ALRC proposes simpler model for financial services

The second Australian Law Reform Commission (ALRC) interim report from its review of corporations and financial services legislation was tabled in Parliament today by Attorney-General Mark Dreyfus KC.

Interim Report B contains proposals for an alternative legislative model that aims to be more coherent and principled, to accommodate change, and to make the law easier to navigate.

The ALRC’s proposed legislative model combines existing legislative tools with a more principled approach to legislative design.

The ALRC anticipates the reform ideas in Interim Report B would offer considerable benefits to consumers, industry, and regulated entities with a shorter, clearer, and more navigable legal framework that should significantly reduce compliance costs.

Interim Report B contains six recommendations, 16 proposals, and two questions. An examination of its contents is available on QLS Proctor. See Putting a broom through our house of law.

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