ASIC has released a new update on its work to reduce red tape and cut compliance costs.
In a media statement released last week, ASIC commissioner John Price said the corporate watchdog has already made deregulatory savings for businesses of more than $470 million since September 2013 and is working to further cut red tape for businesses and individuals.
ASIC pointed to two reports that it is working on to further cut red tape restrictions.
Report 466, titled ASIC’s Work to Reduce Red Tape (REP 446), outlines ASIC’s current deregulation work and reports on progress implementing the measures highlighted in Report 391, titled ASIC’s Deregulatory Initiatives (REP 391), which responds to new deregulatory ideas received from the market since the report was released. It also outlines ASIC’s plans for future deregulatory work.
Report 391, titled ASIC’s deregulatory initiatives (REP 391), which 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.”
ASIC highlighted examples of red-tape reduction, including granting waivers from the law, allowing flexibility and innovation where appropriate; improving systems, for faster and easier public interactions; advocating for international recognition of laws; and suggesting changes to the law that will have a deregulatory benefit.
In September last year, Deloitte’s fifth biennial Directors’ Cut Survey revealed 67 per cent of CEOs and chairs believe regulation is increasing, while 65 per cent of respondents stated that corporates are wrapped up in red tape.
“There was a feeling among CEOs that, while governments talked about simplification, regulation was still increasing, and there was a lack of harmonisation,” Deloitte managing partner assurance and advisory Richard Deutsch said.
“They are also willing to look elsewhere to achieve their business objectives as Australia is seen as inflexible, with complex approval processes for construction projects, high costs, and powerful unions.”
The survey found that 63 per cent of CEOs and chairs are looking to enter Asian markets for growth.
[Related: ASIC speaks up for SMEs]