Now is the time for a wide-ranging overhaul of Australia’s corporate and securities laws say experts from global law firm Herbert Smith Freehills (HSF), who are calling for a reform program to address outdated laws in vital areas including continuous disclosure, insider trading and securities offerings.
The call for reform follows the publication of Bootmakers, Boards and Rogues, a leading book on Australian corporate and securities law, which is being launched today by HSF as part of the monograph series of the Ross Parsons Centre of Commercial, Corporate and Taxation Law at the University of Sydney.
The book, which is co-edited by M&A partners Tony Damian and Amelia Morgan, features 17 chapters of critical analysis, surveys and reform recommendations across a range of legal areas, written by more than 30 contributing authors from HSF’s Australia, United Kingdom and Hong Kong offices.
Bootmakers, Boards and Rogues contains a foreword from Chair of the Australian Securities and Investments Commission, Joseph Longo, who described the book as “informative, thought-provoking, and rich in analysis and ideas”.
The release of the book comes at a pivotal time for Australian corporate and securities law. Increasingly sophisticated organisational and transaction structures, worldwide events and changes in technology, policy and community views provide no shortage of demand for evolution and reform to Australia’s corporate law.
Bootmakers, Boards and Rogues co-editor Tony Damian ─ who has acted on many of Australia’s most significant corporate and M&A matters ─ explained, “It has been almost two decades since the last significant review of our corporate laws was undertaken. It has become clear that many of those laws are no longer fit for purpose. Laws that are not fit for purpose lead to poor and unfair outcomes as well as diminishing confidence in the legal and regulatory system.”
“The time has come to take up the challenge of reform and consider a wide-ranging overhaul of our corporate and securities laws. We commend such an initiative to the Government.”
Co-editor and HSF partner Amelia Morgan added, “The areas explored in Bootmakers, Boards and Rogues are the backbone of corporate law in Australia – both individuals and corporates rely on these laws to guide their conduct. A new corporate law reform initiative would be the best way to address the various pressing areas for reform to Australia’s corporate and securities law landscape. Those areas range from our continuous disclosure regime to our insider trading rules, through to liability for forward-looking statements. This last area is particularly topical given new climate disclosures being required of companies.”
Bootmakers, Boards and Rogues is an essential work for legal practitioners, directors, executives, advisers and others involved in Australian corporate and securities law, as well as students and those interested in the policies and principles that underpin the practices regulating this area of law.
Bootmakers, Boards and Rogues is available for purchase.
For more information visit Bootmakers, Boards and Rogues.