05.03.2021
Licensing
Preliminary Analysis of Legislative Framework for Licensing Regimes The ALRC completed a preliminary analysis of the legislative framework governing the licensing regimes in respect of financial services, credit and superannuation to identify and understand points of potential complexity, duplication, and over-prescription. Available outputs from this analysis are outlined below. The ALRC’s analysis was completed in …
Read more05.03.2021
Disclosure
Preliminary Analysis of Legislative Framework for Product Disclosure Statements and Product Disclosure Statements The ALRC completed a preliminary analysis of the legislative framework for prospectuses and Product Disclosure Statements (PDSs) to better understand the complexity of the law governing the provision and preparation of disclosure documents for securities and financial products. Available outputs from this …
Read more22.02.2021
Commissioner appointed to ALRC Financial Services Legislation Inquiry
The Australian Law Reform Commission (ALRC) welcomes the appointment by Commonwealth Attorney-General, the Hon Christian Porter MP, of the Hon Justice Craig Colvin as a part-time Commissioner for the review of the legislative framework for corporations and financial services regulation.
Read more15.02.2021
You’re almost 20, Corporations Act
A witty dialogue about the Corporations Act that is a by-product of the current research being undertaken by ALRC as part of the Financial Service Legislation Inquiry.
Read more28.01.2021
Unnecessary complexity in Australia’s financial services laws
The complexity and prescriptiveness of Australian financial services laws makes it harder for businesses to meaningfully comply with the law, affecting businesses and consumers.
Read more17.12.2020
4. Scope of inquiry
The ToR include a number of indications regarding the intended scope of the inquiry. For example, the ToR initially request the ALRC to consider changes to the Corporations Act 2001 (Cth) and the Corporations Regulations 2001 (Cth) (but not other statutes). Under Topic A the ALRC is to consider the use of definitions in ‘corporations …
Read more17.12.2020
3. Context
The ToR explicitly refer to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (‘Financial Services Royal Commission’) concluded in 2019. Recommendations 7.3 and 7.4 of the Financial Services Royal Commission related to simplification of the law. For example, recommendation 7.4 stated that: As far as possible, legislation governing financial services …
Read more17.12.2020
2. Preliminary analysis
Problem identification The key problems that are sought to be addressed by this inquiry include the following: Regulation is overly complex and unwieldy, making it difficult for regulators, regulated entities, government agencies, courts, and legal practitioners to keep track of the body of regulatory materials. There are a large number of definitions scattered throughout legislation, …
Read more17.12.2020
Inquiry Approach
This sets out the ALRC’s approach to this multi-year inquiry. It briefly outlines the structure of the inquiry, a preliminary analysis of existing problems and intended inquiry outcomes, and a description of some of the key topics to be addressed in the course of the inquiry. 1. Introduction 2. Preliminary analysis 3. Context 4. Scope …
Read more17.12.2020
Financial Services Legislation eNews | December 2020
The ALRC has set out the approach to be taken for the Financial Services Legislation multi-year inquiry. The scope briefly outlines the structure of the inquiry, a preliminary analysis of existing problems and intended inquiry outcomes, and a description of some of the key topics to be addressed in the course of the inquiry.
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