Monday 24 MAY 2021 at 5.00PM AEST | 3.00PM SGT | 7.00PM NZST | 8.00AM BST | 3.00PM HKT
Join a panel of international experts to compare approaches to the design of financial services regulation across different jurisdictions.
This free, interactive webinar presented in partnership with Wolters Kluwer CCH Learning is part of the Australian Law Reform Commission’s current inquiry into the potential simplification of corporate and financial services regulation in Australia.
The Hon Justice C Colvin
Part-time Commissioner, Australian Law Reform Commission and Judge, Federal Court of Australia
The Hon Justice S C Derrington
President, Australian Law Reform Commission and Judge, Federal Court of Australia
The ALRC is tasked with making recommendations to facilitate a more adaptive, efficient, and navigable framework of legislation within the context of existing policy settings. The ultimate goal is to achieve meaningful compliance with the substance and intent of the law.
The key problems that are sought to be addressed by this inquiry include the following:
- The structure and framing of Chapter 7 of the Corporations Act 2001 (Cth) do not provide clear links between the rules and the fundamental norms of behaviour that they seek to achieve, as recommended by the Financial Services Royal Commission.
- An overly prescriptive approach to regulation creates risks of regulatory arbitrage, adds to compliance costs, and reduces productivity.
- Regulation is overly complex.
- There is a large number of definitions scattered throughout legislation, and many key terms are defined differently within and between related statutes. In addition, many similar concepts are described in different terms in different statutes.
The first legislative design issue that the ALRC is asked to inquire into is the use of definitions in corporations and financial services regulation, including:
- the circumstances in which it is appropriate for concepts to be defined, consistent with promoting robust regulatory boundaries, understanding and general compliance with the law;
- the appropriate design of legislative definitions; and
- the consistent use of terminology to reflect the same or similar concepts.
In line with the initial focus of the ALRC’s inquiry, this webinar will include discussion of how key terms and concepts, such as financial products and services, are defined and delineated for the purposes of corporate and financial services regulation in different jurisdictions.