ‘shall be rejected or restricted, directly or indirectly, only in order to control any risk arising from that\narrangement or access’.26\n24 See Garvin N (2012), ‘Central Counterparty Interoperability’, RBA Bulletin, June, pp 59-68.\n Source: `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf (https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf)`\n- [Page 2]\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nImprove searching of ASIC’s registers Q4 20 29-30\nDevelop and implement best practice drafting principles\nSimplify ASIC regulatory guidance Ong oing \nStabilise and uplift ASIC’s companies, business names and professional registers Q4 2 029-3 0\nReduce data requests and reporting requirements for thematic surveillance activities Ong oing \nReduce data requests and reporting requirements for small banks\nSimplify existing legislative instruments\nAustralian Securities\nExpand public and listings markets\nand Investments\nCommission (ASIC)\nConsider disclosure burdens that impact efficient superannuation investment decisions\nStreamline the Financial Accountability Regime (FAR) (Joint work with APRA)\nIntroduce sector-based regulatory roadmaps Ong oing \nEncourage confidence in private markets\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- [Page 3]\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nOverhaul compliance reporting to reduce regulatory burden Q1 2027- 28\nImprove reporting standards for Suspicious Matter Reports (SMRs)\nConsult industry on co-designing International Value Transfer Services (IVTS) and International Funds Transfer Q3 2027-2 8\nInstruction (IFTI) reforms\nConsult industry on opportunities to implement a streamlined, digitised notice process Q3 2027-2 8\nPromote harmonisation of payments messaging for cross-border payments Q2 2027-2 8\nConsider options to reduce the regulatory burden for small issuers and fintechs\nExplore how digital money can support tokenised asset markets\nContribute to the design of the future account-to-account payments system\nReview approach to supervising Australian clearing and settlement (CS) facilities\nReserve Bank of\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n\n## Key Metrics\n\n| Values found | Evidence | Source |\n|---|---|---|\n| $0.9 , $46 million, $125 million, 46 million, 125 million | The scale\nof the Australian market is more comparable to that of Canada, Brazil and Hong Kong, which range between\ntotal share trading values of US$0.9 trillion and 1.5 trillion.12\nGraph 1 In the financial year ending June 2012, ASX\nCost of Trading and Post­trading earned revenue from cash market clearing of\nAs a proportion of value traded $46 million, relative to total cash market revenue\nbps bps\nSGX\n(SIN) (including clearing and settlement) of | `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf (https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf)` |\n| $46 million, $15 million, 46 million, 30 per cent, 15 million | Given that the total revenue from\ncash market clearing earned by the incumbent CCP, ASX Clear Pty Ltd (ASX Clear), was $46 million in\n2011/12, a 30 per cent reduction in clearing fees (which is not implausible, given the experience in Europe)\nwould yield aggregate direct savings for the industry of around $15 million.\n• Operational costs. | `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf (https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf)` |\n| $10 million, 10 million | Regulatory Outcomes\nSimplification and/or remove duplication \\| Better government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q2 2026-27\nReview low-value threshold for the regulation of purchased payment facilities\nReview the current $10 million low-value threshold up to which the Payment Systems (Regulation) Act\n1998 (PSRA) does not apply to purchased payment facilities. | `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)` |\n| $100 billion, 100 billion, 4 per cent | While the use of cash for payments has fallen in Australia, the\namount of cash in circulation remains high at around $100 billion (around 4 per cent of Gross Domestic\nProduct).11 Demand for cash as a store of value is typically higher during periods of heightened\n7 Treasury, A Strategic Plan for Australia’s Payments System, Commonwealth of Australia, 2023, accessed 11 July\n2025. | `strategies/consultation-paper.pdf (http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf)` |\n| $6, 6% | 8;X]O>EqN@%''O_@%e@?J;%+8(9e>X=MR6S?i^YgA3=].HDXF.R$lIL@\"pJ+EP(%0\nb]6ajmNZn*!='OQZeQ^Y*,=]?C.B+\\Ulg9dhD*\"iC[;*=3`oP1[!S^)?1)IZ4dup`\nE1r!/,*0[*9.aFIR2&b-C#soRZ7Dl%MLY\\.?d>Mn\n6%Q2oYfNRF$$+ON<+]RUJmC0InDZ4OTs0S!saG>GGKUlQ*Q?45:CI&4J'_2j$XKrcYp0n+Xl_nU*O(\nl[$6Nn+Z_Nq0]s7hs]`XX1nZ8&94a\\~> | `pages/taskforces-index__07.html (http://www.cfr.gov.au/about/pdf/cfr-working-group-2025-01.pdf)` |\n| $1.2 , 4 per cent, 10 per cent | With a total trading value of US$1.2 trillion in 2011, the Australian market\nis less than 4 per cent of the size of the US market, and 10 per cent of the size of the European market. | `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf (https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf)` |\n| $2.75 million, $4 million, 2.75 million, 4 million | In addition, a schedule of rebates has been specified, starting at C$2.75 million in\nfiscal year 2013 and rising to C$4 million per year from fiscal year 2016 onwards.\n• Cost allocation and transfer pricing. | `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf (https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf)` |\n| $640 billion, 640 billion | Investors rely on FMIs for access to transparent prices and a safe means of transacting in their investments,\nwhich include over $640 billion in superannuation assets held in Australian equities and fixed income assets.3\nAustralian governments rely on the Austraclear system to issue debt securities used to raise funds, and most\nholdings of government debt securities are kept in the Austraclear system. | `other-pdfs/response-to-consultation.pdf (http://www.cfr.gov.au/publications/consultations/2021/financial-market-infrastructure-regulatory-reforms-response-to-consultation/pdf/response-to-consultation.pdf)` |\n| $34,000 | [pages 12,13,14,15]\ngoing\nImprove ASIC regulatory transactions\nExpand digital lodgement options by allowing more forms to be lodged via email (next release to add 22\nforms, saving $34,000 in postage annually). | `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)` |\n| $1 million, $5 million, $20 million, 1 million, 5 million, 20 million | Some\nsubmissions supported a minimum transaction size of $1 million or $5 million, while several\nsuggested $20 million, consistent with the current minimum market parcel size in the AFMA\nNegotiable/Transferable Instruments Conventions. | `strategies/discussion-paper.pdf (http://www.cfr.gov.au/publications/consultations/2015/evolution-of-the-bbsw-methodology/pdf/discussion-paper.pdf)` |\n| 73 per cent | In the period\nbetween 2006 and 2009, the average reduction in clearing fees charged by European CCPs was\naround 73 per cent on a transaction basis (Oxera 2011).19 These fee reductions were at least in part\nattributed to the emergence of competition.20 Even ahead of the introduction of the Markets in\nFinancial Instruments Directive (MiFID) and the European Code of Conduct for Clearing and Settlement\n(the European Code; see Appendix B), the contest | `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)` |\n| 80%, 947%, 202006% | Available at . | `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf (https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf)` |\n| 100 per cent | ASX has provided\nevidence that system availability has been broadly equivalent, with both CHESS and the TAS having\nachieved availability of 100 per cent in 2014, and that there has been no material difference in the\nincidence of rejection of trades submitted via the TAS relative to those submitted via ASX Trade. | `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)` |\n| $34,000 | [pages 12,13,14,15]\ngoing\nImprove ASIC regulatory transactions\nExpand digital lodgement options by allowing more forms to be lodged via email (next release to add 22\nforms, saving $34,000 in postage annually). | `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)` |\n\n## Key Achievements\n\n- [pages 1,2,3,4]\n[Page 1]\nBetter Regulation Roadmap – Implementation Plan\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nMaintain and strengthen National Anti-Scam Centre's (NASC) partnership model O ngoi ng \nImprove guidance for Consumer Data Right (CDR) participants\nAustralian Competition\n& Consumer\nCommission (ACCC)\nProvide guidance to CDR participants to access exemptions from disproportionate compliance burdens\nEnhance guidance to small banks\nImprove guidance for the registration of intangible assets on the Personal Property Securities Register (PPSR)\nAustralian Financial\nSecurity Authority Encourage the timely removal of registrations from the PPSR\n(AFSA)\nAddress professional misconduct with a risk-based approach Q4 20 27-28\nFurther reduce data reporting burden for industry Q2 20 27-28\nReduce capital requirements for annuity products\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nBetter Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nEncourage the timely removal of registrations from the Personal Property Securities\nRegister (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely\nremoval of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as\ncollateral and free up capital for reinvestment and growth\nRegulatory Outcomes\nEnabling digital and data capability | Better Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nAddress professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- 4.1 Timeline\n23 October 2015 The CFR published the Consultation Paper on the evolution of the\nBBSW methodology\n3 December 2015 Written submissions to the consultation closed\nDecember 2015 – RBA staff held bilateral discussions with each of the institutions that\nJanuary 2016 made written submissions to the consultation\n9 February 2016 The CFR published this Discussion Paper on the evolution of the BBSW\nmethodology\nFebruary 2016 AFMA’s Market Governance Committee, Benchmarks Committee and\nNegotiable & Transferable Instruments Committee will meet to\nconsider the proposal outlined in the Discussion Paper\nBy end June 2016 AFMA will complete any further consultation with the CFR agencies\nand market participants and finalise a set of amendments to the BBSW\nmethodology\nBy end December 2016 Depending on the scope of the changes, the Administrator will\n Source: `strategies/discussion-paper.pdf (http://www.cfr.gov.au/publications/consultations/2015/evolution-of-the-bbsw-methodology/pdf/discussion-paper.pdf)`\n- Figure A2: Participant Interoperability Links\nCCP 1 CCP 2\n(Participant CCP) (Host CCP)\nMargin payments\nCCP 1 CCP 2\nParticipant 1 Participant 1\nTrade\nManagement of risks\nExisting risk management requirements\nThe PFMIs and, correspondingly, the Bank’s FSS outline a number of requirements to ensure that CCPs\nidentify and properly control any risks associated with link arrangements.\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)`\n- For example, please expand upon\nthe following:\n(a) the adequacy of existing access provisions to support competition in trading of ASX\nsecurities\n(b) whether the scope of access provisions should be expanded beyond ASX securities\n(c) whether the information-handling standards implemented under the Code are sufficient\nto support innovation, by mitigating potential conflicts of interest for ASX staff and\nmanagement\n18 Australian Financial Centre Forum (2009), Australia as a Financial Centre: Building on our Strengths, Final\nReport, November.\n Source: `other-pdfs/review-of-competition-in-clearing-australian-cash-equities.pdf (http://www.cfr.gov.au/publications/policy-statements-and-other-reports/2015/pdf/review-of-competition-in-clearing-australian-cash-equities.pdf)`\n- [Page 23]\n Despite the barriers to establishing private interoperability arrangements (see Section 4.4 and\nAppendix B), LCH.Clearnet, SIX x-clear Ltd (SIX x-clear) and EuroCCP Ltd have implemented a\nnumber of interoperable links in response to the demands of users and trading platforms.24\n In August 2013, EuroCCP Ltd introduced cross-platform settlement netting for UK and Irish\nsecurities.\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)`\n- New regulations for market\ninfrastructures in Europe state that a CCP seeking entry into an interoperability arrangement with another\nCCP ‘shall be rejected or restricted, directly or indirectly, only in order to control any risk arising from that\narrangement or access’.26\n24 See Garvin N (2012), ‘Central Counterparty Interoperability’, RBA Bulletin, June, pp 59-68.