Information Asymmetry, GMOs and Strict Liability Under the Gene Technology Act 2000 (Cth)
AbstractThe significance of this article is to review the important place of information asymmetry in justifying the Gene Technology Act 2000 (Cth) (the Act) and the ‘gaps’ in the current liability arrangements under the Act. A possible resolution to these ‘gaps’ is to reinforce the existing liability arrangements under the Act by imposing a general statutory strict liability scheme for any loss or damage resulting from dealings with GMOs covered by the Act. A possible amendment to the Act is set out to illustrate how a more broadly applicable strict liability scheme might be achieved under the current regulatory arrangements.
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