Towards better corporate regulation in Australia

Comino, Vicky (2011) Towards better corporate regulation in Australia. Australian Journal of Corporate Law, 26 1: .

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Author Comino, Vicky
Title Towards better corporate regulation in Australia
Journal name Australian Journal of Corporate Law
ISSN 1039-785X
1037-4124
Publication date 2011
Year available 2011
Sub-type Article (original research)
Volume 26
Issue 1
Total pages 33
Place of publication Chatswood, NSW, Australia
Publisher LexisNexis Butterworths
Collection year 2012
Language eng
Subject C1
180109 Corporations and Associations Law
Formatted abstract
In 1993, major reforms were made to the law relating to enforcement of the statutory duties of company officers by the introduction of the civil penalty regime now found in Pt 9.4B of the Corporations Act 2001 (Cth). These reforms arose from recommendations of the Senate Standing Committee on Legal and Constitutional Affairs, which recommendations were founded on strategic regulation theory.This theory provides perspectives on how regulatory compliance can be secured most effectively, holding that sanctions in the enforcement pyramid should escalate as contraventions of the law become more serious.Recognising that the ‘pyramid of enforcement’ model was articulated as the basis of the civil penalty regime introduced in Australia in 1993, the focus of this article is to examine various other regulatory models that have made advances in regulatory theory to determine whether those models might provide ASIC with further guides to its strategies and practice in its quest to be a more effective corporate regulator. Principal amongst these are ‘risk-based’ regulation, ‘regulatory craftsmanship’ and ‘really responsive regulation’. Yet, the changes to ASIC’s current approach if it were to implement these other models would not be significant.This article contends that, for ASIC to achieve really superior regulatory outcomes, it is necessary to also involve companies themselves in the regulatory process. Devising more effective internal systems of self-regulation and monitoring within companies to address cultural issues, such as in the ways suggested by Christine Parker, and John Braithwaite’s ‘enforced self-regulation’, is the additional ingredient needed for the development of the appropriate regulatory solution or ‘regulatory mix’ to ensure that corporate misconduct can be handled effectively and that ASIC will be able to meet future regulatory challenges.
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2012 Collection
TC Beirne School of Law Publications
 
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Created: Tue, 13 Dec 2011, 12:43:50 EST by Carmen Buttery on behalf of T.C. Beirne School of Law