{"title":"实证分析支持海恩的长期改革理论","authors":"David G Millhouse","doi":"10.1080/17521440.2019.1602923","DOIUrl":null,"url":null,"abstract":"Australia has arguably benefited from its market based regulatory system and progressed toward its first objective of an entrepreneurial wealth creating society competing with its global peers; the second objective, being investment stability and risk mitigation, has for many people been an abject disaster. Proposed reforms to balance entrepreneurial market conduct with investor and beneficiary risk mitigation rely on themes established by Cooper (personal liability of superannuation trustee directors), Heydon (elimination of unhealthy culture), Hayne (confluence of law and morality) and the Productivity Commission (trust). The Australian government must act. It must do so strategically. It must establish the nexus between the intent of the law and its practical implementation for those it purports to serve. Parliament has yet to debate these underlying causes. If it does, then it must confront the distinction between fiduciary and non-fiduciary duties and recognise the power of fiduciary law. Confused parliamentary leadership has facilitated corruption of the regulatory system. These are philosophical as well as legal questions. Hayne points to the need for a framework for the re-integration of the intent and spirit of the law with its statutory manifestations. This paper is that framework.","PeriodicalId":43241,"journal":{"name":"Law and Financial Markets Review","volume":"13 1","pages":"162 - 187"},"PeriodicalIF":0.0000,"publicationDate":"2019-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/17521440.2019.1602923","citationCount":"2","resultStr":"{\"title\":\"Empirical analysis supports the Hayne long run reform thesis\",\"authors\":\"David G Millhouse\",\"doi\":\"10.1080/17521440.2019.1602923\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Australia has arguably benefited from its market based regulatory system and progressed toward its first objective of an entrepreneurial wealth creating society competing with its global peers; the second objective, being investment stability and risk mitigation, has for many people been an abject disaster. Proposed reforms to balance entrepreneurial market conduct with investor and beneficiary risk mitigation rely on themes established by Cooper (personal liability of superannuation trustee directors), Heydon (elimination of unhealthy culture), Hayne (confluence of law and morality) and the Productivity Commission (trust). The Australian government must act. It must do so strategically. It must establish the nexus between the intent of the law and its practical implementation for those it purports to serve. Parliament has yet to debate these underlying causes. If it does, then it must confront the distinction between fiduciary and non-fiduciary duties and recognise the power of fiduciary law. Confused parliamentary leadership has facilitated corruption of the regulatory system. These are philosophical as well as legal questions. Hayne points to the need for a framework for the re-integration of the intent and spirit of the law with its statutory manifestations. This paper is that framework.\",\"PeriodicalId\":43241,\"journal\":{\"name\":\"Law and Financial Markets Review\",\"volume\":\"13 1\",\"pages\":\"162 - 187\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2019-04-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://sci-hub-pdf.com/10.1080/17521440.2019.1602923\",\"citationCount\":\"2\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Law and Financial Markets Review\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1080/17521440.2019.1602923\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"Social Sciences\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Law and Financial Markets Review","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/17521440.2019.1602923","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"Social Sciences","Score":null,"Total":0}
Empirical analysis supports the Hayne long run reform thesis
Australia has arguably benefited from its market based regulatory system and progressed toward its first objective of an entrepreneurial wealth creating society competing with its global peers; the second objective, being investment stability and risk mitigation, has for many people been an abject disaster. Proposed reforms to balance entrepreneurial market conduct with investor and beneficiary risk mitigation rely on themes established by Cooper (personal liability of superannuation trustee directors), Heydon (elimination of unhealthy culture), Hayne (confluence of law and morality) and the Productivity Commission (trust). The Australian government must act. It must do so strategically. It must establish the nexus between the intent of the law and its practical implementation for those it purports to serve. Parliament has yet to debate these underlying causes. If it does, then it must confront the distinction between fiduciary and non-fiduciary duties and recognise the power of fiduciary law. Confused parliamentary leadership has facilitated corruption of the regulatory system. These are philosophical as well as legal questions. Hayne points to the need for a framework for the re-integration of the intent and spirit of the law with its statutory manifestations. This paper is that framework.
期刊介绍:
The Law and Financial Markets Review is a new, independent, English language journal devoted to providing high quality information, comment and analysis for lawyers specialising in banking and financial market issues and to others with interests in legal and regulatory developments affecting the financial markets. Published four times a year LFMR contains articles written by leading experts providing a forum for practical guidance on, as well as reflective and topical analysis of, all major jurisdictions, with a particular focus on the interaction between the law and market practice and behaviour.