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ASIC has released a report outlining both ongoing and new initiatives to cut red tape and lower compliance costs for businesses operating under its regulation.
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Regulator on a mission to cut red tape
07 May 2014
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4 minute read
The report outlines the regulator’s work in several areas including financial services licensing and business names registration.
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The report also highlights compliance cost savings that ASIC says result from their ongoing work such as international engagement and waivers and guidance.
In the report, ASIC states its mandate specifically requires the regulator to strive to reduce business costs and administer the law effectively with a minimum of procedural requirements.
ASICC commissioner John Price said, ‘ASIC is committed to cutting unnecessary red tape through both our business-as-usual work and specific deregulatory initiatives”.
‘We invite feedback from businesses and individuals about the effectiveness of the measures we have adopted and, importantly, what further actions or initiatives can be taken.’
The specific areas in which ASIC is currently seeking suggestions are:
• any changes that might be made to ASIC forms
• suggestions for regulatory change that ASIC might discuss further with Treasury and the Government, and
• any changes that might be made to ASIC processes or procedures.
ASIC is asking for deregulatory ideas that would not undermine its strategic priorities and where submissions show that any regulatory detriment from the proposal is minimal and is outweighed by commercial benefits.
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