The Commonwealth Government has released for consultation 2 sets of exposure draft regulations to help reduce the complexity of Australia’s corporations and financial services laws: the Australian Law Reform Commission (ALRC) regulations and the Modernising Business Communications (MBC) regulations.
The ALRC Regulations would create a single glossary of defined terms in section 9 of the Corporations Act 2001.
The ALRC Regulations also partially implement 3 recommendations from the ALRC’s Interim Report B to:
- repeal redundant and spent regulations;
- remove substantive obligations out of definitions; and
- amend unclear or incorrect regulations.
The ALRC Regulations also make further miscellaneous amendments to improve navigability and comprehension.
The draft MBC Regulations make amendments to Treasury portfolio laws to:
- improve their technology neutrality, including ensuring that certain documents can be sent in either physical or electronic form; and
- remove prescriptive requirements to publish notices in newspapers in favour of a technology neutral standard of publication.
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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.
