ASIC Slashes 9,000 Pages of Red Tape in Sweeping Overhaul

Australias ASIC has embarked on a massive deregulation drive, eliminating more than 9,240 pages of outdated and convoluted rules.

The Australian Securities and Investments Commission (ASIC) released a report on Wednesday detailing its first wave of simplification, a direct response to longstanding complaints from businesses that navigating the regulatory landscape had become too complex, costly, and time-consuming.

The initiative, dubbed a “regulatory overhaul,” represents a significant shift in philosophy for the regulator. It signals a shift away from volume-based regulation and toward a more streamlined, principles-based approach that aims to make it easier for companies to understand and fulfill their obligations.

From Paperwork to Digital Efficiency

The cuts are not merely about deleting text. ASICs report outlines a multi-pronged effort to modernize its engagement with the business community. Key actions include:

• Consolidation of Legal Instruments: Dozens of overlapping and repetitive legislative instruments have been merged into a single, simpler document, reducing duplication and confusion.
• Elimination of Outdated Guidance: Over 9,240 pages of redundant regulatory content, which often contained obsolete references and requirements, have been scrapped entirely.
• Digital-First Services: The regulator is launching new online platforms to replace archaic paper-based processes, speeding up applications, notifications, and reporting for businesses.

Industry Pressure

The overhaul is a direct nod to the frustrations voiced by Australian businesses, from large financial institutions to small startups. The sheer volume of regulatory guidance had created a compliance burden that diverted resources from innovation and growth. Companies often had to hire specialized consultants just to interpret ASICs own rules, adding significant cost.

ASIC has been clear that this announcement is just the first phase of its simplification project. The regulator has committed to an ongoing review of its guidance and practices to ensure they remain fit-for-purpose in a rapidly evolving financial market.

This proactive approach suggests a new era for ASIC, one where it acts not only as an enforcer but also as a facilitator of business growth and clarity.