Federal Court judge to head Corps Act inquiry
Federal Court judge to head Corps Act inquiry
A Federal Court judge has been appointed to oversee the Australian Law Reform Commission’s (ALRC) inquiry into the suitability of current financial services laws, as the government seeks to simplify what it terms an “overly prescriptive approach to regulation”.
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In a statement, the ALRC announced that Perth-based Federal Court judge Craig Colvin would oversee the review of the legislative framework for corporations and financial services regulation, which formed part of the government’s response to the Hayne royal commission.
ALRC president Justice SC Derrington said the appointment would bring additional expertise to the inquiry and help ensure “improved clarity and transparency” in financial services legislation.
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Australia’s financial law intricacy hurts businesses and consumers
The complexity and prescriptiveness of Australian financial services laws makes it harder for businesses to meaningfully comply with the law, affecting businesses and consumers.
The Australian Law Reform Commission (ALRC) has been tasked by the Attorney-General of Australia the Hon Christian Porter MP with simplifying the legislative framework for corporations and financial services regulation. (See the Inquiry terms of reference.)
Key problems identified by the ALRC in its initial analysis of Australian financial services laws include:
overly prescriptive approach to regulation;
complex and unwieldy regulation, contained in various instruments;