ASIC has provided a further update on its work to cut red tape and reduce compliance costs.
ASIC Commissioner John Price said, 'ASIC has already made deregulatory savings for business of more than $470 million since September 2013 and we are working to further cut red tape for businesses and individuals'.
Report 466 ASIC’s work to reduce red tape (REP 466) outlines ASIC's current deregulation work, reports on progress implementing the measures highlighted in Report 391 ASIC's deregulatory initiatives (REP 391), and responds to new deregulatory ideas received from the market since the report was released.
It also outlines ASIC's plans for future deregulatory work.
'Actions to minimise regulation and compliance costs have been integrated into ASIC's everyday work', Mr Price said.
'We continue to look for better ways of working to minimise the regulatory burden and strongly encourage suggestions from the public for further cutting red tape'.
Examples of ASIC incorporating red tape reduction into its everyday work include:
- granting waivers from the law, which allows the law to apply flexibly and helps innovation where appropriate;
- improving systems, such as our forms, website and lodgement facilities, for faster and easier public interactions with us;
- advocating for international recognition of our laws, which makes cross-border operations easier for business; and
- suggesting changes to the law that will have a deregulatory benefit.
Suggestions for cutting red tape can be sent to deregulation@asic.gov.au.