The Australian Securities and Investments Commission (ASIC) has released a landmark report revealing that it has removed more than 9,240 pages of regulation this year as part of a push to make compliance clearer and easier to navigate.
The report, titled Regulatory Simplification, outlines the first stage of ASIC’s efforts to reduce red tape while maintaining robust consumer protections. The regulator is now inviting further proposals on how it can continue to simplify rules and regulatory processes.
ASIC chair Joe Longo said the regulator had acted on feedback from businesses, industry leaders and consumer groups about its guidance, website and legal instruments.
“Regulatory complexity raises costs, stifles innovation and makes compliance harder,” Longo said. “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.”
One of the major steps taken by ASIC includes redesigning its website, removing more than 9,000 pages of content, and launching pilot roadmaps to help small-company directors and financial advisers better understand their obligations.
The regulator is also reducing complexity in its legal instruments, with pilots to consolidate and simplify 23 legislative documents by at least 65 pages, in addition to cutting 181 pages of guides already.
ASIC’s efforts to improve accessibility include plans to transition ‘paper-only’ documents to email lodgement and enable electronic signatures on all forms by 1 October. This is a move towards fully digital lodgement services in the future.
The paper also points to potential law reforms identified by stakeholders, with ASIC working alongside Treasury to explore broader opportunities for simplification.
“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,” Longo said. “We want to hear from those who engage with ASIC—what works, what doesn’t, and what would make the biggest difference.”
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