Australian Law Reform Commission’s review of the Legislative Framework for Corporations and Financial Services Regulation

The final report of the Australian Law Reform Commission’s (ALRC) review of the legislative framework for corporations and financial services regulation was tabled in Parliament today.

Confronting Complexity: Reforming Corporations and Financial Services Legislation is the culmination of an inquiry that was referred to the ALRC in September 2020 following the Royal Commission into Misconduct in the Banking.

The ALRC has found the current legislative framework for corporations and financial services regulation is overly complex and has made 58 recommendations to streamline financial services legislation including the Corporations Act 2001 (Cth) (Corporations Act) and Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act).

The Government thanks the ALRC for its work in delivering the final report and extends thanks to those who contributed to the three-year inquiry.

The Government is now carefully considering the report and recommendations.

The report will be available on the ALRC website.