ASIC has released its latest report that highlights the commission’s efforts to reduce red-tape and achieve more practical regulatory outcomes for companies.
The report reviewed ASICs relief applications decisions between April and September and found the commissions granted relief from provisions for 827 applications.
The granting of relief, which has a positive regulatory benefit or cuts red tape without harming stakeholders is seen as an important part of ASIC’s regulatory function.
The report was released to the industries that ASIC regulate to provide transparency around decision making.
It’s the second ASIC release of the week, with the commission publishing its regulatory costs for the last financial year.
It was the first year that ASIC was required to recover the actual amount spent in regulating the industry sectors under its jurisdiction.
ASIC commissioner Cathie Armour said the commission had been working with the industry on implementation and this marked a significant step.
“Our goal is ensuring a fair, strong and efficient financial system for all Australians and lies at the heart of all our regulatory activities. We have been working with industry to implement the new model and making public the cost of our regulation marks a significant milestone in this process,” Ms Armour said.
In the last financial year, ASIC has calculated levies payable by industry to recover costs to be $236.6 million.
ASIC required its regulated population to submit business activity metrics via its online portal that were used to calculate each entity’s share of the costs for the sectors they are under.
ASIC will be issuing invoices to those that did not meet their legal obligations to register and submit details via the portal.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
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