A new report from ASIC reveals the agency has culled more than 9,240 pages of regulation since the beginning of the year as it calls for further ideas for regulatory simplification.
The report, Regulatory Simplification, marks the first milestone in ASIC's simplification work and seeks input on a range of initiatives aimed at making regulation clearer, more accessible and easier to navigate-while maintaining strong consumer protections.
ASIC Chair Joe Longo said the regulator had listened to feedback about its guidance, its website, and its legal instruments, and it was acting.
'Regulatory complexity raises costs, stifles innovation and makes compliance harder.
'Since we formed the ASIC Simplification Consultative Group late last year with key leaders across business, industry and consumer groups, we have been focused on simplifying how we regulate.
'Simpler, clearer regulation is more enforceable but it also means more seamless interactions with ASIC, more understandable rules to protect consumers, and clearer compliance requirements.'
The report outlines ASIC's initiatives in the following key areas:
- Improving access to regulatory information, including a redesigned ASIC website that cuts more than 9,000 pages of content, and regulatory roadmap pilots for small-company directors and providers of financial advice, designed to help these groups understand and navigate their regulatory obligations.
- Reducing complexity in regulatory instruments, with pilots to consolidate and simplify 23 legislative instruments by at least 65 pages, in addition to the 181 pages of guides that have already been cut.
- Making it easier to interact with ASIC, including transitioning more 'paper-only' documents to email lodgement and enabling electronic signatures on all forms by 1 October this year. These are practical next steps towards fully streamlined digital lodgement services in the future.
The paper also highlights areas of law reform which we heard from stakeholders would simplify regulation. ASIC is actively contributing to these law reform discussions and working closely with Treasury to explore broader opportunities for reform.
'This is a multi-year program of work and we want to hear more about what we should consider for our next steps and initiatives,' Mr Longo said.
'We want to hear from those who engage with ASIC-what works, what doesn't, and what would make the biggest difference.'
