ASIC to set up taskforce to improve enforcement
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The news: The Australian Securities and Investments Commission (ASIC) will set up a new taskforce in early 2025 to advise the corporate regulator on how it can more simply and effectively administer the law, chair Joe Longo will say today in a speech.
The context: The Simplification Consultative Group will be made up of consumer advocates, business leaders and directors and industry groups, Longo will say in his keynote speech at ASIC's annual forum in Sydney.
ASIC is concerned that a complicated patchwork of law reform has led to complexity in the legal system that is not only harder for businesses to comply with, but harder for the regulator to enforce, increasing a risk of consumer harm.
The taskforce is due to begin work in the first quarter of 2025 and ASIC expects to announce the membership of the group in the New Year.
The Albanese government announced a "financial sector regulatory initiatives grid" in March with the aim of making financial regulation more coordinated.
What they said: "Each new legislative reform is, of course, well-intended. It’s meant to solve a real and present problem at a particular time. But done in isolation, short term, reactive and specific legislative threads woven together can look less like an elegant tapestry and more like a painting by Jackson Pollock", Longo will say.
"I want this group to reinvigorate national discussion about complexity. And I want to build on the success ASIC has seen with the regulatory efficiency outcomes — from how we develop guidance, to how we use our compulsory information gathering powers, and how we engage with stakeholders."
The source: ASIC