\n Source: `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf (https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf)`\n- [Page 2]\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nImprove searching of ASIC’s registers Q4 20 29-30\nDevelop and implement best practice drafting principles\nSimplify ASIC regulatory guidance Ong oing \nStabilise and uplift ASIC’s companies, business names and professional registers Q4 2 029-3 0\nReduce data requests and reporting requirements for thematic surveillance activities Ong oing \nReduce data requests and reporting requirements for small banks\nSimplify existing legislative instruments\nAustralian Securities\nExpand public and listings markets\nand Investments\nCommission (ASIC)\nConsider disclosure burdens that impact efficient superannuation investment decisions\nStreamline the Financial Accountability Regime (FAR) (Joint work with APRA)\nIntroduce sector-based regulatory roadmaps Ong oing \nEncourage confidence in private markets\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- [Page 3]\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nOverhaul compliance reporting to reduce regulatory burden Q1 2027- 28\nImprove reporting standards for Suspicious Matter Reports (SMRs)\nConsult industry on co-designing International Value Transfer Services (IVTS) and International Funds Transfer Q3 2027-2 8\nInstruction (IFTI) reforms\nConsult industry on opportunities to implement a streamlined, digitised notice process Q3 2027-2 8\nPromote harmonisation of payments messaging for cross-border payments Q2 2027-2 8\nConsider options to reduce the regulatory burden for small issuers and fintechs\nExplore how digital money can support tokenised asset markets\nContribute to the design of the future account-to-account payments system\nReview approach to supervising Australian clearing and settlement (CS) facilities\nReserve Bank of\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- [pages 4,5,6,7,8]\nentation timeframe\nQ3 2025-26 to Q2 2026-27\nProvide guidance to CDR participants to access exemptions from disproportionate\ncompliance burdens\nProactively educate CDR participants about the option to seek an exemption from CDR Rules where the\ncompliance burden is disproportionate.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- [pages 8,9,10,11,12]\n2 2026-27\nPromote access to cost-effective reinsurance\nConsult with general insurers on ways to adjust reinsurance settings to support continued access to\naffordable and appropriate reinsurance.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nBetter government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nStreamline the Financial Accountability Regime (FAR)\nASIC and APRA commenced work to streamline the operation of the FAR and consider how it can be\nbetter embedded to promote risk management.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n\n## Key Issues, Risks, and Recommendations\n\n- [pages 1,2,3,4]\n[Page 1]\nBetter Regulation Roadmap – Implementation Plan\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nMaintain and strengthen National Anti-Scam Centre's (NASC) partnership model O ngoi ng \nImprove guidance for Consumer Data Right (CDR) participants\nAustralian Competition\n& Consumer\nCommission (ACCC)\nProvide guidance to CDR participants to access exemptions from disproportionate compliance burdens\nEnhance guidance to small banks\nImprove guidance for the registration of intangible assets on the Personal Property Securities Register (PPSR)\nAustralian Financial\nSecurity Authority Encourage the timely removal of registrations from the PPSR\n(AFSA)\nAddress professional misconduct with a risk-based approach Q4 20 27-28\nFurther reduce data reporting burden for industry Q2 20 27-28\nReduce capital requirements for annuity products\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nBetter Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nEncourage the timely removal of registrations from the Personal Property Securities\nRegister (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely\nremoval of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as\ncollateral and free up capital for reinvestment and growth\nRegulatory Outcomes\nEnabling digital and data capability | Better Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nAddress professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Figure A2: Participant Interoperability Links\nCCP 1 CCP 2\n(Participant CCP) (Host CCP)\nMargin payments\nCCP 1 CCP 2\nParticipant 1 Participant 1\nTrade\nManagement of risks\nExisting risk management requirements\nThe PFMIs and, correspondingly, the Bank’s FSS outline a number of requirements to ensure that CCPs\nidentify and properly control any risks associated with link arrangements.\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)`\n- In order to improve the rigour and uniformity of standards applied in carrying out these assessments,\nESMA issued guidelines outlining the key issues and risks that regulators should take into account\n50 ESCB-CESR (2009), ‘Recommendations for Securities Settlement Systems and Recommendations for Central\nCounterparties in the European Union’, May.\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)`\n- The Recommendations published by the European Central Bank and the Committee of European\nSecurities Regulators in May 2009 also aimed to address the risk and regulation barriers, and promote\nthe integration, competitiveness and efficiency of the European post-trade markets.50 The\nRecommendations provided guidance on how CCPs should design and operate interoperability\narrangements in order to effectively reduce the risks arising from the link.\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)`\n- New regulations for market\ninfrastructures in Europe state that a CCP seeking entry into an interoperability arrangement with another\nCCP ‘shall be rejected or restricted, directly or indirectly, only in order to control any risk arising from that\narrangement or access’.26\n24 See Garvin N (2012), ‘Central Counterparty Interoperability’, RBA Bulletin, June, pp 59-68.\n Source: `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf (https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf)`\n- Regulatory Outcomes\nBetter government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nStreamline the Financial Accountability Regime (FAR)\nASIC and APRA commenced work to streamline the operation of the FAR and consider how it can be\nbetter embedded to promote risk management.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nBetter government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q2 2028-29\nReview foreign investment conditions\nReview conditions on existing foreign investment approvals, initially focusing on low-risk investments, to\nidentify opportunities to remove or reduce reporting requirements while maintaining risk mitigation.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nSimplification and/or remove duplication | Better government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q2 2028-29\nDevelop reform options for foreign investment legislation\nDesign reforms of the legislative framework for foreign investment to ensure it remains fit for purpose,\nbalancing the need to attract investment with the imperative to manage national security and economic\nrisks.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Disadvantages: Depending on the design of the tender, this method may not facilitate switch\ntrades as effectively as Method 1, with investors facing the risk that they may not be able to\nexecute both legs of the switch trade (for instance, the investor sells NCDs with a 1 month tenor\nbut is unable to purchase corresponding NCDs with a 6 month tenor); as a result, this method\nmay not provide sufficient transactions for the calculation of the VWAP for 1 month BBSW.\n Source: `strategies/discussion-paper.pdf (http://www.cfr.gov.au/publications/consultations/2015/evolution-of-the-bbsw-methodology/pdf/discussion-paper.pdf)`\n- [Page 19]\nA new regulatory framework for cash distribution could incorporate the following elements, which are\ndiscussed further in subsequent chapters:\n• Visibility of entities, capabilities and challenges: The scope of the regulatory framework and the\ntools available for monitoring entities providing cash distribution services are outlined in\nChapter 3.\n• Crisis readiness and resolution: The regulatory powers to safeguard critical cash distribution\nservices are outlined in Chapter 4.\n• Ensuring a fair and transparent sector: The regulatory powers to help ensure the sector continues\nto function effectively include:\n– Regulating price and non-price terms: An approach to ensuring that fair price and non-price\nterms are offered to business customers is outlined in Chapter 5.\n– Third-party access: An approach to ensuring third-party access is offered on fair terms is\noutlined in Chapter 6.\n Source: `strategies/consultation-paper.pdf (http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf)`\n- [pages 24,25,26,27]\ntate rapid resolution\n• intervene in a crisis where there is a material risk to the continuity of critical cash distribution\nservices\n• during or in reasonable anticipation of a crisis, facilitate the orderly exit, or transfer the shares, of\na designated entity.\n Source: `strategies/consultation-paper.pdf (http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf)`\n- 2026\n2025\n2024\n2023\n2022\n2021\nNews Archive\nMedia Release Number: 2024-06\n3 December 2024\nReview into Small and Medium-sized Banks\nAn Issues Paper by the Council of Financial Regulators, in consultation with the Australian Competition and Consumer Commission – December 2024\nThe Council of Financial Regulators (CFR) has today released an Issues Paper:\nReview into Small\n Source: `pages/media-releases-index__23.html (http://www.cfr.gov.au/news/2024/mr-24-06.html)`\n- This follows a review in 2012 in which the Agencies examined the implications of competition in\nthe clearing and settlement of Australian cash equities (the 2012 Review).2\nIn light of stakeholder feedback received during the 2012 Review, the Agencies recommended to\nthe government that a decision on any licence application from a central counterparty (CCP)\nseeking to compete in the Australian cash equity market be deferred for two years and, in the\nmeantime, that ASX be encouraged to work with industry to develop a Code of Practice.3 The\nrecommendations of the 2012 Review were endorsed by the government in February 2013.4\nThe Agencies committed to carrying out a review at the end of the two years.\n Source: `other-pdfs/review-of-competition-in-clearing-australian-cash-equities.pdf (http://www.cfr.gov.au/publications/policy-statements-and-other-reports/2015/pdf/review-of-competition-in-clearing-australian-cash-equities.pdf)`\n\n## Corporate Values and Operating Culture\n\n- [Page 2]\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nImprove searching of ASIC’s registers Q4 20 29-30\nDevelop and implement best practice drafting principles\nSimplify ASIC regulatory guidance Ong oing \nStabilise and uplift ASIC’s companies, business names and professional registers Q4 2 029-3 0\nReduce data requests and reporting requirements for thematic surveillance activities Ong oing \nReduce data requests and reporting requirements for small banks\nSimplify existing legislative instruments\nAustralian Securities\nExpand public and listings markets\nand Investments\nCommission (ASIC)\nConsider disclosure burdens that impact efficient superannuation investment decisions\nStreamline the Financial Accountability Regime (FAR) (Joint work with APRA)\nIntroduce sector-based regulatory roadmaps Ong oing \nEncourage confidence in private markets\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- [Page 19]\nA new regulatory framework for cash distribution could incorporate the following elements, which are\ndiscussed further in subsequent chapters:\n• Visibility of entities, capabilities and challenges: The scope of the regulatory framework and the\ntools available for monitoring entities providing cash distribution services are outlined in\nChapter 3.\n• Crisis readiness and resolution: The regulatory powers to safeguard critical cash distribution\nservices are outlined in Chapter 4.\n• Ensuring a fair and transparent sector: The regulatory powers to help ensure the sector continues\nto function effectively include:\n– Regulating price and non-price terms: An approach to ensuring that fair price and non-price\nterms are offered to business customers is outlined in Chapter 5.\n– Third-party access: An approach to ensuring third-party access is offered on fair terms is\noutlined in Chapter 6.