24 August 2022

Improving Corporations and Financial Services Law

The Australian Government is today inviting comment on two suites of exposure draft legislation to reduce the complexity of Australia’s corporations and financial services law and improve its navigability.

The amendments implement recommendations from the Australian Law Reform Commission’s Interim Report A of its Review of the Legislative Framework for Corporations and Financial Services Regulation. The amendments will also move nominal modifications of the law currently in legislative instruments made by the Australian Securities and Investments Commission directly into the primary Acts and regulations.

This will provide greater certainty making it easier for stakeholders to identify their rights and obligations under the financial services law.

Following consultation, the Government will introduce legislation later this year to simplify and improve Treasury portfolio laws. This legislation represents the first tranche of improvements the Government will progress to simplify corporations and financial services legislation.

Simplifying Australia’s financial services law will benefit consumers and industry. It will support Australia's critical financial sector by addressing the burden of unnecessarily complex legislation.

The Government encourages interested stakeholders to engage with the consultation process through the Treasury website.

Consultation will close on 20 September 2022.