The AAT has proposed a new initiative called the “rocket docket”, which will see appeals against ASIC, APRA and ATO decisions sped up under certain circumstances.
According to a statement from law firm McCullough Robertson, “the rocket docket attracts decisions that have significant commercial ramifications, and those relating to the accreditation, licensing or registration of individuals or companies” and is expected to “greatly expedite the hearing of those appeals”.
Reflecting on the development, financial services lawyer Sophie Gerber of Sophie Grace Compliance told InvestorDaily some stakeholders in the financial services industry are likely to welcome the move, with potentially significant ramifications.
“This is a really great thing,” he said. “This should make the licensing and regulatory system more open and accessible to those participating in the financial services market and allow Australia to become the financial services hub that the government intends it to be, rather than a regulatory behemoth that is impossible to penetrate.”
More broadly, Ms Gerber said the introduction of the ‘rocket docket’ may provide an important “counter” to ASIC’s intention to acquire more control of the financial services licensing regime.
“ASIC have stated in its Senate submission that they want to have more power and discretion over the licensing system,” Ms Gerber said. “I am glad to see that to counter this there are now avenues to counter ASIC's current (and any increased power), as sometimes their decisions do not appear to be reasonable interpretations of the Corporations Act, but rather heavy handed enforcement of their regulatory guides.”
McCullough Robertson partner Sean Roberston said the move may reduce the commercial barriers to appealing regulatory determinations.
“My clients often want to appeal regulatory decisions, but the time spent [12 months] getting the decision to an AAT hearing generally makes an appeal pointless from a commercial perspective,” he said.“We are hopeful that the introduction of the rocket docket will change that.”
