Financial Services Legislation: Interim Report A (ALRC Report 137)

The Australian Law Reform Commission report, Financial Services Legislation: Interim Report A (Report 137, 2021), was tabled in Parliament by the Attorney-General of Australia, the Senator the Hon Michaelia Cash on 30 November 2021.

Interim Report A contains recommendations, proposals, and questions in relation to the reform of corporations and financial services legislation. The recommendations in Interim Report A relate to matters of consensus at this stage in the process and are accordingly in a form that may be implemented prior to the conclusion of this Inquiry, if accepted by the Australian Government.

In respect of the proposals and questions, the ALRC is seeking written submissions from stakeholders. Submissions, together with further consultations, surveys, workshops, and seminars, will form part of the evidence base for subsequent Interim Reports and the Final Report. 

Submissions closed 25 February 2022.

Download the Summary Report.

Download Interim Report A.

Hard copy versions of the report are also available to purchase.

Download additional resources referred to in Interim Report A:

• References to ‘financial product’ and ‘financial service’ in Commonwealth Acts: Summary of Commonwealth Acts other than the Corporations Act 2001 (Cth) and Australian Securities and Investments Commission Act 2001 (Cth) that use the terms ‘financial product’ or ‘financial service’.
• Advice-Related Exclusions and Exemptions: Summary of the effect of provisions, regulations, and ASIC legislative instruments that grant exclusions or exemptions from Chapter 7 of the Corporations Act 2001 (Cth) for advice-related activities.
• Process for Determining Retail Client Status: Overview of process for determining whether or not a financial product or service is provided to a person as a retail client under ss 761G and 761GA of the Corporations Act 2001 (Cth).

Further resources are available as part of the ALRC’s data analysis for the Review of the Legislative Framework for Corporations and Financial Services Regulation.