\n Source: `strategies/consultation-paper.pdf (http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf)`\n- [pages 19,20,21]\nroach to ensuring third-party access is offered on fair terms is\noutlined in Chapter 6.\n– Service level standards: An approach to ensuring continued services to regional areas is\noutlined in Chapter 7.\n• Penalties and enforcement: To ensure accountability, powers for regulator(s) to enforce the\nframework and pursue penalties, where appropriate, are outlined in Chapter 8.\n Source: `strategies/consultation-paper.pdf (http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf)`\n- [pages 1,2,3,4]\n[Page 1]\nBetter Regulation Roadmap – Implementation Plan\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nMaintain and strengthen National Anti-Scam Centre's (NASC) partnership model O ngoi ng \nImprove guidance for Consumer Data Right (CDR) participants\nAustralian Competition\n& Consumer\nCommission (ACCC)\nProvide guidance to CDR participants to access exemptions from disproportionate compliance burdens\nEnhance guidance to small banks\nImprove guidance for the registration of intangible assets on the Personal Property Securities Register (PPSR)\nAustralian Financial\nSecurity Authority Encourage the timely removal of registrations from the PPSR\n(AFSA)\nAddress professional misconduct with a risk-based approach Q4 20 27-28\nFurther reduce data reporting burden for industry Q2 20 27-28\nReduce capital requirements for annuity products\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nBetter Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nEncourage the timely removal of registrations from the Personal Property Securities\nRegister (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely\nremoval of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as\ncollateral and free up capital for reinvestment and growth\nRegulatory Outcomes\nEnabling digital and data capability | Better Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nAddress professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- [Page 3]\nRegulatory 2024-25 2025-26 2026-27\nAgency Commitment\nOutcomes Q1 - Q4 Q1 - Q4 Q1 - Q4\nOverhaul compliance reporting to reduce regulatory burden Q1 2027- 28\nImprove reporting standards for Suspicious Matter Reports (SMRs)\nConsult industry on co-designing International Value Transfer Services (IVTS) and International Funds Transfer Q3 2027-2 8\nInstruction (IFTI) reforms\nConsult industry on opportunities to implement a streamlined, digitised notice process Q3 2027-2 8\nPromote harmonisation of payments messaging for cross-border payments Q2 2027-2 8\nConsider options to reduce the regulatory burden for small issuers and fintechs\nExplore how digital money can support tokenised asset markets\nContribute to the design of the future account-to-account payments system\nReview approach to supervising Australian clearing and settlement (CS) facilities\nReserve Bank of\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nBetter government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nStreamline the Financial Accountability Regime (FAR)\nASIC and APRA commenced work to streamline the operation of the FAR and consider how it can be\nbetter embedded to promote risk management.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n- Regulatory Outcomes\nSimplification and/or remove duplication | Better government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q2 2026-27\nReview low-value threshold for the regulation of purchased payment facilities\nReview the current $10 million low-value threshold up to which the Payment Systems (Regulation) Act\n1998 (PSRA) does not apply to purchased payment facilities.\n Source: `strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)`\n\n## Global Ideas and Case Study Inputs\n\n_No global-intelligence source text found yet. Run `CLAUDE/global-ideas-scraper.py ` to populate case-study sources._\n\n## Source Artifacts Used\n\n- `strategies/better-regulation-roadmap-implementation-plan.pdf` - strategies - http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf\n- `strategies/discussion-paper.pdf` - strategies - http://www.cfr.gov.au/publications/consultations/2015/evolution-of-the-bbsw-methodology/pdf/discussion-paper.pdf\n- `strategies/consultation-paper.pdf` - strategies - http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf\n- `pages/about.html` - pages - http://www.cfr.gov.au/about.html\n- `pages/announcements-index.html` - pages - http://www.cfr.gov.au/about/international-engagement/ttbc-statements.html\n- `pages/contact.html` - pages - http://www.cfr.gov.au/contact.html\n- `pages/homepage.html` - pages - http://www.cfr.gov.au/\n- `pages/media-releases-index.html` - pages - http://www.cfr.gov.au/news/2026/mr-26-02.html\n- `pages/media-releases-index__08.html` - pages - http://www.cfr.gov.au/assets/css/cfr.main.min.css?v=202603\n- `pages/media-releases-index__09.html` - pages - http://www.cfr.gov.au/news/2026/mr-26-02.html\n- `pages/media-releases-index__10.html` - pages - http://www.cfr.gov.au/about/international-engagement/ttbc-statements.html\n- `pages/media-releases-index__11.html` - pages - http://www.cfr.gov.au/publications/cfr-statements.html\n- `pages/media-releases-index__12.html` - pages - http://www.cfr.gov.au/publications/policy-statements-and-other-reports.html\n- `pages/media-releases-index__13.html` - pages - http://www.cfr.gov.au/news/2026/mr-26-03.html\n- `pages/media-releases-index__14.html` - pages - http://www.cfr.gov.au/about/international-engagement/ttbc-statements/2026/index.html\n- `pages/media-releases-index__15.html` - pages - http://www.cfr.gov.au/news/2026/mr-26-01.html\n- `pages/media-releases-index__16.html` - pages - http://www.cfr.gov.au/news/2025/mr-25-07.html\n- `pages/media-releases-index__17.html` - pages - http://www.cfr.gov.au/news/2025/mr-25-06.html\n- `pages/media-releases-index__18.html` - pages - http://www.cfr.gov.au/news/2025/mr-25-05.html\n- `pages/media-releases-index__19.html` - pages - http://www.cfr.gov.au/news/2025/mr-25-04.html\n- `pages/media-releases-index__20.html` - pages - http://www.cfr.gov.au/news/2025/mr-25-03.html\n- `pages/media-releases-index__21.html` - pages - http://www.cfr.gov.au/news/2025/mr-25-02.html\n- `pages/media-releases-index__22.html` - pages - http://www.cfr.gov.au/news/2025/mr-25-01.html\n- `pages/media-releases-index__23.html` - pages - http://www.cfr.gov.au/news/2024/mr-24-06.html\n- `pages/media-releases-index__24.html` - pages - http://www.cfr.gov.au/news/2024/mr-24-05.html\n- `pages/media-releases-index__25.html` - pages - http://www.cfr.gov.au/about/international-engagement/ttbc-statements/2024/index.html\n- `pages/media-releases-index__26.html` - pages - http://www.cfr.gov.au/news/2024/mr-24-04.html\n- `pages/media-releases-index__27.html` - pages - http://www.cfr.gov.au/news/2024/mr-24-03.html\n- `pages/media-releases-index__28.html` - pages - http://www.cfr.gov.au/news/2024/mr-24-02.html\n- `pages/media-releases-index__29.html` - pages - http://www.cfr.gov.au/news/2024/mr-24-01.html\n- `pages/news-latest.html` - pages - http://www.cfr.gov.au/news.html\n- `pages/publications-index.html` - pages - http://www.cfr.gov.au/publications.html\n- `pages/strategies-index.html` - pages - http://www.cfr.gov.au/cfr-program/regulatory-coordination/financial-market-infrastructure-regulatory-framework/\n- `pages/strategies-index__00.html` - pages - http://www.cfr.gov.au/cfr-program/regulatory-coordination/financial-market-infrastructure-regulatory-framework/\n- `pages/strategies-index__01.html` - pages - http://www.cfr.gov.au/cfr-program/systemic-risks-and-vulnerabilities/cyber-security.html\n- `pages/strategies-index__02.html` - pages - http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/\n- `pages/strategies-index__03.html` - pages - http://www.cfr.gov.au/cfr-program/regulatory-coordination/financial-market-infrastructure-regulatory-framework/fmi-oversight.html\n- `pages/strategies-index__04.html` - pages - http://www.cfr.gov.au/cfr-program/regulatory-coordination/financial-market-infrastructure-regulatory-framework/competition-in-clearing-and-settlement.html\n- `pages/strategies-index__05.html` - pages - http://www.cfr.gov.au/cfr-program/regulatory-coordination/financial-market-infrastructure-regulatory-framework/over-the-counter-derivatives.html\n- `pages/structure.html` - pages - http://www.cfr.gov.au/about/member-agencies.html\n- `pages/taskforces-index.html` - pages - http://www.cfr.gov.au/about/structure-and-working-groups.html\n- `pages/taskforces-index__06.html` - pages - http://www.cfr.gov.au/about/structure-and-working-groups.html\n- `pages/taskforces-index__07.html` - pages - http://www.cfr.gov.au/about/pdf/cfr-working-group-2025-01.pdf\n- `other-pdfs/review-of-competition-in-clearing-australian-cash-equities.pdf` - other-pdfs - http://www.cfr.gov.au/publications/policy-statements-and-other-reports/2015/pdf/review-of-competition-in-clearing-australian-cash-equities.pdf\n- `other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf` - other-pdfs - https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf\n- `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf` - other-pdfs - https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf\n- `other-pdfs/response-to-consultation.pdf` - other-pdfs - http://www.cfr.gov.au/publications/consultations/2021/financial-market-infrastructure-regulatory-reforms-response-to-consultation/pdf/response-to-consultation.pdf\n- `other-pdfs/cfr-working-group-2025-01.pdf` - other-pdfs - http://www.cfr.gov.au/about/pdf/cfr-working-group-2025-01.pdf\n\n## Gaps To Fix\n\n- No corporate plan text source found.\n- No annual report text source found.\n- No global comparison/case-study sources found.", "legislation_md": "# Council of Financial Regulators - Acts and Legislation Discovery\n\n**Generated at**: 2026-05-09T21:21:13.459567+00:00\n**Entity ID**: B-000944\n**Jurisdiction**: Commonwealth\n**Portfolio**: Treasury\n\n> This is an evidence-based discovery list from scraped department material. A mention does not always mean the department administers the legislation; high-confidence and official register links should be reviewed.\n\n## Summary\n\n- Source files scanned: 48\n- Unique legislation references found: 18\n\n| Type | Count |\n|---|---:|\n| Act | 16 |\n| Regulation | 1 |\n| Scheme | 1 |\n\n## Legislation References\n\n### Competition and Consumer Act 2010\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 4\n**Register search**: https://www.legislation.gov.au/search?query=Competition+and+Consumer+Act+2010\n\n**Sources**:\n- `other-pdfs/C2015-007_CFR-ConclusionsPaper.pages.jsonl`\n- `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pages.jsonl`\n- `other-pdfs/review-of-competition-in-clearing-australian-cash-equities.pages.jsonl`\n- `strategies/consultation-paper.pages.jsonl`\n\n**Evidence contexts**:\n- in reserve\nand would be expected to be used only in the event of a material deviation from the expectations or\nwhere ASX’s conduct was generating undesirable outcomes for the market but was not sufficiently\nsevere to trigger intervention by the ACCC under the Competition and Consumer Act 2010 (the CCA).\nThe rule-making powers would be used to address systematic problems, rather than specific issues\narising between particular parties.\nRecommendation 4. Implement legislative changes to grant the ACCC an arbitration power to\nprovide for recourse to b\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pages.jsonl`\n- and is therefore\na central securities depository (CSD) in the traditional sense. Given existing arrangements in Australia, CHESS\nis not strictly a CSD. Issues of market definition and service description would be important considerations\nunder sections of the Competition and Consumer Act 2010, which parties could in the future seek to invoke.\nThe particular facts and circumstances of each case would be highly relevant, and it is not the intention of the\nAgencies to pre-judge any particular outcome from such proceedings.\nFundamentally, it is clear\n Source: `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pages.jsonl`\n- regulation of financial market infrastructure were\ncomplete, the government should remove market ownership restrictions from the Corporations\nAct.7\nFinally, the ACCC is responsible for promoting competition and fair trading in the Australian\neconomy under the Competition and Consumer Act 2010.\n5 See CFR (2012), ‘Ensuring Appropriate Influence for Australian Regulators over Cross-border Clearing and\nSettlement Facilities’, July. Available at . Also see\n Source: `other-pdfs/review-of-competition-in-clearing-australian-cash-equities.pages.jsonl`\n- tlement facility.\nREGULATING CASH DISTRIBUTION – CFR AND ACCC CONSULTATION PAPER | July 2025 12\n\n[page 16]\nsector include the long-term decline in the use of cash for payments, and a high degree of concentration\nand limited competition in parts of the market.