Application for Transitional Relief from New Financial Stability Standards

In December 2012 the Reserve Bank of Australia determined new Financial Stability Standards (FSSs) to take effect on 29 March 2013. The Bank also provided the opportunity for existing CS facility licensees to make a formal application for transitional relief from requirements of the new FSSs that require significant, industry-wide change, or where there are significant external dependencies to achieving compliance. The closing date for applications was 14 January 2013.

In February 2013, the Payments System Board considered and approved an application received from ASX Limited, on behalf of the central counterparties ASX Clear and ASX Clear (Futures), for transitional relief from provisions of the new FSSs for central counterparties.