Submissions have now closed in response to an Australian Law Reform Commission (ALRC) report from a three-year review of complexity in Commonwealth legislation and regulation of financial services.

The ALRC’s first interim report focuses on the use and design of definitions in legislation, and sought feedback on 16 proposals and eight questions in relation to the reform of corporations and financial services legislation.

“Submissions, together with further consultations, surveys, workshops, and seminars, will form part of the evidence base for subsequent interim reports and the final report,” ALRC says.

A second interim report focusing on regulatory design and the hierarchy of primary law provisions, regulations, class orders, and standards, is due by September 30 2022.

A third interim report on potential reframing or restructuring of Chapter 7 of the Corporations Act is due by August 25 2023, and a consolidated final report is due by November 30 2023.

Click here for more information.