Download this Paper Open PDF in Browser

Regulating the Regulators: Accountability of Australian Regulators

Melbourne University Law Review, Vol. 35, No. 3, pp. 739-772, 2011

Sydney Law School Research Paper No. 12/50

35 Pages Posted: 26 Jul 2012  

Joanna Mary Bird

The University of Sydney Law School

Date Written: July 26, 2012

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.

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

JEL Classification: K10, K23, K30

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: https://ssrn.com/abstract=2117646

Joanna Mary Bird (Contact Author)

The University of Sydney Law School ( email )

New Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia

Paper statistics

Downloads
120
Rank
196,935
Abstract Views
641