The problem with all that, however, was that CLERP
As explained in "Recent Reforms in Australia" below, the reform program provided a platform for lobbyists to strongly push an international harmonization agenda, and the legislation emanating from CLERP
does promote the development of a single set of accounting standards for worldwide use.
As a follow-up of its examination of current regulations which affect business and investment activity in the context of the Corporate Law Economic Reform Program (CLERP
), the Government introduced a Reform Bill into Parliament which seeks to remove unnecessary obstacles to take-overs, as well as legislatively implement key areas of CLERP
such as fund-raising, directors' duties, corporate governance and accounting standards.
') introduced whistleblower protection provisions into
375, 376 (1996); see also Vivien Goldwasser, CLERP
6--Implications and Ramifications for the Regulation of Australian Financial Markets, 17 COMPANY & SEC.
(16) See, for example, the Corporate Law Economic Reform Project (CLERP
The Commonwealth Government's Corporate Law Economic Reform Program(73) (CLERP
) is a comprehensive initiative to enhance the efficiency of the economy, while maintaining investor protection and market integrity.
On 13 March 2000, the Corporate Law Economic Reform Program Act 1999 (Cth) ('CLERP
Act') commenced operation.
Features of CLERP
were already discussed in last year's OECD Economic Survey of Australia in the context of Corporate Governance (Chapter IV) and Entrepreneurship (Chapter V).
(3) This change was implemented by Corporate Law Economic Reform Program Act 1999 (Cth) sch 1 item 5 ('CLERP
Act'), repealing and substituting Corporations Act 1989 (Cth) s 82 ch 6 ('Corporations Law').
A central question therefore, which is being addressed in the context of the Corporate Law Economic Reform Program (CLERP
), is whether the current framework represents a reasonable balance between the costs and benefits of regulation and, if change is needed, where the priority areas for reform might lie.