\nThe Competition and Consumer Act 2010 (CCA) seeks to address challenges arising from sectors with\nlimited competition by prohibiting certain anti-competitive practices and conduct, including conduct by\nbusinesses with substantial market power that substantially lessens competition. The CCA also\ne\n Source: `strategies/consultation-paper.pages.jsonl`\n\n### Reserve Bank Act 1959\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 3\n**Register search**: https://www.legislation.gov.au/search?query=Reserve+Bank+Act+1959\n\n**Sources**:\n- `pages/strategies-index.html`\n- `pages/strategies-index__00.html`\n- `strategies/consultation-paper.pages.jsonl`\n\n**Evidence contexts**:\n- upervision of trade repositories\n,\nwhich are\n\n subject to Part 7.5A of the Corporations Act.\nThe RBA has regulatory responsibility for Australia's payments system, including systemically\n\n important payment systems. The RBA's regulatory role is set out in the\nReserve Bank Act 1959\n,\n\n and requires that the Payment Systems Board (PSB) determine the RBA's payments system policy in\n\n a way that best contributes to:\ncontrolling risk in the financial system\npromoting the efficiency of the payments system\npromoting competition in the market\n Source: `pages/strategies-index.html`\n- upervision of trade repositories\n,\nwhich are\n\n subject to Part 7.5A of the Corporations Act.\nThe RBA has regulatory responsibility for Australia's payments system, including systemically\n\n important payment systems. The RBA's regulatory role is set out in the\nReserve Bank Act 1959\n,\n\n and requires that the Payment Systems Board (PSB) determine the RBA's payments system policy in\n\n a way that best contributes to:\ncontrolling risk in the financial system\npromoting the efficiency of the payments system\npromoting competition in the market\n Source: `pages/strategies-index__00.html`\n- future of cash and next steps in phasing out cheques [media release],\nAustralian Government, 18 November 2024, accessed 11 July 2025.\n9 Banknotes are produced by the RBA and coins are produced by the Mint. Banknotes and coins are made legal\ntender through the Reserve Bank Act 1959 and Currency Act 1965, respectively.\n10 RBZ (Reserve Bank of New Zealand), Future of Money – Cash system redesign [issues paper], RBZ, 2021, accessed\n11 July 2025.\n11 RBA, ‘Section 2.4 Banknotes’, in Annual Report 2024, RBA, 2024, accessed 11 July 2025.\nREGUL\n Source: `strategies/consultation-paper.pages.jsonl`\n\n### CFR Council of Financial Regulators Corporations Act Corporations Act 2001\n\n**Type**: Act\n**Confidence**: medium\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=CFR+Council+of+Financial+Regulators+Corporations+Act+Corporations+Act+2001\n\n**Sources**:\n- `other-pdfs/response-to-consultation.pages.jsonl`\n\n**Evidence contexts**:\n- rms Consultation 2019)\nADI Authorised deposit-taking institution\nAML Australian market licensee\nAPRA Australian Prudential Regulation Authority\nASIC Australian Securities and Investments Commission\nBAL Benchmark administrator licensee\nCCP Central counterparty\nCFR Council of Financial Regulators\nCorporations Act Corporations Act 2001\nCPMI Committee on Payments and Market Infrastructures\nCSFL Clearing and settlement facility licensee\nDomestic CSFL A body corporate that is incorporated in Australia and holds an\nAustralian clearing and settlement facility licence under\nsection 824B(1) of the\n Source: `other-pdfs/response-to-consultation.pages.jsonl`\n\n### Financial Claims Compensation Scheme 2002\n\n**Type**: Scheme\n**Confidence**: medium\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Financial+Claims+Compensation+Scheme+2002\n\n**Sources**:\n- `pages/news-latest.html`\n\n**Evidence contexts**:\n- 012\nReport on the Australian OTC Derivatives Market\n2011\n17 June 2011\nDiscussion Paper: Central Clearing of OTC Derivatives in Australia\n2009\n22 May 2009\nSurvey of the OTC Derivatives Market in Australia\n2005\n25 November 2005\nCouncil of Financial Regulators – Financial Claims Compensation Scheme\n2002\n2002\nCouncil of Financial Regulators Annual Report 2002\n2001\n2001\nCouncil of Financial Regulators Annual Report 2001\n2000\n2000\nCouncil of Financial Regulators Annual Report 2000\n1999\n13 September 1999\nCouncil of Financial Regulators: Year 2000 Preparations in\n Source: `pages/news-latest.html`\n\n### Financial Sector (Shareholdings) Act 1998\n\n**Type**: Act\n**Confidence**: medium\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Financial+Sector+%28Shareholdings%29+Act+1998\n\n**Sources**:\n- `other-pdfs/response-to-consultation.pages.jsonl`\n\n**Evidence contexts**:\n- spects of the widely\nheld market body regime.\nOne stakeholder brought up the possibility of aligning the existing 15 per cent voting power limit with the\n20 per cent limit within the Foreign Acquisitions and Takeovers Act 1975 (FATA) and the Financial Sector\n(Shareholdings) Act 1998 (FSSA) that applies to non-FMI financial sector companies. The stakeholder noted\nthat the FSSA was amended in 2018 to increase the ownership limit to 20 per cent to bring it in line with FATA\nas there was no policy rationale for the discrepancy between these\n Source: `other-pdfs/response-to-consultation.pages.jsonl`\n\n### Australian Securities and Investments Commission Act 2001\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 2\n**Register search**: https://www.legislation.gov.au/search?query=Australian+Securities+and+Investments+Commission+Act+2001\n\n**Sources**:\n- `pages/structure.html`\n- `other-pdfs/C2015-007_CFR-ConclusionsPaper.pages.jsonl`\n\n**Evidence contexts**:\n- ’s corporate,\n\n markets and financial services regulator. It contributes to Australia’s economic reputation and\n\n wellbeing by ensuring that Australia’s financial markets are fair and transparent, supported by\n\n confident and informed investors and consumers.\nThe\nAustralian Securities and Investments Commission Act 2001\nrequires ASIC to\n\n maintain,\n\n facilitate and improve the performance of the financial system and entities in it; promote\n\n confident and informed participation by investors and consumers in the financial system;\n\n administer the law effectively and with mini\n Source: `pages/structure.html`\n- ts, such as those related to providing non-discriminatory and transparent access, but\nwould not be the preferred option to implement the overall package of recommended regulatory\nmeasures.\nEnforceable Undertaking\nA CS facility may give an EU to ASIC under the Australian Securities and Investments Commission Act\n2001 (ASIC Act). Under an EU, the CS facility could give undertakings committing to comply with the\nrelevant regulatory requirements (i.e. the Minimum Conditions or the regulatory expectations). These\nundertakings could be given either for an indefinite or a defin\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pages.jsonl`\n\n### Freedom of Information Act 1982\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 2\n**Register search**: https://www.legislation.gov.au/search?query=Freedom+of+Information+Act+1982\n\n**Sources**:\n- `other-pdfs/review-of-competition-in-clearing-australian-cash-equities.pages.jsonl`\n- `strategies/consultation-paper.pages.jsonl`\n\n**Evidence contexts**:\n- erated confidentiality statements in\nemails do not suffice for this purpose. Respondents who would like part of their submission to\nremain in confidence should provide this information marked as such in a separate attachment.\nAny future request made under the Freedom of Information Act 1982 for a submission marked\n‘confidential’ to be made available will be determined in accordance with that Act.\nIn addition to seeking submissions, the CFR will be conducting stakeholder consultation meetings\nduring March 2015. Expressions of interest for a stake\n Source: `other-pdfs/review-of-competition-in-clearing-australian-cash-equities.pages.jsonl`\n- e confidential. However, the CFR\nand ACCC will seek to ensure that you are not identified (or identifiable) as the source of any such\ninformation and that no such information relating to you can be found out from the summary. Any\nfuture request made under the Freedom of Information Act 1982 for a submission marked ‘confidential’\nto be made available will be determined in accordance with that Act.\nClosing date for submissions: 15 August 2025, 5:00 pm.\nMail: CFR and ACCC Cash Distribution Consultation Submissions c/o Note Issue Dept,\nReserve Bank\n Source: `strategies/consultation-paper.pages.jsonl`\n\n### Payment Systems (Regulation) Act 1998\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 2\n**Register search**: https://www.legislation.gov.au/search?query=Payment+Systems+%28Regulation%29+Act+1998\n\n**Sources**:\n- `strategies/better-regulation-roadmap-implementation-plan.pages.jsonl`\n\n**Evidence contexts**:\n- government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q2 2026-27\nReview low-value threshold for the regulation of purchased payment facilities\nReview the current $10 million low-value threshold up to which the Payment Systems (Regulation) Act\n1998 (PSRA) does not apply to purchased payment facilities.\nRegulatory Outcomes\nBetter government engagement, consultation or guidance\nImplementation timeframe\nQ2 2025-26 to Q4 2025-26\nRemove redundant securities lending reporting requirements\nRemove redundant sec\n Source: `strategies/better-regulation-roadmap-implementation-plan.pages.jsonl`\n- e disclosures by card networks and large acquirers.\nRegulatory Outcomes\nSimplification and/or remove duplication\nImplementation timeframe\nQ2 2024-25 to Q3 2025-26\nReview retail payments regulation\nConduct a review following the reforms to the Payment Systems (Regulation) Act 1998 to widen the range\nof payment systems and participants that are within scope of regulation.\nRegulatory Outcomes\nEnabling digital and data capability\nImplementation timeframe\nQ4 2025-26 to Q4 2026-27\nBetter Regulation Roadmap – Implementation Plan\n\n[page 18]\nT\n Source: `strategies/better-regulation-roadmap-implementation-plan.pages.jsonl`\n\n### CIT Cash-in-transit CCA Competition and Consumer Act 2010\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=CIT+Cash-in-transit+CCA+Competition+and+Consumer+Act+2010\n\n**Sources**:\n- `strategies/consultation-paper.pages.jsonl`\n\n**Evidence contexts**:\n- s and Investments Commission\nATM Automatic teller machine\nCash acceptance A requirement, announced by the Australian Government on 18 November\nmandate 2024, for businesses to accept cash payment for essential items, subject to\nexemptions for small businesses.\nCIT Cash-in-transit\nCCA Competition and Consumer Act 2010\nCFR Council of Financial Regulators\nDesignated entity An entity that provides critical cash distribution services to a significant part\nof the market, and/or whose disruption would threaten the stability of the\ncash distribution system, according to the propo\n Source: `strategies/consultation-paper.pages.jsonl`\n\n### Cross-Border Insolvency Act 2008\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Cross-Border+Insolvency+Act+2008\n\n**Sources**:\n- `other-pdfs/response-to-consultation.pages.jsonl`\n\n**Evidence contexts**:\n- where a home\nresolution authority acted in a way that adversely affected Australian interests.\nThe CFR also proposed that clearing and settlement facilities would be excluded from the application of the\nModel Law on Cross-Border Insolvency, as applied by the Cross-Border Insolvency Act 2008, on the basis that\nthey would have a specialised insolvency regime.\nThis proposal was described in section 4.15 of the 2019 Regulatory Reforms Consultation.\nStakeholder feedback\nOne stakeholder, while broadly supportive of the proposal, expressed concern abou\n Source: `other-pdfs/response-to-consultation.pages.jsonl`\n\n### Foreign Acquisitions and Takeovers Act 1975\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Foreign+Acquisitions+and+Takeovers+Act+1975\n\n**Sources**:\n- `other-pdfs/response-to-consultation.pages.jsonl`\n\n**Evidence contexts**:\n- s raised some concerns beyond the specific CFR proposals and spoke to other aspects of the widely\nheld market body regime.\nOne stakeholder brought up the possibility of aligning the existing 15 per cent voting power limit with the\n20 per cent limit within the Foreign Acquisitions and Takeovers Act 1975 (FATA) and the Financial Sector\n(Shareholdings) Act 1998 (FSSA) that applies to non-FMI financial sector companies. The stakeholder noted\nthat the FSSA was amended in 2018 to increase the ownership limit to 20 per cent to bring it in line with FATA\nas there w\n Source: `other-pdfs/response-to-consultation.pages.jsonl`\n\n### Life Insurance Act 1995\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Life+Insurance+Act+1995\n\n**Sources**:\n- `strategies/consultation-paper.pages.jsonl`\n\n**Evidence contexts**:\n- ACCC, Interim authorisation decision: Australian Banking Association Ltd: Application for revocation and\nsubstitution of authorisation AA1000664, ACCC, 23 October 2024, accessed 11 July 2025.