“The legislative mapping exercise that underpins the analysis in this Special Issue of the Company and Securities Law Journal represents an important step towards disentangling the remarkable complexity of the legislative framework for financial services regulation in Australia,” commented the Hon Justice Sarah Derrington, President, Australian Law Reform Commission (ALRC).

The mapping exercise ultimately arises from the findings of the Financial Services Royal Commission.

“In the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Commissioner Hayne observed that ‘simplification so that the law’s intent is met’ would require a detailed ‘examination of how the existing law fits together and identification of the policies given effect by the law’s various provisions’,” said Justice Derrington. “The ALRC is engaging in this detailed work to build a rigorous evidence-base for its three-year review of the legislative framework for corporations and financial services regulation.”

The articles in the Special Issue are the product of a collaboration between the ALRC and leading Australian academics, and they critically analyse:

• complexity in legislative design;
• the use and proliferation of delegated legislation;
• the evolution of disclosure regulation;
• the licensing regimes in respect of financial services, credit and superannuation; and
• the duties of loyalty that are owed by the providers of financial advice, superannuation funds and mortgage broking services.

“The relationship between detail and clarity in legislation is a complex one,” noted two of the contributors, Associate Professors Rosemary Teele Langford and Andrew Godwin, of Melbourne Law School. “The articles in this Special Issue will contribute to the literature concerning simplification of law and regulation, as well as informing ongoing conversations concerning the reform of corporations and financial services regulation in Australia.”

General Editor of the Journal, Edmund Finnane, said:

“It is a privilege for the Company and Securities Law Journal to bring to its readers this collection of articles. Simplifying this complex area of law is no small task but it is an important one, and I am confident that the articles in this Special Issue will make a significant contribution to it.”