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Law Council of Australia

Business Law Section

Additional improvements to Corporations and Financial Services Law

The Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee) prepared this submission in response to the following exposure draft regulations, which were released by Treasury for consultation on 6 March 2023 (together with accompanying Explanatory Statements):

(a) Treasury Laws Amendment (Measures for Consultation) Regulations 2023: ALRC Financial Services Interim Report Tranche 2 (Cth) (the ALRC Regulations); and

(b) Treasury Laws Amendment (Modernising Business Communications Regulations 2023 (Cth) (the MBC Regulations).

The Committee supports and welcomes the regulatory stewardship of Treasury portfolio legislation. The Committee considers that the ALRC Regulations and MBC Regulations would, if made, make meaningful progress in reducing unnecessary complexity in the current corporations and financial services laws.

The Committee:

(a) has set out some very minor comments on the ALRC Regulations below; and

(b) has no comments on the MBC Regulations (and notes that the inter-related Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2023 (Cth) is currently before the Senate).


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