The Council of Financial Regulators has released a consultation paper on proposals to enhance the supervision of Australia’s critical financial market infrastructure.

The proposals include new powers to require certain systemically-important market infrastructure to have key aspects of their operations located in Australia and overseen by ‘fit and proper’ persons, as well as increased power for regulators to intervene in the event of infrastructure experiencing substantial difficulties.

The Treasurer asked the Council to establish a working group to consider reforms to strengthen Australia’s regulatory framework following his decision to prohibit the acquisition of ASX Limited by Singapore Exchange Limited.