The Australian Securities and Investments Commission (ASIC) published Report 830, Regulatory Simplification Progress Report (REP 830), on May 19, laying out the actions taken since its predecessor document, REP 813, was released in September 2025. The new report covers changes to how the regulator delivers guidance, how businesses lodge documents with ASIC, and how the regulator intends to work with other agencies on shared data obligations going forward.
The report comes as part of a broader federal push to reduce friction in financial sector regulation without weakening oversight. ASIC chair Joe Longo framed the complexity of existing regulation as a practical problem for businesses operating under it. “Regulatory complexity continues to be a challenge for Australian businesses by increasing costs, slowing innovation, creating unnecessary barriers and risking poorer consumer outcomes,” Longo said.
The regulator has cited extensive engagement with the regulated community as the basis for the changes described in REP 830, with Longo indicating ASIC intends to continue identifying areas where it can act within its existing authority to reduce burden. “We have listened to feedback through our extensive engagement with the regulated community and will continue to explore opportunities to remove barriers within our control. Our efforts will focus on striking the right balance to ensure we maintain the strong protections that make Australia an attractive place to invest and do business,” Longo said.
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Among the concrete changes documented in REP 830 is an overhaul of ASIC’s digital lodgement infrastructure. The number of forms available for electronic submission has grown substantially, producing a reduction of 45,000 paper-based lodgements each year. For insurers and other financial services entities that interact with ASIC’s licensing, disclosure, and registration systems on a routine basis, the change reduces the manual handling previously required for document submission.
Separately, ASIC updated 280 form landing pages on its website to make it easier for businesses to locate the correct forms and understand associated requirements. Legislative instruments have also been revised for clarity, and the regulator has begun rolling out sector-based regulatory roadmaps – initially directed at financial advice businesses and small company directors – to provide clearer summaries of what regulated entities are required to do and when.
A substantial portion of REP 830 deals with ASIC’s work alongside the Australian Prudential Regulation Authority (APRA) on data collection reform. This sits within the Council of Financial Regulators (CFR) Better Regulation Roadmap, a coordinated program involving APRA, ASIC, the Reserve Bank of Australia (RBA), and Treasury, as well as the Australian Competition and Consumer Commission (ACCC), the Australian Financial Security Authority (AFSA), the Australian Taxation Office (ATO), and the Australian Transaction Reports and Analysis Centre (AUSTRAC) – the full group referred to as CFR Plus.
The data reform program targets four areas:
Insurers subject to reporting requirements from more than one regulator stand to be affected by changes in each of these areas, particularly where obligations currently overlap or require the same underlying data to be submitted in different formats. The program was developed through direct engagement with the banking, insurance, and superannuation sectors. Industry groups were also consulted on the proposed actions before publication. The CFR has said the changes are intended to give regulated entities more visibility over upcoming data requests, allowing them to plan resourcing accordingly, and to reduce situations where regulators seek data from industry that already exists within the regulatory system. The ATO, ACCC, and AUSTRAC have indicated they are aligned with the principles behind the program and are assessing how comparable approaches could be applied within their own regulatory activities.
Over the next six months, ASIC has said its priority will be working with APRA and other regulators to consolidate and streamline data requests, alongside supporting the government’s legislative reform work. In 2027, the focus is expected to shift to the RegistryConnect program, which aims to modernise company registration services. CFR Plus is also working through a body of industry feedback on potential legislative reforms, including submissions made ahead of the Economic Reform Roundtable in 2025.
That review is intended to inform government advice on which reforms to prioritise, with the stated aim of improving efficiency while preserving financial stability, consumer protection, and market integrity. Longo said the regulator will keep consulting with industry as this work moves forward. “We are deliberately prioritizing initiatives that deliver the greatest benefit and are consulting openly with industry. I’d like to thank everyone who has contributed their insights, ideas, and time to improve our simplification agenda. Together, we can create a regulatory framework that supports compliance, fosters innovation, and strengthens trust in Australia’s financial system,” Longo said.
