AFA submission to the ALRC

AFA News 17 March 2022. On Friday 4 March 2022, the AFA provided a submission to the Australian Law Reform Commission (ALRC) in response to the consultation on the first interim report in their Review of the Legislative Framework for Corporations and Financial Services Regulation.

The review was announced in September 2020, with three interim reports in November 2021, September 2022 and August 2023 before the release of a consolidated final report by 30 November 2023.

The interim report highlighted the excessive level of complexity in the financial services regulatory regime and has proposed a number of recommendations and proposals for sensible rationalisation.

The AFA has regularly engaged with the ALRC and other professional associations over the last year and we are supportive of this review.  We believe that this review presents a great opportunity, despite the review not being focussed on policy matters, but instead on how to make the Corporations Act and related legislation (i.e. the ASIC Act) easier to understand and comply with.

Please click here for a copy of the AFA Submission.

Additional information is available on the Initial announcement of the Review and the Terms of Reference for the review and the First Interim Report.

For any questions on the ALRC Review or the AFA submission, please email policy@afa.asn.au

Issued 17.03.2022. AFA Policy & Education Update

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