06-139 ASIC outlines better regulation initiatives
Wednesday 3 May 2006
ASIC Chairman Mr Jeffrey Lucy today released ASIC’s ‘Better Regulation’ initiatives.
Mr Lucy said the whole community benefits from well-regulated capital markets and financial services, and that while Australians can take comfort in the success of our markets and our regulatory system, we must always strive to do better.
ASIC today released a document outlining a number of regulatory enhancements it intends to deliver over the coming months.
The priority areas for ASIC over this period are:
- Improved transparency about how ASIC works, makes decisions and approaches its legislative functions;
- Better accessibility for industry and stakeholders, to enable an improved mutual understanding of decisions and policies;
- Engaging with business to identify and reduce areas where there is regulatory duplication or overlap;
- More fully understanding the impact on business of ASIC’s regulatory decisions, by seeking more reliable and relevant information from business on the quantifiable impact of those decisions;
- Helping clients deal more efficiently with ASIC by streamlining and where possible reducing paperwork through better use of electronic communications; and
- More comprehensive engagement with the financial industry and businesses through more effective consultation and a better understanding of stakeholder views of ASIC decisions.
Mr Lucy said ASIC wants to continue to demonstrate its commitment to better regulation by rapidly delivering several key projects.
‘We wish to ensure that our role in the regulatory framework in Australia provides a positive influence, including minimising potential for duplication and improving transparency.
‘Likewise, we want to reduce the number and types of documents we publish into smaller and more readable sets.
‘We are also establishing a Business Consultative Panel to help us identify emerging issues.
‘ASIC is committed to being a strong, fair and progressive regulator. We must constantly look at how we do things and find ways to do them better. The improvements outlined in Better Regulation will be an important part of our agenda for the coming 18 months,’ he said.
ASIC has released a publication detailing its Better Regulation Initiatives.
End of release
Download Better Regulation - ASIC Initiatives
ASIC Website: Printed 03/16/2010
