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

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