Interim Report A: Review of the Legislative Framework for Corporations and Financial Services Regulation
The submission to the Australian Law Reform Commission (ALRC) in response to its Review of the Legislative Framework for Corporations and Financial Services Regulation (Inquiry): Interim Report A (Interim Report) was prepared by the Law Council of Australia and its Business Law Section.
This submission offers general observations as to the scope and nature of the Inquiry, before specifically responding to each of the Interim Report’s Proposals and Questions.
The Law Council commends the work the ALRC has done to date in consulting a wide array of stakeholders and mapping the problems with Australia’s financial services legislation. The Law Council and its membership are supportive of measures to appropriately simplify and streamline the Corporations Act 2001 (Cth) (Corporations Act), particularly Chapter 7, to improve regulatory coherence and certainty for users of the legislative framework.
As set out in this submission, the Law Council suggests that the ALRC may wish to further consider the ‘big picture’ of what could be achieved by this Inquiry, noting that the current Terms of Reference may be unduly restrictive. In particular, the Law Council notes that some proposals in the Interim Report may involve policy rather than purely technical considerations.
You can read the full submission below.