Australia'sfinancial market watchdog has eliminated more than 9,240 pages of regulatorycontent this year as part of a sweeping effort to streamline rules thatbusinesses say have become too complex and costly to navigate.ASIC Cuts Thousands ofPages of Red Tape in Regulatory OverhaulTheAustralian Securities and Investments Commission (ASIC) released a report today(Wednesday) outlining its first wave of simplification efforts, which includeconsolidating dozens of legal instruments and launching new digital services toreplace paper-based processes.ASIC ChairmanJoe Longo said the agency formed a consultative group with business andconsumer leaders late last year after hearing complaints about confusingguidance, unwieldy websites, and overlapping legal requirements."Regulatorycomplexity raises costs, stifles innovation and makes compliance harder,"Longo said. "Simpler, clearer regulation is more enforceable but it alsomeans more seamless interactions with ASIC, more understandable rules toprotect consumers, and clearer compliance requirements."Moving to E-Mails anE-SignaturesTheregulator overhauled its website, cutting more than 9,000 pages of duplicatedcontent by 50%. It also created pilot "roadmaps" to helpsmall-company directors and financial advisers understand their obligationsmore easily.ASIC istesting whether it can consolidate 23 separate legal instruments into fewerdocuments, potentially eliminating at least 65 pages of requirements. Theagency has already cut 181 pages from guidance documents.StartingOctober 1, ASIC will accept electronic signatures on all forms and allow emailsubmission of certain documents that previously required physical mail. Thechanges affect about 20,000 annual filings.These are additional regulatory actions following ASIC's acquisition of new rights two weeks ago that allow the removal of social media advertisements promoting questionable financial schemes designed to defraud investors.ASIC Streamlines Rules for15,500 Advisers, 3.6 Million CompaniesTheregulator processes more than 14.5 million transactions annually through itsonline services, including 3.3 million document lodgments and 444,000enquiries. Its registers are searched 299 million times each year.ASIC'ssimplification efforts come as Australian businesses face increasing regulatoryburdens. The regulator administers laws covering financial services, corporategovernance, markets, credit, and audit requirements across an economy with 3.6million registered companies.The agencyoversees 15,500 financial advisers, 4,466 credit licensees, 1,745 listedcompanies, and hundreds of other regulated entities. Small businesses, whichemploy about 5.36 million people and generate roughly one-third of Australia'seconomic output, represent ASIC's largest stakeholder group."Thisis a multi-year program of work and we want to hear more about what we shouldconsider for our next steps and initiatives," Longo said. "We want tohear from those who engage with ASIC, what works, what doesn't, and what wouldmake the biggest difference."ASIC Looks for YourFeedbackTheregulator is seeking feedback on potential law reforms that stakeholders saywould further reduce compliance burdens. These include changes to reportingrequirements for financial services licensees and simplifying substantialholding disclosure forms that institutional investors use.ASIC isaccepting public submissions on its simplification proposals until October 15.The agency says respondents can remain anonymous if they choose.Theinitiative reflects broader government efforts to boost economic productivityby reducing regulatory drag on businesses. Treasury recently launched reviewsof multiple regulatory frameworks as part of productivity reform measures.This article was written by Damian Chmiel at www.financemagnates.com.