The Attorney-General Michaelia Cash today tabled the first of three scheduled interim reports arising from the Australian Law Reform Commission’s (ALRC) Review of the Legislative Framework for Corporations and Financial Services Regulation (Financial Services Review).
Under its terms of reference, the ALRC was asked to consider whether the Corporations Act 2001 and the Corporations Regulations 2001 could be simplified and rationalised. The focus of the ALRC’s inquiry is the extent to which reform of the existing regulatory framework might:
- simplify corporations and financial services laws
- provide an adaptive, efficient and navigable legislative framework, within the context of existing policy settings
- ensure there is meaningful compliance with the substance and intent of the law, and
- recognise the continuing emergence of new business models, technologies and practices.
The ALRC is due to deliver its final report in November 2023.
Interim Report A focuses on the appropriate use of definitions in corporations and financial services legislation. It contains 13 recommendations, 16 proposals and 8 questions which the ALRC is seeking feedback on in order to inform the next stage of research in the Financial Services Review.
The Financial Services Review forms part of the Government’s commitment in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
“The Government welcomes this Interim Report A which demonstrates its commitment to addressing issues identified through the Royal Commission” said the Attorney-General.
“There is now an opportunity for stakeholders to respond to the proposals and questions raised by the ALRC and I encourage stakeholders to contribute to the extensive consultation process currently underway.”
Submissions in response to Interim Report A should be directed to the ALRC by 25 February 2022.
Interim Report A is available on the ALRC website.