On the 30th of November the Australian Law Reform Commission published the first interim report in its current Financial Services Legislation Inquiry (it also published a summary report). The ALRC has been tasked with proposing reforms that would simplify the law within existing policy settings, particularly so as to achieve a more adaptive, efficient and navigable framework. A key aim of reform is to facilitate meaningful compliance with the substance and intent of the law.
The ALRC has found that the existing Corporations Act 2001 and other financial services legislation (such as the ASIC Act 2001) are unnecessarily complex. The first interim report focuses on the use of definitions and concepts. The report makes numerous recommendations, but also includes proposals and questions on which the ALRC seeks feedback, before its final report is published in 2023. The ALRC particularly welcomes feedback from practitioners who work with financial services laws and clients, before 25 February 2022. Details about how to make a submission can be found on the ALRC’s website.