WEBINAR

Legislation Renovation: What Interim Report B means for you

Re-designing, Renovating and Renewing the Legislative Framework for Corporations and Financial Services

Wednesday 16 November 2022 at 1.00pm AEDT | 12.00pm AEST

Join the ALRC to examine Interim Report B and its proposed legislative model. Hear about the research and novel data analysis underpinning the ALRC’s most recent report into simplifying the legislative framework for corporations and financial services legislation.

Ask questions, as the panel outlines the ALRC’s proposed legislative model for Chapter 7 of the Corporations Act, which could produce a more user-friendly legislative framework for financial services.

Second interim report proposes a simpler model for financial services legislation

Interim Report B contains proposals for an alternative legislative model that aims to be more coherent and principled, to accommodate change, and to make the law easier to navigate. The ALRC’s proposed legislative model combines existing legislative tools with a more principled approach to legislative design. The ALRC anticipates the reform ideas in Interim Report B would offer considerable benefits to consumers, industry, and regulated entities with a shorter, clearer, and more navigable legal framework that should significantly reduce compliance costs.

Interim Report B contains 6 recommendations, 16 proposals, and 2 questions.

The ALRC is seeking submissions from the public in response to the proposals and questions by 30 November 2022. Submissions and further consultations will help the ALRC to formulate its ultimate recommendations at the conclusion of the Inquiry.

LATEST BACKGROUND PAPER

New Business Models, Technologies, and Practices (FSL7)

ICOs, DAOs, DLT and crypto — with such fast-moving technology, how can the law keep up?

This Paper examines the regulation of new business models, technologies, and practices.

Inquiry Background Papers

The ALRC has published Background Papers which aim to provide a high-level overview of key principles and research on topics of relevance to the Financial Services Legislation Inquiry.

• Initial Stakeholder Views (FSL1)
• Complexity and Legislative Design (FSL2) 
• Improving the Navigability of Legislation (FSL3)
• Historical Legislative Developments (FSL4)
• Risk and Reform in Australian Financial Services Law (FSL5)
• Reflecting on Reforms – Submissions to Interim Report A (FSL6)

Pressed for time?

Take a few minutes to read Dr William Isdale & Christopher Ash’s article on the Interim Report B:

“If Australia’s corporations and financial services statutes were likened to a house, it would be a large and disordered one. A house in which new annexes have been added with little thought to overall design, and in which objects are scattered and hidden, with little regard to how they may be found in the future. In short, a house that is thoroughly disordered. A house that needs re-design and serious tidying.”