The Reserve Bank of Australia (RBA) has expressed its support for the Australian Securities and Investments Commission’s (ASIC) decision to grant a clearing and settlement facility licence to Clearstream Banking S.A. Clearstream holds a significant role in Australia’s debt securities market.
According to the RBA, it is crucial that both the RBA and ASIC, as co-regulators, maintain adequate oversight of such facilities operating within Australia. The newly granted licence by ASIC is seen as a step towards reinforcing this oversight.
The RBA has completed an initial licensing assessment of Clearstream based on obligations under Part 7.3 of the Corporations Act 2001. Furthermore, the RBA and ASIC have signed a memorandum of understanding with Clearstream’s home regulators, Banque centrale du Luxembourg and the Commission de Surveillance du Secteur Financier. The RBA stated it would depend on these home regulators’ supervision when appropriate, aligning with its approach to supervising and assessing clearing and settlement facility licensees.