\n23 APRA has powers under the Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Private Health\nInsurance (Prudential Supervision) Act 2015, Superannuation Industry (Supervision) Act 1993 and related laws, that\nenable, for example, the appointment of a statutory manager, issuance of directions, and transfer of assets or\nliabilities to al\n Source: `strategies/consultation-paper.pages.jsonl`\n\n### Payment Systems and Netting Act 1998\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Payment+Systems+and+Netting+Act+1998\n\n**Sources**:\n- `other-pdfs/response-to-consultation.pages.jsonl`\n\n**Evidence contexts**:\n- ing any security in relation to property that the body corporate owns or\npossesses, and taking possession of any property that the body corporate uses or occupies, among other\nthings.\nThe proposal noted that it is intended that the protections provided by the Payment Systems and Netting Act\n1998 (PSNA) in relation to approved real-time gross settlement systems, approved netting arrangements,\nclose-out netting contracts and market netting contracts would operate despite the new moratorium\nprovisions. The litigation moratorium however, as with the equi\n Source: `other-pdfs/response-to-consultation.pages.jsonl`\n\n### Port Terminal Access (Bulk Wheat)) Regulation 2014\n\n**Type**: Regulation\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Port+Terminal+Access+%28Bulk+Wheat%29%29+Regulation+2014\n\n**Sources**:\n- `other-pdfs/C2015-007_CFR-ConclusionsPaper.pages.jsonl`\n\n**Evidence contexts**:\n- ese include regimes for the telecommunications (Part XIC of the CCA), electricity (the National\nElectricity Law and Rules) and gas industries (the National Gas Law and Rules).\n40 For example, the Competition and Consumer (Industry Code – Port Terminal Access (Bulk Wheat)) Regulation 2014.\n46 COUNCIL OF FINANCIAL REGULATORS\n\n[page 51]\nThe government could also require structural separation of a vertically integrated monopoly service\nfrom the potentially competitive services. In 2009, the Australian Financial Centre Forum suggested\nexamining th\n Source: `other-pdfs/C2015-007_CFR-ConclusionsPaper.pages.jsonl`\n\n### Private Health Insurance (Prudential Supervision) Act 2015\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Private+Health+Insurance+%28Prudential+Supervision%29+Act+2015\n\n**Sources**:\n- `strategies/consultation-paper.pages.jsonl`\n\n**Evidence contexts**:\n- anking Association Ltd: Application for revocation and\nsubstitution of authorisation AA1000664, ACCC, 23 October 2024, accessed 11 July 2025.\n23 APRA has powers under the Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Private Health\nInsurance (Prudential Supervision) Act 2015, Superannuation Industry (Supervision) Act 1993 and related laws, that\nenable, for example, the appointment of a statutory manager, issuance of directions, and transfer of assets or\nliabilities to allow for the orderly resolution of a crisis impacting an APRA\n Source: `strategies/consultation-paper.pages.jsonl`\n\n### Regulatory Power (Standard Provisions) Act 2014\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Regulatory+Power+%28Standard+Provisions%29+Act+2014\n\n**Sources**:\n- `strategies/consultation-paper.pages.jsonl`\n\n**Evidence contexts**:\n- apply to a court seeking civil remedies.\nPenalty and enforcement powers will be necessary to compel entities to adhere to the regulatory\nframework. These powers could be guided by standard regulatory enforcement powers, such as those in\nthe Regulatory Power (Standard Provisions) Act 2014 or in existing legislation administered by a relevant\nregulator.\nPenalties should be proportionate to the impact of the breach, the size of the entity, and have regard to\nthe market impacts of the penalty. The regulator will need discretion to tailor its resp\n Source: `strategies/consultation-paper.pages.jsonl`\n\n### Superannuation Industry (Supervision) Act 1993\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Superannuation+Industry+%28Supervision%29+Act+1993\n\n**Sources**:\n- `strategies/consultation-paper.pages.jsonl`\n\n**Evidence contexts**:\n- titution of authorisation AA1000664, ACCC, 23 October 2024, accessed 11 July 2025.\n23 APRA has powers under the Banking Act 1959, Insurance Act 1973, Life Insurance Act 1995, Private Health\nInsurance (Prudential Supervision) Act 2015, Superannuation Industry (Supervision) Act 1993 and related laws, that\nenable, for example, the appointment of a statutory manager, issuance of directions, and transfer of assets or\nliabilities to allow for the orderly resolution of a crisis impacting an APRA-regulated entity.\n24 The RBA has powers under t\n Source: `strategies/consultation-paper.pages.jsonl`\n\n### Trade Practices Act 1974\n\n**Type**: Act\n**Confidence**: low\n**Mentions**: 1\n**Register search**: https://www.legislation.gov.au/search?query=Trade+Practices+Act+1974\n\n**Sources**:\n- `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pages.jsonl`\n\n**Evidence contexts**:\n- mpetition in clearing and settlement between ASX and Sydney Futures Exchange (SFE) was\nprecluded by market operator rules that required products to be cleared by an in-group clearing facility. This\narrangement, which constituted ‘third line forcing’ under the Trade Practices Act 1974 (as it then was), had been\nauthorised by the ACCC in 1995 for a period of five years. In November 2000, both ASX and SFE applied for\nthat authorisation to be renewed. However, acknowledging the intent of the CLERP 6 work, ACCC determined\nthat authorisation wo\n Source: `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pages.jsonl`\n\n## Files Scanned\n\n- `pages/about.html` (page)\n- `pages/announcements-index.html` (page)\n- `pages/contact.html` (page)\n- `pages/homepage.html` (page)\n- `pages/media-releases-index.html` (page)\n- `pages/media-releases-index__08.html` (page)\n- `pages/media-releases-index__09.html` (page)\n- `pages/media-releases-index__10.html` (page)\n- `pages/media-releases-index__11.html` (page)\n- `pages/media-releases-index__12.html` (page)\n- `pages/media-releases-index__13.html` (page)\n- `pages/media-releases-index__14.html` (page)\n- `pages/media-releases-index__15.html` (page)\n- `pages/media-releases-index__16.html` (page)\n- `pages/media-releases-index__17.html` (page)\n- `pages/media-releases-index__18.html` (page)\n- `pages/media-releases-index__19.html` (page)\n- `pages/media-releases-index__20.html` (page)\n- `pages/media-releases-index__21.html` (page)\n- `pages/media-releases-index__22.html` (page)\n- `pages/media-releases-index__23.html` (page)\n- `pages/media-releases-index__24.html` (page)\n- `pages/media-releases-index__25.html` (page)\n- `pages/media-releases-index__26.html` (page)\n- `pages/media-releases-index__27.html` (page)\n- `pages/media-releases-index__28.html` (page)\n- `pages/media-releases-index__29.html` (page)\n- `pages/news-latest.html` (page)\n- `pages/publications-index.html` (page)\n- `pages/strategies-index.html` (page)\n- `pages/strategies-index__00.html` (page)\n- `pages/strategies-index__01.html` (page)\n- `pages/strategies-index__02.html` (page)\n- `pages/strategies-index__03.html` (page)\n- `pages/strategies-index__04.html` (page)\n- `pages/strategies-index__05.html` (page)\n- `pages/structure.html` (page)\n- `pages/taskforces-index.html` (page)\n- `pages/taskforces-index__06.html` (page)\n- `pages/taskforces-index__07.html` (page)\n- `other-pdfs/C2015-007_CFR-ConclusionsPaper.pages.jsonl` (pdf_pages)\n- `other-pdfs/cfr-working-group-2025-01.pages.jsonl` (pdf_pages)\n- `other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pages.jsonl` (pdf_pages)\n- `other-pdfs/response-to-consultation.pages.jsonl` (pdf_pages)\n- `other-pdfs/review-of-competition-in-clearing-australian-cash-equities.pages.jsonl` (pdf_pages)\n- `strategies/better-regulation-roadmap-implementation-plan.pages.jsonl` (pdf_pages)\n- `strategies/consultation-paper.pages.jsonl` (pdf_pages)\n- `strategies/discussion-paper.pages.jsonl` (pdf_pages)", "global_initiatives_md": null, "strategy": { "reporting_period": "2024-25", "corporate_plan_period": "2025-26", "vision": null, "vision_source_page": null, "purposes": null, "purposes_source_page": null, "how_we_deliver": null, "how_we_deliver_source_page": null, "government_priorities": [], "outcomes": [ { "name": "Regulatory Outcomes: Simplification and/or removing duplication | Better Government engagement, consultation or guidance", "description": "Maintain and strengthen National Anti-Scam Centre's (NASC) partnership model\nConnect NASC data sharing systems with other government organisations to reduce duplication and improve coordination efforts across government, law enforcement, industry and consumer groups.", "key_activities": [ "Connect NASC data sharing systems with other government organisations to reduce duplication and improve coordination efforts across government, law enforcement, industry and consumer groups." ], "source_page": 3 }, { "name": "Regulatory Outcomes: Simplification and/or removing duplication | Better Government engagement, consultation or guidance", "description": "Improve guidance for Consumer Data Right (CDR) participants\nPartner with Office of the Australian Information Commissioner (OAIC) and the Data Standards Board to simplify and unify the CDR guidance.", "key_activities": [ "Partner with Office of the Australian Information Commissioner (OAIC) and the Data Standards Board to simplify and unify the CDR guidance." ], "source_page": 3 }, { "name": "Regulatory Outcomes: Better Government engagement, consultation or guidance", "description": "Provide guidance to CDR participants to access exemptions from disproportionate compliance burdens\nProactively educate CDR participants about the option to seek an exemption from CDR Rules where the compliance burden is disproportionate.", "key_activities": [ "Proactively educate CDR participants about the option to seek an exemption from CDR Rules where the compliance burden is disproportionate." ], "source_page": 3 }, { "name": "Regulatory Outcomes: Better Government engagement, consultation or guidance", "description": "Enhanced guidance to small banks\nProvide practical guidance about small banks’ options to allow collaboration, promote open door engagement with the ACCC about collaboration, and streamline exemptions approval processes.", "key_activities": [ "Provide practical guidance about small banks’ options to allow collaboration, promote open door engagement with the ACCC about collaboration, and streamline exemptions approval processes." ], "source_page": 3 }, { "name": "Regulatory Outcomes: Better Government engagement, consultation or guidance", "description": "Improve guidance for the registration of intangible assets on the Personal Property Securities Register (PPSR)\nRaise PPSR visibility through education and outreach in the small business community by highlighting how the PPSR can protect intangible assets and updating guidance materials for registering intangible assets.", "key_activities": [ "Raise PPSR visibility through education and outreach in the small business community by highlighting how the PPSR can protect intangible assets and updating guidance materials for registering intangible assets." ], "source_page": 5 }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better Government engagement, consultation or guidance", "description": "Encourage the timely removal of registrations from the Personal Property Securities Register (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely removal of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as collateral and free up capital for reinvestment and growth", "key_activities": [ "Engage consumers, business owners, financial institutions, and other PPSR users to encourage the timely removal of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as collateral and free up capital for reinvestment and growth" ], "source_page": 5 }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better Government engagement, consultation or guidance", "description": "Address professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve early detection of misconduct through better data use and AI tools, backed by AFSA’s 2025–26 Regulatory Action Statement.", "key_activities": [ "Work directly with insolvency professionals, provide guidance to support cultural change, and improve early detection of misconduct through