As part of the Australian Law Reform Commission’s review of the regulatory framework for corporations and financial services in Australia, the ALRC recently held a webinar to present its preliminary findings.

Based on data analytics, the ALRC found that parts of the Corporations Act and individual sections were too long and numerous exceptions in the Act as well as in regulations and instruments made it difficult to understand and apply.

While the ALRC will not itself redraft the Act it will make recommendations in relation to the use of definitions and concepts which may affect the structure of the legislation.

The ALRC may also suggest that legislation directed at financial service providers be separated from legislation dealing with consumer protection.

While the ALRC review is a 3 year project, the redrafting of the Corporations Act could take 10 years.

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Author: David Jacobson
Principal, Bright Corporate Law
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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.