The Financial System Inquiry was established in May 1996 under the chairmanship of Mr Stan Wallis to analyse the forces driving change in the financial system and recommend ways to improve current regulatory arrangements. Although the report is wide ranging, its most important recommendations fall into three categories: the establishment of new regulators, consideration of mergers and acquisitions and recommendations concerning electronic commerce. The Inquiry’s Final Report was presented to the Treasurer on 18 March 1997.