ASIC focuses on easing regulatory burden
Following the announcement by ASIC Chair Joe Longo in November 24, where he advised ASIC wanted to reduce complexity in regulation, ASIC has issued Report 813 – Regulatory Simplification. The Report describes the work of simplification so far, seeking feedback and further ideas. A six-week period for submissions ending on 15 October 2025 suggests that ASIC is truly seeking impact on how to reduce the regulatory burden, particularly in the financial services industry.
The Report also advised that effective 1 October 2025, ASIC will accept electronic signing by a digital image of a signature or touch screen device on all ASIC forms, with email lodgement of forms to expand. The Report also noted that ASIC now has the budget to modernise registers and facilitate interfaces with other IT systems.
ASIC has also produced principles for drafting clearer, simpler regulatory documents. Two pilot regulatory documents in the financial services area have now been produced, consolidating and simplifying 23 legislative instruments by at least 65 pages, in addition to the 181 pages of guidance that have already been cut.
ASIC has advised that it wishes to go further and consolidate all 273 legislative instruments to align with the Chapters of the Corporations Act, using the pilots as an indication to show how confusing language and excessive requirements can be eliminated from regulatory documents without losing their purpose or meaning.
ASIC initiatives outlined in the report include:
- improving access to regulatory information via a redesigned website that cuts more than 9,240 pages of content
- simplified roadmaps for the small company directors and financial advice providers, based on a specific need for small businesses to be better informed about the law and to support their compliance with it.
Disclaimer: This does not purport to be comprehensive or to render legal advice. You should not act based on any information contained in this publication without first obtaining specific professional advice. Consult your legal advisor to determine if this applies to you.
