The Australian Securities and Investments Commission (ASIC) has initiated a significant reduction in regulatory documentation, eliminating more than 9,240 pages of content since January.
This effort is part of a broader push to streamline compliance requirements and improve clarity for regulated entities, including those in the insurance sector.
The details are outlined in ASIC’s latest report, “Regulatory Simplification,” which also seeks further suggestions from stakeholders on how to reduce complexity in the regulatory landscape.
ASIC chair Joe Longo stated that the move is in response to ongoing feedback from industry, consumer groups, and other stakeholders about the challenges posed by existing regulatory materials.
Regulatory complexity raises costs, stifles innovation, and makes compliance harder,” he said.
He noted that ASIC’s Simplification Consultative Group, established late last year, has been instrumental in guiding the agency’s approach to making regulation more accessible.
The simplification program targets several key areas.
ASIC has overhauled its website, removing thousands of pages to make regulatory information more navigable.
New pilot programs, such as regulatory roadmaps for small business directors and financial advisers, are being tested to help users better understand their obligations.
The regulator is consolidating and simplifying legislative instruments, with an initial pilot reducing the length of 23 instruments by at least 65 pages.
In addition, 181 pages of regulatory guides have already been withdrawn.
ASIC is moving towards digital processes, including shifting more “paper-only” documents to email lodgement and introducing electronic signatures for all forms by Oct. 1, 2025.
These changes are intended to pave the way for a fully digital lodgement system in the future.
ASIC is also participating in law reform discussions with Treasury, focusing on areas where stakeholders have identified opportunities for further simplification.
ASIC is encouraging feedback on its simplification initiatives, with submissions open until Oct. 15, 2025. Stakeholders can provide input anonymously or via email.
“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.”
The simplification report coincides with the release of ASIC’s latest corporate plan, which outlines a rise in enforcement actions and sets out the regulator’s priorities for the coming years.
Priority areas for ASIC include superannuation switching, debt collection, offset accounts, whistleblower protections, and advice related to self-managed superannuation funds. The regulator will also maintain oversight of capital market infrastructure and superannuation trustees.
Longo emphasised that regulatory simplification is now central to ASIC’s strategy for 2025-29.
“A focus on simpler and better regulation is now a concrete part of ASIC’s 2025-29 plan and will see the agency continue that focus to make it easier to interact with ASIC to understand our expectations, for us to administer the law and ultimately to cut red tape,” he said.
The plan introduces new performance metrics to provide greater transparency on ASIC’s impact and effectiveness, ensuring stakeholders can track progress in real time.
