Financial regulators would like a tempering in the pace of regulatory reform, says the RBA in an article in its latest Bulletin.The Council of Financial Regulators "are mindful that the pace and volume of change are challenging for the financial system and regulators, and raise the potential for unintended consequences," the article said. An observation that chimes with long running industry complaints."With substantial policy development completed, there is an opportunity to focus on implementation of reforms already agreed, and pay close attention to their effectiveness," said the article.The timetable for many reforms, such as those concerning bank liquidity, stretches out to 2109, while "new work streams and policy proposals keep arising," the RBA said.The RBA also noted that "demands on regulators and financial institutions run some risk of absorbing resources that could be used for more useful risk management purposes.""There is also potential for the vast number of reforms to cut across each other and have unintended effects. "One example of the tensions in financial regulation are reform efforts to reduce counterparty risk by increasing collateralisation of banks' exposures, including through central counterparties."However, a recent Bank for International Settlements report suggests that the side-effects of doing so could run counter to achieving other high-level objectives, including reducing interconnectedness, reducing pro-cyclicality and reducing uncertainty, given the way that financial institutions are likely to respond to managing collateral."