The Australian Government is in receipt of landmark advice: Heydon Royal Commission, Productivity Commission, and the Hayne Royal Commission. Each of them points to deep systemic and cyclical problems in the provision of financial products and financial services. Whilst the Hayne Royal Commission identified egregious behaviour in banks and large financial institutions, far greater economic damage has occurred in less well known sectors of the Australian financial system. Australian law regulating and supervising Non-Bank Financial Entities (NBFEs) has failed those it purports to protect: the vulnerable investing public. Systemic failure manifests in extraordinary loss of investor funds and nationwide economic damage. Without substantial law reform, this author predicts systemic deficiencies in regulation will remain, repeating their cyclical manifestations. Australia’s plight is not unique but no other nation with a sophisticated economy now suffers comparatively. Blame is being attached to the basic policy framework whereas in fact it is policy implementation and enforcement that has allowed systemic failures to manifest. Research demonstrates that inherent tensions between entrepreneurship and investor risk, optimal investor outcomes balanced with compliance, are not of themselves contradictory in a market based system, but they rely upon defining objectives, eliminating conflicts of objectives and conflicts of interest, significantly enhanced behavioural standards of market participants, and the de-politicisation of the regulatory environment. This analysis demonstrates that fiduciary principles are misunderstood, applied haphazardly, often ignored, and subservient to specific statutory and contractual provisions. Australia has a history of subsuming fiduciary principles behind statutory and contractual frameworks facilitating grudging disclosure and creeping corruption. Community expectations of what each market participant should do is often different from what they actually do. Hayne’s real message is the need to link law and morality, community norms and expectations with legal reality.

中文翻译：

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从坎贝尔到海恩：在澳大利亚吗？处于十字路口的澳大利亚金融监管

澳大利亚政府正在接受具有里程碑意义的建议：海登皇家委员会、生产力委员会和海恩皇家委员会。他们每个人都指出了金融产品和金融服务提供中的深层系统性和周期性问题。虽然海恩皇家委员会发现了银行和大型金融机构的恶劣行为，但在澳大利亚金融体系中鲜为人知的部门发生了更大的经济损失。澳大利亚对非银行金融实体 (NBFE) 进行监管和监督的法律未能保护其声称要保护的对象：脆弱的投资大众。系统性失败表现为投资者资金的巨大损失和全国性的经济损失。如果没有实质性的法律改革，作者预测监管的系统性缺陷仍将存在，重复他们的周期性表现。澳大利亚的困境并不是独一无二的，但现在没有其他经济发达的国家比这更受苦。责备被归咎于基本的政策框架，而实际上正是政策的实施和执行导致了系统性故障的显现。研究表明，创业与投资者风险之间的内在紧张关系、最佳投资者结果与合规性的平衡，在基于市场的体系中本身并不矛盾，但它们依赖于确定目标、消除目标冲突和利益冲突、显着提高投资者的行为标准。市场参与者，以及监管环境的去政治化。这一分析表明，信托原则被误解、随意应用、经常被忽视、并服从于特定的法律和合同条款。澳大利亚有将信托原则纳入法定和合同框架的历史，以促进不情愿的披露和腐败的蔓延。社区对每个市场参与者应该做什么的期望往往与他们实际做的不同。海恩的真正信息是需要将法律和道德、社区规范和期望与法律现实联系起来。