ASIC today released a report outlining ongoing and new initiatives to cut red tape and lower compliance costs for its regulated population.

The report outlines ASIC’s recent progress in areas such as financial services licensing and business names registration.

The report also highlights the compliance cost savings that result from ASIC’s ongoing work such as international engagement and waivers and guidance.

ASIC 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.

While ASIC welcomes ongoing feedback and suggestions from its stakeholders, initial feedback is sought by 18 June 2014.

Download

Report 391 ASIC’s deregulatory initiatives (REP 391)