Page 164 - Week 01 - Tuesday, 12 February 1991

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(3) At the Special Premiers Conference on 30-31 October 1990, the heads of State and Territory Governments agreed upon the need for reform of current State legislation and administration of non-bank financial institutions in the context of the stability of the financial system as a whole.

The Governments of the Commonwealth, the States and the Territories have instructed a working group of Officers of all Governments to prepare a report by 31 March 1991 on specific proposals for a system of State-based prudential supervision with national co-ordination of high uniform standards and practices and suitable industry-funded liquidity support mechanisms.

As part of this process, the working group will consult widely with the Reserve Bank, industry organisations and other interested parties.

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