Financial services laws up for review/rewrite
The Federal Government has tasked the Australian Law Reform Commission (ALRC) with a substantial review of Corporations and Financial Services legislation.
The terms of reference for the review have been handed to the ALRC by the Attorney-General, Christian Porter, and have the potential to generate significant changes to the Corporations Act as it impacts financial services, financial planning and superannuation.
The terms of reference ask the ALRC to look at simplifying and rationalising the law in relation to the use of definitions, regulatory design and structure.
In doing so, the ALRC has been asked to take account of the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the 2017 Report of the Treasury’s ASIC Enforcement Review Taskforce, the 2015 report of the Australian Government Competition Policy Review, the 2014 report of the Financial System Inquiry and the 2014 report of the Productivity Commission Access to Justice Arrangements report.
The ALRC has been tasked with providing its first interim report by 30 November, 2021, with further interim reports in September 2022 and August 2023.
The final report is scheduled for 30 November, 2023.
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