Abstract

http://ssrn.com/abstract=2117646
 


 



Regulating the Regulators: Accountability of Australian Regulators


Joanna Mary Bird


University of Sydney - Faculty of Law

July 26, 2012

Melbourne University Law Review, Vol. 35, No. 3, pp. 739-772, 2011
Sydney Law School Research Paper No. 12/50

Abstract:     
This article examines the accountability of Australian regulators, focusing on the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority. It defines what is meant by accountability and what regulators should be accountable for. The challenges involved in holding regulators to account are also explored. Against this background, the article reviews the mechanisms used to ensure accountability of regulators, ranging from the traditional and transparent legal mechanisms, such as judicial review, to the administrative and comparatively unrecognised mechanisms, such as tied funding. The article concludes that in spite of frequent calls for increased accountability, the case for change is not overwhelming. Australian regulators are subject to a comprehensive array of accountability mechanisms. However, improvements can be made, in particular to find a better balance between accountability on the one hand and the independence, expertise and efficiency of regulators on the other.

Number of Pages in PDF File: 35

Keywords: administrative law, regulatory theory, accountability, financial services regulation

JEL Classification: K10, K23, K30

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Date posted: July 26, 2012  

Suggested Citation

Bird, Joanna Mary, Regulating the Regulators: Accountability of Australian Regulators (July 26, 2012). Melbourne University Law Review, Vol. 35, No. 3, pp. 739-772, 2011; Sydney Law School Research Paper No. 12/50. Available at SSRN: http://ssrn.com/abstract=2117646

Contact Information

Joanna Mary Bird (Contact Author)
University of Sydney - Faculty of Law ( email )
Faculty of Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia
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