RECORDING What we’ve heard and where to next

Delve into the praise and critique of the ALRC’s proposals and questions raised in Interim Report A of the Financial Services Legislation Inquiry in this recorded webinar held on Friday 17 June 2022. Watch the recording to understand what we’ve heard so far, and how this feedback will shape the ALRC’s approach to the simplification of financial services and corporations legislation.

Keynote speaker, Professor Elise Bant from the University of Western Australia, examined the primary themes from the Interim Report, providing her expert insights along with a broader context for the developments and debates in financial services laws.

Analysis of the 56 stakeholder submissions received was presented by ALRC Senior Legal Officers Dr William Isdale and Phoebe Tapley. Submissions were largely supportive of the preliminary reform ideas outlined in Interim Report A. However, stakeholders also highlighted a range of key issues for the ALRC to consider in further developing these proposals.

The panel discussion, chaired by ALRC General Counsel Matt Corrigan, answered questions submitted by the audience, including in relation to:

• the extent to which it is possible to amend the definitions of key terms like ‘financial product’ without changing the policy of financial services regulation;
• whether it should be possible to ‘notionally amend’ the text of the Corporations Act 2001 (Cth) in emergency or urgent cases; and
• the role of examples in legislation or regulatory guidance in helping to clarify the law.

Chair: Matt Corrigan, General Counsel, Australian Law Reform Commission

Panel:

• Professor Elise Bant, University of Western Australia Law School and Advisory Committee Member, ALRC Financial Services Legislation Inquiry
• Dr William Isdale, Senior Legal Officer, Australian Law Reform Commission
• Phoebe Tapley, Senior Legal Officer, Australian Law Reform Commission

View the ALRC presentation slides.

Further analysis of the submissions can be viewed in the ALRC Background Paper: Reflecting on Reforms – Submissions to Interim Report A (FSL6).

Stakeholder submissions can be downloaded from the ALRC website.

Download the webinar transcript.