Govt seeks to implement two ALRC recommendations

government treasury ALRC legislation

14 December 2022
| By Laura Dew |
image
image
expand image

The Government has released draft legislation implementing two recommendations made by the Australian Law Reform Commission (ALRC) relating to improving financial services legislation.

The two recommendations had been made as part of the ALRC’s Interim Report A which covered navigability and readability of the law.

The draft legislation related to:

  • Create a single glossary of defined terms in section 9 of the Corporations Act 2001 (Corporations Act); and
  • ‘Unfreeze’ the Acts Interpretation Act 1901 (AIA) as it applies to the Corporations Act and Australian Securities and Investments Commission Act 2001 so the most current version of the AIA applies to both Acts.

It also partially implemented three recommendations from the ALRC’s Interim Report B to

  • Repeal definitions that are no longer used, cross-references to repealed provisions and other redundant provisions
  • Amend the law to address unclear or incorrect provisions, and
  • Simplify unnecessarily complex provisions, with a particular focus on terms defined as having more than one meaning and definitions containing substantive obligations.

The Government welcomed comments or feedback from stakeholders on the draft legislation and explanatory material and could submit responses to 15 January, 2023.

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

6 days 14 hours ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

1 week 3 days ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

2 months 1 week ago

Original bidder Bain Capital, which saw its first offer rejected in December, has returned with a revised bid for Insignia Financial....

3 weeks 6 days ago

The corporate regulator has named its new chief executive, who is set to replace retiring interim CEO Greg Yanco in March....

3 weeks 3 days ago

The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would a...

3 weeks 4 days ago

TOP PERFORMING FUNDS