The Australian Law Reform Commission report, Financial Services Legislation: Interim Report B (Report 139, 2022), was tabled in Parliament by the Attorney-General of Australia, the Hon Mark Dreyfus KC MP on 30 September 2022.
Interim Report B contains recommendations, proposals, and questions in relation to the reform of corporations and financial services legislation. The recommendations in Interim Report B relate to technical improvements that would simplify corporations and financial services legislation. The recommendations are in a form that may be implemented prior to the conclusion of the Inquiry, if accepted by the Australian Government.
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 a further Interim Report and the Final Report.
Submissions close 30 November 2022.
Download the Summary Report.
Download Interim Report B.
Hard copy versions of the report are also available to purchase
Prototype Legislation B
The ALRC has developed prototype legislation to illustrate the proposed legislative model for financial services regulation put forward in Interim Report B. In particular, Prototype Legislation B illustrates how Proposals B1–B9 and B15 discussed in Interim Report B could be implemented.
Download additional resources referred to in Interim Report B:
- Comparative Frameworks for Promoting Good Legislative Design: Note outlining the ways in which comparable jurisdictions promote good legislative design.
- Recent Developments — Penalties and enforcement: Note providing further detail on recent reviews and subsequent developments relating to penalties and enforcement in corporations and financial services legislation.
- Corporations Act Offence and Penalty Architecture: Note summarising key features of the offence and penalty architecture under the Corporations Act 2001 (Cth) and associated legislative instruments.
- Offences and Penalties Related to Defective Disclosure: List of offence and civil penalty provisions relating to defective disclosure in the Corporations Act 2001 (Cth).
- Data Methodology: Explanation of the methodology adopted to generate the data analysed in Interim Report B.
- Recommendations 14 and 15 — Redundant provisions note: Note providing additional detail to assist in implementing Recommendations 14 and 15.
- Recommendation 14 — Redundant provisions database: Database of spent and redundant provisions in corporations and financial services legislation, providing further detail related to Recommendation 14.
- Recommendation 16 — Drafting improvements note: Note providing additional detail to assist in implementing Recommendation 16.
- Recommendation 17 — Unnecessary complexity note: Note providing additional detail to assist in implementing Recommendation 17.
- Recommendation 18 — Notional amendments note: Note providing additional detail to assist in implementing Recommendation 18.
- Recommendation 18 — Notional amendments database: Database of notional amendments in the Corporations Regulations 2001 (Cth) and ASIC legislative instruments, providing further detail related to Recommendation 18.
Further resources are available as part of the ALRC’s data analysis for the Review of the Legislative Framework for Corporations and Financial Services Regulation.
Read the summary article:
Re-designing our House of Law: Legislative hierarchy and design in financial services law