The Australian Securities and Investments Commission (ASIC) has scrapped more than 9,240 pages of regulations since January as part of an overhaul aimed at reducing complexity for businesses.
Alongside the cuts, ASIC launched roadmap pilot programs designed for small-company directors and financial advisors.
These guides outline obligations across areas such as insurance, estate planning, and investing, with the goal of helping firms navigate compliance more easily.
The regulator also initiated pilots to consolidate 23 legislative instruments, trimming at least 65 pages. ASIC currently oversees two instruments for life insurance and eight for general insurance, according to its report on streamlining efforts.
ASIC chair Joe Longo said the push reflects the government’s broader strategy to ease regulatory burden and support economic growth.
Regulatory complexity raises costs, stifles innovation and makes compliance harder. 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.
Joe Longo, Chair at The Australian Securities and Investments Commission
He added that clearer rules improve enforcement, reduce friction in dealing with ASIC, and protect consumers with straightforward compliance requirements.
Further changes include allowing all paper-only documents to be sent via email and enabling electronic signatures on every form. These updates take effect on Oct. 1.
ASIC has opened consultation on additional reforms, seeking feedback until Oct. 15. The regulator asked for input on which areas should be simplified next, the cost of implementing changes, and whether more industry-specific roadmaps would help.
Roadmaps for small businesses and financial advice firms have already been published.
