First interim report reveals significant complexity in financial services legislation
The ALRC’s first Interim Report as part of a three-year review of complexity in Commonwealth legislation regulating corporations and financial services was today tabled in Parliament. This Interim Report focuses in particular on the use and design of definitions in legislation.
The Commission seeks feedback on 16 proposals, and 8 questions in relation to reform of corporations and financial legislation. Submissions are due by Friday 25 February 2022. The report contains 13 Recommendations for reform, relating to relatively technical matters, which the Government could begin implementing immediately.
|READ INTERIM REPORT A|
The laws regulating corporations and financial services are uniquely and unnecessarily complex. The Interim Report includes innovative research into the extent and nature of complexity in legislation, using empirical data and computational analysis to demonstrate the ballooning volume of law.
The report includes a draft model for how the law could be designed to make it easier to find relevant requirements, and exceptions to those requirements.
In respect of the proposals and questions, the ALRC is seeking written submissions from stakeholders. Submissions, together with further consultations, surveys, workshops, and seminars, will form part of the evidence base for subsequent Interim Reports and the Final Report.
Submissions are invited until 25 February 2022.
Download the Summary Report.
Download Interim Report A.
Hard copy versions of the report are also available to purchase.
Pressed for time?
Take five minutes to read William Isdale & Christopher Ash’s article on the Interim Report, covering two key themes and some of the suggested reforms.
|INTERIM REPORT: 5 MINUTE READ|
Background Paper: Historical Legislative Developments
The Corporations Act has turned 20, but how much do you really know about its past?
Find out in our latest Background Paper: Historical Legislative Developments (FSL4)
|READ HISTORICAL LEGISLATIVE DEVELOPMENTS (FSL4)|