Australia’s corporate regulator, ASIC, has announced a major milestone in its efforts to simplify financial regulation, revealing it has cut more than 9,240 pages of content from its regulatory framework since the beginning of the year.
The move forms part of a broader drive to make financial regulation clearer, more accessible, and easier to comply with while preserving strong consumer protections.
The findings were detailed in ASIC’s Regulatory Simplification report, which outlines several initiatives to reduce regulatory complexity and invites industry stakeholders to propose further reforms. According to the regulator, the goal is to lower compliance costs, foster innovation, and create a more transparent regulatory environment.
ASIC chair Joe Longo said, “Regulatory complexity raises costs, stifles innovation and makes compliance harder. 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.”
He added, “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.”
The report highlights several key initiatives, including a redesigned ASIC website that removes over 9,000 pages of outdated content. The new site will feature regulatory roadmaps designed to help small-company directors and financial advice providers navigate their obligations more easily.
ASIC has also piloted the consolidation and simplification of 23 legislative instruments, removing at least 65 pages of regulations on top of the 181 pages of guidance already cut. The regulator is introducing more digital processes, with plans to enable electronic signatures on all forms by 1 October and transition many paper-only documents to email lodgement—early steps towards a fully streamlined digital system.
The paper also points to areas of law reform raised by stakeholders that could further simplify financial regulation, with ASIC working closely alongside Treasury to explore these opportunities.
“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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