Regulation expert joins the Financial Services Inquiry

The ALRC welcomes Associate Professor Andrew Godwin as Special Counsel for the Review of the Legislative Framework for Corporations and Financial Services Regulation.

Associate Professor Godwin holds a number of senior positions at Melbourne Law School and has many years experience in corporate practice. He is joining the ALRC for a fixed-term secondment commencing in December.

The addition of Associate Professor Godwin strengthens the range of experts on the Inquiry advisory committee, comprising judges, government representatives, practitioners, and academics with vast experience in financial services. “The calibre of experts overseeing the Inquiry will ensure a rigorous, principled, and practical approach to unravelling the complex issues raised in the terms of reference,” Associate Professor Godwin said.

The Inquiry provides an exciting opportunity to significantly improve the effectiveness of laws that regulate financial services, by making the laws easier for everyone to understand and use. It forms part of the Government’s response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry released in February 2019.

Three sub-topics are specifically outlined, each of which is to be the subject of an interim report by the ALRC, prior to release of the consolidated Final Report:

• the appropriate use of definitions in corporations and financial services legislation;
• the regulatory design and the hierarchy of primary law provisions, regulations, class orders, and standards; and
• potential reframing or restructuring of Chapter 7 of the Corporations Act.

Initial consultations commenced recently with a successful schedule of meetings taking place in Canberra. In November the first advisory committee meeting will convene to discuss a work plan for the Inquiry.

The ALRC will deliver interim reports on the review of corporations and financial services regulation in November 2021, September 2022, and August 2023, with the final report and recommendations due to be provided by 30 November 2023.

For enquiries, please email  financial.services@alrc.gov.au.