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Australia’s financial law intricacy hurts businesses and consumers
The complexity and prescriptiveness of Australian financial services laws makes it harder for businesses to meaningfully comply with the law, affecting businesses and consumers.
The Australian Law Reform Commission (ALRC) has been tasked by the Attorney-General of Australia the Hon Christian Porter MP with simplifying the legislative framework for corporations and financial services regulation. (See the Inquiry terms of reference.)
Key problems identified by the ALRC in its initial analysis of Australian financial services laws include:
overly prescriptive approach to regulation;
complex and unwieldy regulation, contained in various instruments;
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The Supreme Court is being asked to decide whether men can be
banned from the courtroom, in a case that highlights one of the
many cultural issues faced by Indigenous Australians within the
current justice system.
The case centres around a 16-year old Indigenous girl, who was
strip searched by police after she allegedly threatened to harm
both herself and police officers.
According to the police, the girl produced items
from under her clothes when she was arrested in Wagga Wagga for
stealing a Mitsubishi Pajero.
Litigation funding report a Christmas present for corporate criminals
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Litigation funders, plaintiff lawyers and federal Labor have rubbished a parliamentary report into litigation funding, accusing government MPs of giving corporations a green light to rip off customers and lie to investors.
Class Actions Australia spokesman and head of class actions at plaintiff law firm Slater & Gordon, Ben Hardwick, said the report was a Christmas present for corporate criminals .
Shadow attorney-general Mark Dreyfus accused government MPs of providing cover to government policy decisions.
Alex Ellinghausen
But company directors and defence lawyers say the recommendations are sensible, not before time and necessary to correct an imbalance in the legal marketplace.