better data use and AI tools, backed by AFSA’s 2025–26 Regulatory Action Statement." ], "source_page": 5 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Further reduce data reporting burden for industry\nMigrate data reporting to a more efficient platform which is estimated to save industry around $6 million annually in the long run.", "key_activities": [ "Migrate data reporting to a more efficient platform which is estimated to save industry around $6 million annually in the long run." ], "source_page": 6 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Reduce capital requirements for annuity products\nConsult with industry on a proposal to lower capital requirements for life insurers offering annuities, cutting costs and encouraging market growth.", "key_activities": [ "Consult with industry on a proposal to lower capital requirements for life insurers offering annuities, cutting costs and encouraging market growth." ], "source_page": 6 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Remove unnecessary or duplicative governance rules\nDiscuss proposals with industry to remove outdated or duplicative requirements from APRA’s governance standards, with a particular focus on reporting obligations that apply to entities under APRA’s fitness and proprietary requirements and statutory requirements under the Financial Accountability Regime (FAR).", "key_activities": [ "Discuss proposals with industry to remove outdated or duplicative requirements from APRA’s governance standards, with a particular focus on reporting obligations that apply to entities under APRA’s fitness and proprietary requirements and statutory requirements under the Financial Accountability Regime (FAR)." ], "source_page": 6 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Simplify APRA’s bank licensing regime\nConsult on changes to make the licencing process for banks clearer and more efficient, with the goal of reducing the time taken to process new bank licence applications by around half.", "key_activities": [ "Consult on changes to make the licencing process for banks clearer and more efficient, with the goal of reducing the time taken to process new bank licence applications by around half." ], "source_page": 6 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Improve searching of ASIC’s registers\nASIC, through the RegistryConnect program, is modernising how people search ASIC’s registers. Planned for release in 2026, the new Companies Register Search will offer a modernised experience for accessing company information, with enhanced search functionality and improved service availability.", "key_activities": [ "Planned for release in 2026, the new Companies Register Search will offer a modernised experience for accessing company information, with enhanced search functionality and improved service availability." ], "source_page": 9 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Develop and implement best practice drafting principles\nIncorporate best-practice drafting principles into ASIC’s legislative instrument design, developed in consultation with the Office of Parliamentary Counsel and Treasury, to ensure future instruments are clearer and simpler.", "key_activities": [ "Incorporate best-practice drafting principles into ASIC’s legislative instrument design, developed in consultation with the Office of Parliamentary Counsel and Treasury, to ensure future instruments are clearer and simpler." ], "source_page": 9 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Simplify ASIC regulatory guidance\nMaintain a dedicated program to update existing Regulatory Guides and other guidance materials to ensure currency and relevance, informed by external consultant analysis of audience needs.", "key_activities": [ "Maintain a dedicated program to update existing Regulatory Guides and other guidance materials to ensure currency and relevance, informed by external consultant analysis of audience needs." ], "source_page": 9 }, { "name": "Regulatory Outcomes: Enabling digital and data capability", "description": "Stabilise and uplift ASIC’s companies, business names and professional registers\nEnhance the companies, business names and professional registers to improve efficiency, security, and accuracy, supported by the Government’s RegistryConnect3 program.", "key_activities": [ "Enhance the companies, business names and professional registers to improve efficiency, security, and accuracy, supported by the Government’s RegistryConnect3 program." ], "source_page": 9 }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance", "description": "Reduce data requests and reporting requirements for thematic surveillance activities\nReduce data collection through information requests for thematic surveillance activities.", "key_activities": [ "Reduce data collection through information requests for thematic surveillance activities." ], "source_page": 9 }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance", "description": "Reduce data requests and reporting requirements for small banks\nHalve the volume of internal dispute resolution reports that small banks must lodge with ASIC each year – from two to one per entity.", "key_activities": [ "Halve the volume of internal dispute resolution reports that small banks must lodge with ASIC each year – from two to one per entity." ], "source_page": 9 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication", "description": "Simplify existing legislative instruments\nConsult on the value of consolidating and simplifying multiple legislative instruments through pilot projects:\n1. merge 21 financial reporting and audit instruments,\n2. simplify two key investment platform instruments, with significant page reductions anticipated.\nDetermine if particular instruments should be executed and other instruments progressed.", "key_activities": [ "Consult on the value of consolidating and simplifying multiple legislative instruments through pilot projects:\n1. merge 21 financial reporting and audit instruments,\n2. simplify two key investment platform instruments, with significant page reductions anticipated.\nDetermine if particular instruments should be executed and other instruments progressed." ], "source_page": 9 }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Expand public and listings markets\nExpand the approved foreign markets by 15 per cent to include Cboe’s US and Canadian exchanges, along with the Canadian Securities Exchange, prospective acquirer of the National Stock Exchange of Australia.", "key_activities": [ "Expand the approved foreign markets by 15 per cent to include Cboe’s US and Canadian exchanges, along with the Canadian Securities Exchange, prospective acquirer of the National Stock Exchange of Australia." ], "source_page": 10 }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Consider disclosure burdens that impact efficient superannuation investment decisions\nSet up a working group to advise on whether stamp duty should be excluded as a disclosable transaction cost in Regulatory Guide 97 Disclosing fees and costs in Product Disclosure Statement (PDS)s and periodic statements (RG 97). Consider potential class order relief regarding how internally managed private credit arrangements are disclosed in private portfolio holdings disclosures.", "key_activities": [ "Set up a working group to advise on whether stamp duty should be excluded as a disclosable transaction cost in Regulatory Guide 97 Disclosing fees and costs in Product Disclosure Statement (PDS)s and periodic statements (RG 97). Consider potential class order relief regarding how internally managed private credit arrangements are disclosed in private portfolio holdings disclosures." ], "source_page": 10 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication", "description": "Streamline the Financial Accountability Regime (FAR)\nASIC and APRA commenced work to streamline the operation of the FAR and consider how it can be better embedded to promote risk management. Regulators will also consider whether changes should be made to APRA and ASIC’s regulations, which set out information for entities to include in Financial Accountability Regime reporting forms.", "key_activities": [ "ASIC and APRA commenced work to streamline the operation of the FAR and consider how it can be better embedded to promote risk management. Regulators will also consider whether changes should be made to APRA and ASIC’s regulations, which set out information for entities to include in Financial Accountability Regime reporting forms." ], "source_page": 10 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Introduce sector-based regulatory roadmaps\nDevelop and pilot sector-based regulatory roadmaps (‘one stop shops’) for small company directors and financial advice businesses.", "key_activities": [ "Develop and pilot sector-based regulatory roadmaps (‘one stop shops’) for small company directors and financial advice businesses." ], "source_page": 10 }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Encourage confidence in private markets\nContinue working with industry on better practices and standards, including identifying barriers to a deeper domestic corporate bond market through the next phase of public and private markets work.", "key_activities": [ "Continue working with industry on better practices and standards, including identifying barriers to a deeper domestic corporate bond market through the next phase of public and private markets work." ], "source_page": 10 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication", "description": "Support public and listings markets for foreign companies\nExplore measures to streamline dual listings of foreign companies in Australia and other innovative applications to attract international businesses to Australia’s public markets.", "key_activities": [ "Explore measures to streamline dual listings of foreign companies in Australia and other innovative applications to attract international businesses to Australia’s public markets." ], "source_page": 11 }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance", "description": "Improve ASIC regulatory transactions\nExpand digital lodgement options by allowing more forms to be lodged via email (next release to add 22 forms, saving $34,000 in postage annually).", "key_activities": [ "Expand digital lodgement options by allowing more forms to be lodged via email (next release to add 22 forms, saving $34,000 in postage annually)." ], "source_page": 11 }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance", "description": "Review approach to supervising financial market infrastructure (including clearing and settlement facilities with RBA)\nReview and enhance our oversight of financial market infrastructure to ensure oversight is effective and efficient.", "key_activities": [ "Review and enhance our oversight of financial market infrastructure to ensure oversight is effective and efficient." ], "source_page": 11 }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Develop Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Starter Program Kits\nDevelop AML/CTF starter kits to help small businesses establish effective compliance programs with minimal complexity. Kits will include a model risk assessment and program for a typical low-complexity business.", "key_activities": [ "Develop AML/CTF starter kits to help small businesses establish effective compliance programs with minimal complexity. Kits will include a model risk assessment and program for a typical low-complexity business." ], "source_page": 13 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Enabling digital and data capability | Better government engagement, consultation or guidance", "description": "Consult industry on enhancing large volume Suspicious Matter Reports (SMRs) reporting\nConsult with regulated businesses on options to reduce burden on regulated entities while maintaining intelligence value. Following consultation next steps are to be determined.", "key_activities": [ "Consult with regulated businesses on options to reduce burden on regulated entities while maintaining intelligence value. Following consultation next steps are to be determined." ], "source_page": 13 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Enabling digital and data capability", "description": "Consult industry on enabling automatic enrolment for Australian Financial Services license (AFSL) holders\nWork with ASIC to update the current registration process for AFSL holders to remove duplication for remitters and digital currency exchange (DCE) providers. Following consultation next steps are to be determined.", "key_activities": [ "Work with ASIC to update the current registration process for AFSL holders to remove duplication for remitters and digital currency exchange (DCE) providers. Following