New Background Paper: Risk and Reform

In a new Background Paper — Risk and Reform in Australian Financial Services Law (FSL5) — the Australian Law Reform Commission explores how an evolution in thinking about risk has been an important driver of financial services law reform. In particular, the Paper reveals how the ‘shifting sands’ of regulatory approaches have resulted in legislation that is unwieldy and extraordinarily complex. The Paper highlights how the existing legislative model has proven inadequate, and how a new architecture could better accommodate change going forward.

Read the short summary article for an overview of the paper.

This is the fifth in a series of background papers released by the ALRC. Each report can be download individually, or alternatively, download the papers in one combined document.

Think you know the Corporations Act?

How does your knowledge of the Corporations Act compare to respondents in our latest LinkedIn Poll?
623 participants voted with 46% selecting the correct answer.

QUESTION
Which of the following words is NOT defined by s 9 of the Corporations Act?
a. ‘on’
b. ‘off’
c. ‘body’
d. ‘person’

Scroll down to see the answer.

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Recent Publications

Shifting sands in the regulation of financial risk

At the core of financial services law is the concept of risk.

In this Queensland Law Society’s Proctor article, ALRC Senior Legal Officers Dr William Isdale and Nicholas Simoes da Silva provide an overview of the key themes arising from the latest ALRC Background Paper, Risk and Reform in Australian Financial Services Law (FSL5). 

How many words of redundant legislation has the ALRC identified to date?

The ALRC is reviewing 27 corporations and financial services Acts to identify redundant provisions that could be repealed. So far over 300,000 words of redundant legislation have already been identified.

Webinar Recordings now online

Regulating Digital and Crypto-finance: A Conversation Across Borders

On Tuesday 22 March 2022 the Centre for Ethics and Law at University College London hosted the webinar, Regulating Digital and Crypto-finance: A Conversation Across Borders. The panel bought together a number of experts, including ALRC Special Counsel Dr Andrew Godwin, to discuss the different reform agendas that may be pursued in different jurisdictions relating to crypto-finance and digital finance innovations more broadly. 

(Re)viewing Twin Peaks in Australia and Abroad

This webinar examines the Twin Peaks model of financial regulation in Australia and internationally. The webinar features a panel of prominent speakers, including former Chairs of APRA and ASIC, who discuss the evolution and impact of the Twin Peaks model in Australia and abroad.

Reducing Complexity: Why? Where? How?

Discover key insights about financial regulation and opportunities for simplification of the law – join a panel from the ALRC to delve deeper into the topics covered in the Financial Services Legislation Inquiry: Interim Report A.

ANSWER: b. ‘off’.
View the poll results