Experts give their opinion on financial services rules – Regulation & Government – Insurance News
Experts give their opinion on financial services rules
June 20, 2022
The Australian Law Reform Commission (ALRC) has received input from international experts in a webinar as it works on a second interim report for a triennial review of simplifying and streamlining financial services regulation .
Part-time ALRC Commissioner and Federal Court Judge Craig Colvin said the next report will look at regulatory design and approach to the overall legislative hierarchy, in a matter of “what goes where. “.
“We estimated that it would take an average reader 40 days and nights of continuous reading to complete the task of going through all of the existing regulations,” Judge Colvin said.
“The breadth and complexity of the law means that it can be difficult for those to whom it applies and those benefiting from its protections to find the relevant law. They need a way to understand the architecture of laws.
Experts from the UK, New Zealand, Singapore and Hong Kong provided information on their jurisdictions during the webinar, which was held late last month and later posted on the website of the ALRC.
Strategic innovation director and law professor at the London School of Economics and Political Science, Julie Black, said issues to consider include that rules are instruments of communication.
“If you’re in a regulatory setting, what’s really important is that you communicate very clearly to people the behaviors that are expected of them,” Professor Black said.
“I think we’re losing sight of that, but I think it’s something that comes out very strongly in the Australian context at the moment, which is that the rules don’t communicate anything because the system is so complex.”