consultation next steps are to be determined." ], "source_page": 13 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Enabling digital and data capability", "description": "Promote harmonisation of payments messaging for cross-border payments\nThe Australian payments industry is expected to adopt internationally harmonised ISO 20022 messaging for cross-border payments by the end of 2027, in line with the global roadmap.", "key_activities": [ "The Australian payments industry is expected to adopt internationally harmonised ISO 20022 messaging for cross-border payments by the end of 2027, in line with the global roadmap." ], "source_page": 15 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Enabling digital and data capability", "description": "Consider options to reduce the regulatory burden for small issuers and fintechs\nConsider options to reduce the regulatory burden of card payments regulations on small issuers and fintechs as part of the Review of Retail Payments Regulation.", "key_activities": [ "Consider options to reduce the regulatory burden of card payments regulations on small issuers and fintechs as part of the Review of Retail Payments Regulation." ], "source_page": 15 }, { "name": "Regulatory Outcomes: Enabling digital and data capability", "description": "Explore how digital money can support tokenised asset markets\nWork with industry and regulators on Project Acacia, piloting wholesale central bank digital currency and other tokenisation use cases, with a report due in the first half of 2026.", "key_activities": [ "Work with industry and regulators on Project Acacia, piloting wholesale central bank digital currency and other tokenisation use cases, with a report due in the first half of 2026." ], "source_page": 15 }, { "name": "Regulatory Outcomes: Enabling digital and data capability | Better government engagement, consultation or guidance", "description": "Contribute to the design of the future account-to-account payments system\nEngage with industry to ensure the design of Australia’s future account-to-account payments system supports innovation opportunities alongside public policy goals, with public consultation on a shared vision and plan in 2026.", "key_activities": [ "Engage with industry to ensure the design of Australia’s future account-to-account payments system supports innovation opportunities alongside public policy goals, with public consultation on a shared vision and plan in 2026." ], "source_page": 15 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Review approach to supervising Australian clearing and settlement (CS) facilities\nUndertake a review of CS facilities, including in relation to license applications, to ensure that the regulation of CS facilities remains proportionate to the risk they pose to the Australian financial system.", "key_activities": [ "Undertake a review of CS facilities, including in relation to license applications, to ensure that the regulation of CS facilities remains proportionate to the risk they pose to the Australian financial system." ], "source_page": 16 }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Review low-value threshold for the regulation of purchased payment facilities\nReview the current $10 million low-value threshold up to which the Payment Systems (Regulation) Act 1998 (PSRA) does not apply to purchased payment facilities.", "key_activities": [ "Review the current $10 million low-value threshold up to which the Payment Systems (Regulation) Act 1998 (PSRA) does not apply to purchased payment facilities." ], "source_page": 16 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication", "description": "Remove redundant securities lending reporting requirements\nRemove redundant securities lending reporting requirements that were put in place in 2009, but did not meet their intended objectives, reducing the reporting burden for at least 35 institutions.", "key_activities": [ "Remove redundant securities lending reporting requirements that were put in place in 2009, but did not meet their intended objectives, reducing the reporting burden for at least 35 institutions." ], "source_page": 16 }, { "name": "Regulatory Outcomes: Enabling digital and data capability", "description": "Create a plan for modernising the Reserve Bank Information and Transfer System (RITS)\nInvestigate options to modernise the RITS, Australia’s system for settling payment obligations on a real-time basis, to take advantage of new technology and provide new or enhanced settlement modes, informed by learnings from Project Acacia.", "key_activities": [ "Investigate options to modernise the RITS, Australia’s system for settling payment obligations on a real-time basis, to take advantage of new technology and provide new or enhanced settlement modes, informed by learnings from Project Acacia." ], "source_page": 16 }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Review the Exchange Settlement Account (ESA) policy to support participation in payment systems\nUndertake a review of the ESA policy to explore options to support non-bank payment service providers (PSPs) direct participation in payment systems, after tranche 1 of the new PSP license passes Parliament and work on the common access requirements proceeds.", "key_activities": [ "Undertake a review of the ESA policy to explore options to support non-bank payment service providers (PSPs) direct participation in payment systems, after tranche 1 of the new PSP license passes Parliament and work on the common access requirements proceeds." ], "source_page": 17 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication", "description": "Review merchant card payment costs and surcharging\nFinalise reforms to reduce merchant card payment costs and surcharging by end of 2025. Proposals include banning surcharges on EFTPOS, Mastercard and Visa, lowering interchange fee caps, and requiring public fee disclosures by card networks and large acquirers.", "key_activities": [ "Finalise reforms to reduce merchant card payment costs and surcharging by end of 2025. Proposals include banning surcharges on EFTPOS, Mastercard and Visa, lowering interchange fee caps, and requiring public fee disclosures by card networks and large acquirers." ], "source_page": 17 }, { "name": "Regulatory Outcomes: Enabling digital and data capability", "description": "Review retail payments regulation\nConduct a review following the reforms to the Payment Systems (Regulation) Act 1998 to widen the range of payment systems and participants that are within scope of regulation.", "key_activities": [ "Conduct a review following the reforms to the Payment Systems (Regulation) Act 1998 to widen the range of payment systems and participants that are within scope of regulation." ], "source_page": 17 }, { "name": "Regulatory Outcomes: Better government engagement, consultation or guidance", "description": "Review foreign investment delegations\nReview decision-making delegations for foreign investment applications to streamline low-risk cases, potentially revising monetary thresholds and adding new factors to delegation criteria, with options to be put to the Treasurer.", "key_activities": [ "Review decision-making delegations for foreign investment applications to streamline low-risk cases, potentially revising monetary thresholds and adding new factors to delegation criteria, with options to be put to the Treasurer." ], "source_page": 18 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Review foreign investment conditions\nReview conditions on existing foreign investment approvals, initially focusing on low-risk investments, to identify opportunities to remove or reduce reporting requirements while maintaining risk mitigation.", "key_activities": [ "Review conditions on existing foreign investment approvals, initially focusing on low-risk investments, to identify opportunities to remove or reduce reporting requirements while maintaining risk mitigation." ], "source_page": 18 }, { "name": "Regulatory Outcomes: Simplification and/or remove duplication | Better government engagement, consultation or guidance", "description": "Develop reform options for foreign investment legislation\nDesign reforms of the legislative framework for foreign investment to ensure it remains fit for purpose, balancing the need to attract investment with the imperative to manage national security and economic risks.", "key_activities": [ "Design reforms of the legislative framework for foreign investment to ensure it remains fit for purpose, balancing the need to attract investment with the imperative to manage national security and economic risks." ], "source_page": 18 } ], "values": [], "values_framework_name": null, "kpi_targets_2025_26": [], "kpi_results_2024_25": [], "_source_urls": { "annual_report_url": "", "corporate_plan_url": "" } }, "ideas": [ { "entity_id": "B-000944", "entity_name": "Council of Financial Regulators", "folder_name": "Council-of-Financial-Regulators", "category": "Regulation & Policy", "scale": "small", "title": "Regulatory burden scan for forms, guidance, and reporting", "idea": "Identify the top 10 highest-friction reporting obligations and simplify guidance, forms, or evidence requirements.", "quote": "[Page 19]\nA new regulatory framework for cash distribution could incorporate the following elements, which are\ndiscussed further in subsequent chapters:\n• Visibility of entities, capabilities and challenges: The scope of the regulatory framework and the\ntools available for monitoring entities providing cash distribution services are outlined in\nChapter 3.\n• Crisis readiness and resolution: The regulatory powers to safeguard critical cash distribution\nservices are outlined in Chapter 4.\n• Ensuring a fair and transparent sector: The regulatory powers to help ensure the sector continues\nto function effectively include:\n– Regulating price and non-price terms: An approach to ensuring that fair price and non-price\nterms are offered to business customers is outlined in Chapter 5.\n– Third-party access: An approach to ensuring third-party access is offered on fair terms is\noutlined in Chapter 6.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Regulated entities / policy teams", "source": "strategies/consultation-paper.pdf (http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "B-000944", "entity_name": "Council of Financial Regulators", "folder_name": "Council-of-Financial-Regulators", "category": "Regulation & Policy", "scale": "large", "title": "Adaptive regulation program with live feedback loops", "idea": "Create an adaptive regulation model using sandboxes, industry data, risk scoring, and regular rule updates.", "quote": "[Page 19]\nA new regulatory framework for cash distribution could incorporate the following elements, which are\ndiscussed further in subsequent chapters:\n• Visibility of entities, capabilities and challenges: The scope of the regulatory framework and the\ntools available for monitoring entities providing cash distribution services are outlined in\nChapter 3.\n• Crisis readiness and resolution: The regulatory powers to safeguard critical cash distribution\nservices are outlined in Chapter 4.\n• Ensuring a fair and transparent sector: The regulatory powers to help ensure the sector continues\nto function effectively include:\n– Regulating price and non-price terms: An approach to ensuring that fair price and non-price\nterms are offered to business customers is outlined in Chapter 5.\n– Third-party access: An approach to ensuring third-party access is offered on fair terms is\noutlined in Chapter 6.