AFA News 10 December 2021. In 2020 the Australian Law Reform Commission commenced an inquiry into the potential simplification of laws that regulate financial services in Australia. This inquiry has three interim reports and then a final report that is expected in November 2023.
On Tuesday 30 November 2021, the ALRC issued their first interim report focusing on the appropriate use of definitions in corporations and financial services legislation
Please click here to see the full report and the summary report. Please note that the summary report is 48 pages, whereas the full report is 664 pages.
The ALRC has also issued commentary on the complexity of the financial services legislation along with earlier statements on what the project has revealed to date.
Submissions in response to the interim report are required by 25 February 2022. We welcome any feedback that members have, which we can include in our submission next February.
We have had a number of meetings with the ALRC over the course of this year and will continue to participate in the ALRC inquiry as it progresses over the coming months.
Issued 10.12.2021. AFA Policy & Education Update