Section 1322 as a Response to the Complexity of the Corporations Act 2001 (Cth)

Company and Securities Law Journal, Vol. 33, No. 6, pp. 389-403, 2015

15 Pages Posted: 12 Sep 2015

See all articles by Hui Chia

Hui Chia

University of Melbourne - Centre for Corporate Law and Securities Regulation

Ian Ramsay

Melbourne Law School - University of Melbourne

Date Written: September 10, 2015

Abstract

The Corporations Act 2001 is growing in length and complexity. The authors explore the consequences of this increasing complexity including the costs created for those who are regulated by the Act and for the Australian Securities and Investments Commission (ASIC). In particular, the authors investigate whether s 1322 of the Act, which allows mistakes to be corrected, is in part a response to this complexity based on their analysis of the increasing number of s 1322 cases. They also consider how ASIC has responded to this complexity, noting that it has issued over 250 Regulatory Guides and, since 2004, has granted exemptions from having to comply with parts of the Act or modifications to the application of the Act, on more than 20,000 occasions. The authors’ research highlights the challenges and costs created by the increasing complexity of the Corporations Act.

Keywords: statutes, Corporations Act, Australian Securities and Investments Commission, regulation

Suggested Citation

Chia, Hui and Ramsay, Ian, Section 1322 as a Response to the Complexity of the Corporations Act 2001 (Cth) (September 10, 2015). Company and Securities Law Journal, Vol. 33, No. 6, pp. 389-403, 2015 . Available at SSRN: https://ssrn.com/abstract=2658914

Hui Chia

University of Melbourne - Centre for Corporate Law and Securities Regulation ( email )

Victoria 3010
Australia

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

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