The Government has released exposure draft legislation to reduce the complexity of Australia’s corporations and financial services laws by making these laws more adaptive, efficient and navigable within existing policy settings. Simplifying these laws will benefit industry and consumers and is critical to maintaining a strong financial sector.
The draft legislation implements formal recommendations and informal suggestions made by the Australian Law Reform Commission (ALRC) in Interim Report A of its Review of the Legislative Framework for Corporations and Financial Services Regulations (‘ALRC Financial Services Interim Report’).
Amendments to move matters in current legislative instruments made by the Australian Securities and Investments Commission (ASIC) into the primary law and regulations are also being consulted on and are available on the Treasury website.
The draft legislation forms part of the Treasury Law Improvement Program, which supports the regulatory stewardship of Treasury portfolio legislation and also includes Treasury's regular minor and technical amendments process. The Government intends to pursue regular improvement and maintenance opportunities under this Program to ensure that Treasury laws remain current and fit‑for‑purpose, including consideration of other ALRC recommendations and additional ASIC instruments.
The Government welcomes comments or feedback from stakeholders on the draft legislation and explanatory material.