The Australian Law Reform Commission (ALRC) has released its first Interim Report.
The ALRC’s first Interim Report is part of a three-year review of complexity in Commonwealth legislation regulating corporations and financial services. This Interim Report focuses in particular on the use and design of definitions in legislation.
The Commission seeks feedback on 16 proposals, and 8 questions in relation to reform of corporations and financial legislation, inparticular the Corporations Act, the National Credit Act and the ASIC Act..
Definitions that are particularly important include ‘financial product,‘financial service’, ‘financial product advice, ‘Retail Client’ and ‘Wholesale Client’.
The report also contains 13 Recommendations for reform, relating to relatively technical matters which have a consensus at this stage and which the Government could begin implementing immediately.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