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Regulated entities / policy teams", "source": "strategies/consultation-paper.pdf (http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "B-000944", "entity_name": "Council of Financial Regulators", "folder_name": "Council-of-Financial-Regulators", "category": "Citizen Participation", "scale": "small", "title": "Consultation feedback summaries with response tracking", "idea": "Summarise consultation submissions by theme and publish what changed in response.", "quote": "Regulatory Outcomes\nBetter Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nEncourage the timely removal of registrations from the Personal Property Securities\nRegister (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely\nremoval of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as\ncollateral and free up capital for reinvestment and growth\nRegulatory Outcomes\nEnabling digital and data capability | Better Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nAddress professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Citizens / stakeholders / policy teams", "source": "strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-000944", "entity_name": "Council of Financial Regulators", "folder_name": "Council-of-Financial-Regulators", "category": "Citizen Participation", "scale": "large", "title": "Always-on policy participation platform", "idea": "Create a standing participation platform where citizens and stakeholders can propose, vote, and track ideas.", "quote": "Regulatory Outcomes\nBetter Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nEncourage the timely removal of registrations from the Personal Property Securities\nRegister (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely\nremoval of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as\ncollateral and free up capital for reinvestment and growth\nRegulatory Outcomes\nEnabling digital and data capability | Better Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nAddress professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Citizens / stakeholders / policy teams", "source": "strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-000944", "entity_name": "Council of Financial Regulators", "folder_name": "Council-of-Financial-Regulators", "category": "Data & Performance", "scale": "small", "title": "KPI evidence register with named owners", "idea": "Create a simple register mapping each KPI to source data, owner, frequency, target, and last result.", "quote": "Regulatory Outcomes\nBetter Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nEncourage the timely removal of registrations from the Personal Property Securities\nRegister (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely\nremoval of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as\ncollateral and free up capital for reinvestment and growth\nRegulatory Outcomes\nEnabling digital and data capability | Better Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nAddress professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Executives / Parliament / public", "source": "strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-000944", "entity_name": "Council of Financial Regulators", "folder_name": "Council-of-Financial-Regulators", "category": "Data & Performance", "scale": "large", "title": "Outcome dashboard linking budget, delivery, and public impact", "idea": "Build a public-facing outcome dashboard showing spend, outputs, outcomes, and delivery confidence.", "quote": "Regulatory Outcomes\nBetter Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nEncourage the timely removal of registrations from the Personal Property Securities\nRegister (PPSR)\nEngage consumers, business owners, financial institutions, and other PPSR users to encourage the timely\nremoval of expired PPSR registrations once a loan is repaid, allowing businesses to reuse assets as\ncollateral and free up capital for reinvestment and growth\nRegulatory Outcomes\nEnabling digital and data capability | Better Government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q4 2025-26\nAddress professional misconduct with a risk-based approach\nWork directly with insolvency professionals, provide guidance to support cultural change, and improve", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Executives / Parliament / public", "source": "strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-000944", "entity_name": "Council of Financial Regulators", "folder_name": "Council-of-Financial-Regulators", "category": "Risk & Assurance", "scale": "small", "title": "Recommendation tracker for audits, reviews, and inquiries", "idea": "Publish a single internal tracker for audit/review recommendations, owners, due dates, and implementation evidence.", "quote": "In order to improve the rigour and uniformity of standards applied in carrying out these assessments,\nESMA issued guidelines outlining the key issues and risks that regulators should take into account\n50 ESCB-CESR (2009), ‘Recommendations for Securities Settlement Systems and Recommendations for Central\nCounterparties in the European Union’, May.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Executives / assurance teams", "source": "other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "B-000944", "entity_name": "Council of Financial Regulators", "folder_name": "Council-of-Financial-Regulators", "category": "Risk & Assurance", "scale": "large", "title": "Integrated assurance and lessons-learned system", "idea": "Create an assurance system that connects audit findings, risk registers, delivery reviews, and investment decisions.", "quote": "In order to improve the rigour and uniformity of standards applied in carrying out these assessments,\nESMA issued guidelines outlining the key issues and risks that regulators should take into account\n50 ESCB-CESR (2009), ‘Recommendations for Securities Settlement Systems and Recommendations for Central\nCounterparties in the European Union’, May.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Executives / assurance teams", "source": "other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf (https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "B-000944", "entity_name": "Council of Financial Regulators", "folder_name": "Council-of-Financial-Regulators", "category": "Citizen Services", "scale": "small", "title": "Plain-language service pages and proactive status updates", "idea": "Rewrite high-volume pages and letters into plain language, add status notifications, and measure contact reduction.", "quote": "[Page 19]\nA new regulatory framework for cash distribution could incorporate the following elements, which are\ndiscussed further in subsequent chapters:\n• Visibility of entities, capabilities and challenges: The scope of the regulatory framework and the\ntools available for monitoring entities providing cash distribution services are outlined in\nChapter 3.\n• Crisis readiness and resolution: The regulatory powers to safeguard critical cash distribution\nservices are outlined in Chapter 4.\n• Ensuring a fair and transparent sector: The regulatory powers to help ensure the sector continues\nto function effectively include:\n– Regulating price and non-price terms: An approach to ensuring that fair price and non-price\nterms are offered to business customers is outlined in Chapter 5.\n– Third-party access: An approach to ensuring third-party access is offered on fair terms is\noutlined in Chapter 6.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Citizens / service users", "source": "strategies/consultation-paper.pdf (http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-000944", "entity_name": "Council of Financial Regulators", "folder_name": "Council-of-Financial-Regulators", "category": "Citizen Services", "scale": "large", "title": "Single front door for life-event based services", "idea": "Bundle services around life events so citizens can complete related steps across agencies in one journey.", "quote": "[Page 19]\nA new regulatory framework for cash distribution could incorporate the following elements, which are\ndiscussed further in subsequent chapters:\n• Visibility of entities, capabilities and challenges: The scope of the regulatory framework and the\ntools available for monitoring entities providing cash distribution services are outlined in\nChapter 3.\n• Crisis readiness and resolution: The regulatory powers to safeguard critical cash distribution\nservices are outlined in Chapter 4.\n• Ensuring a fair and transparent sector: The regulatory powers to help ensure the sector continues\nto function effectively include:\n– Regulating price and non-price terms: An approach to ensuring that fair price and non-price\nterms are offered to business customers is outlined in Chapter 5.\n– Third-party access: An approach to ensuring third-party access is offered on fair terms is\noutlined in Chapter 6.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Citizens / service users", "source": "strategies/consultation-paper.pdf (http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-000944", "entity_name": "Council of Financial Regulators", "folder_name": "Council-of-Financial-Regulators", "category": "Procurement & Delivery", "scale": "small", "title": "Procurement lessons library for repeat purchases", "idea": "Capture reusable procurement clauses, market lessons, supplier performance notes, and common evaluation criteria.", "quote": "Regulatory Outcomes\nBetter government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q2 2028-29\nReview foreign investment conditions\nReview conditions on existing foreign investment approvals, initially focusing on low-risk investments, to\nidentify opportunities to remove or reduce reporting requirements while maintaining risk mitigation.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Delivery teams / suppliers", "source": "strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-000944", "entity_name": "Council of Financial Regulators", "folder_name": "Council-of-Financial-Regulators", "category": "Procurement & Delivery", "scale": "large", "title": "Portfolio delivery office for major investments", "idea": "Stand up a portfolio delivery office that tracks benefits, risks, dependencies, procurement, and delivery confidence.", "quote": "Regulatory Outcomes\nBetter government engagement, consultation or guidance\nImplementation timeframe\nQ1 2025-26 to Q2 2028-29\nReview foreign investment conditions\nReview conditions on existing foreign investment approvals, initially focusing on low-risk investments, to\nidentify opportunities to remove or reduce reporting requirements while maintaining risk mitigation.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Delivery teams / suppliers", "source": "strategies/better-regulation-roadmap-implementation-plan.pdf (http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] } ], "legislation_administered": [], "artifacts": [ { "category": "strategies", "year": "2015", "url": "http://www.cfr.gov.au/publications/consultations/2015/evolution-of-the-bbsw-methodology/pdf/discussion-paper.pdf", "file": "strategies/discussion-paper.pdf", "bytes": 276670, "link_text": "Evolution of the BBSW methodology: Discussion Paper" }, { "category": "strategies", "year": null, "url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "file": "strategies/better-regulation-roadmap-implementation-plan.pdf", "bytes": 316242, "link_text": "implementation plan" }, { "category": "strategies", "year": "2025", "url": "http://www.cfr.gov.au/publications/consultations/2025/consultation-on-a-regulatory-framework-for-cash-distribution-in-australia/pdf/consultation-paper.pdf", "file": "strategies/consultation-paper.pdf", "bytes": 669285, "link_text": "Regulating Cash\n\n Distribution - Consultation Paper" }, { "category": "other-pdfs", "year": "2025", "url": "http://www.cfr.gov.au/about/pdf/cfr-working-group-2025-01.pdf", "file": "other-pdfs/cfr-working-group-2025-01.pdf", "bytes": 259793, "link_text": "CFR Working Groups PDF version" }, { "category": "other-pdfs", "year": "2015", "url": "http://www.cfr.gov.au/publications/policy-statements-and-other-reports/2015/pdf/review-of-competition-in-clearing-australian-cash-equities.pdf", "file": "other-pdfs/review-of-competition-in-clearing-australian-cash-equities.pdf", "bytes": 690540, "link_text": "Review of Competition in Clearing Australian Cash Equities: Consultation" }, { "category": "other-pdfs", "year": "2019", "url": "https://treasury.gov.au/sites/default/files/2019-03/C2015-007_CFR-ConclusionsPaper.pdf", "file": "other-pdfs/C2015-007_CFR-ConclusionsPaper.pdf", "bytes": 1122280, "link_text": "Conclusions Paper" }, { "category": "other-pdfs", "year": "2019", "url": "https://treasury.gov.au/sites/default/files/2019-03/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf", "file": "other-pdfs/Competition-in-clearing-and-settlement-of-the-Australian-cash-equity-market.pdf", "bytes": 839924, "link_text": "Report and Advice on Competition in Clearing of the Cash Equity Market" }, { "category": "other-pdfs", "year": "2021", "url": "http://www.cfr.gov.au/publications/consultations/2021/financial-market-infrastructure-regulatory-reforms-response-to-consultation/pdf/response-to-consultation.pdf", "file": "other-pdfs/response-to-consultation.pdf", "bytes": 1120240, "link_text": "Advice to Government" } ], "_meta": { "snapshot_built_at": "2026-05-13T11:02:45+00:00", "strategy_brief_meta": { "model": "nova-micro", "folder": "Council-of-Financial-Regulators", "annual_report": { "file": null, "url": "", "year": null }, "corporate_plan": { "file": "strategies\\better-regulation-roadmap-implementation-plan.txt", "url": "http://www.cfr.gov.au/cfr-program/regulatory-coordination/better-regulation-roadmap/pdf/better-regulation-roadmap-implementation-plan.pdf", "year": null }, "usage": { "input_tokens": 6887, "output_tokens": 5963, "total_tokens": 12850, "model": "nova-micro" }, "cost_usd": 0.001075865, "elapsed_seconds": 16.52, "generated_at": "2026-05-13T05:16:11+00:00" }, 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