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The first memorandum of understanding (MOU) for the security of critical infrastructure (SOCI) has been signed by the Reserve Bank of Australia (RBA) and the Department of Home Affairs.
The MOU intends to assist both Home Affairs and the RBA with their “regulatory responsibilities” under the Security of Critical Infrastructure Act 2018 by increasing transparency and communication between the two agencies.
Arguably, the most significant element of the new MOU is the discussion of issues regarding critical payment system assets, of which the RBA is the Commonwealth regulator.
“The purpose of this MOU is to promote the increased resilience against all hazards of assets that are used in connection with the operation of a payment system that is prescribed as being critical to the security and reliability of the financial services and markets sector … through regulatory activities by [Home Affairs] and the RBA,” said the RBA in a new release.
Alongside increased communication on issues relating to critical payment system assets, Home Affairs said the MOU will prevent the RBA and Home Affairs from collecting the same data and causing duplication, see Home Affairs consult the RBA when enforcing the SOCI Act with respect to critical payment systems and communications between the two when it comes to the RBA’s critical risk management annual reports, ensuring a “common approach to receipt and review of those reports”.
The MOU will not create any enforceable or legally binding obligations on either agency, and none of the functions and powers either have are to be limited.
“An important consideration in this and future MOUs is to prevent unnecessary regulatory burden on responsible entities,” added Home Affairs.
“The department will continue to work with other regulatory bodies to reach agreement on the management of security for critical infrastructure assets.”
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