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As the Australian Securities and Exchange Commission (ASIC) simplifies guidance and legislative instruments, financial institutions can expect clearer compliance requirements and greater opportunities to innovate.
In a report on regulatory simplification, ASIC said that it has culled more than 9,240 pages of regulation since the beginning of the year.
The regulator also said it has improved access to regulatory information through a redesign of its website that included removing more than 9,000 pages of content and consolidating 23 legislative instruments by at least 65 pages.
ASIC chair Joe Longo said the regulator had listened to feedback about its guidance, website and legal instruments.
“Regulatory complexity raises costs, stifles innovation and makes compliance harder,” he said.
“Since we formed the ASIC Simplification Consultative Group late last year with key leaders across business, industry and consumer groups, we have been focused on simplifying how we regulate. 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.”
The regulator is also working with the Treasury on examining whether legal reforms could contribute to regulatory simplification and has called for feedback by October 25, 2025.
“This is a multi-year program of work and we want to hear more about what we should consider for our next steps and initiatives,” Longo added.
“We want to hear from those who engage with ASIC – what works, what doesn’t, and what would make the biggest difference.”
Efficiency and adaptability
Australia has put regulatory efficiency at the heart of its financial strategy. Alongside prioritising simplification, the country’s authorities have demonstrated a willingness to adapt legislation and operations to emerging financial trends.
As part of its two-year regulatory reform plan unveiled earlier this year, the Treasury proposed a modernised, activity-based licensing framework for payment service providers (PSPs), ensuring that regulatory measures align with the evolving nature of payment systems.
As covered by Vixio, ASIC stressed in its corporate plan for 2025–26 that embedding regulatory simplification would be a key priority for the year ahead. It also said it would continue to explore how it can administer the law in the areas it regulates more efficiently and effectively.
Its move to a more streamlined regulatory model has coincided with its willingness to relax regulations for its flagship Project Acacia research program into wholesale digital currency.
Simplifying for growth and innovation
Australia has demonstrated that it is willing to both support innovative, data-driven technologies and legislate to simplify regulation, creating an environment that fosters growth and innovation.
ASIC, in particular, has embraced flexibility in response to the ever-evolving payments sector. The regulator recognises that firms must be agile to navigate compliance requirements and is actively seeking to make these requirements clearer and more straightforward.
Project Acacia exemplifies this approach, aiming to make Australia’s financial regulatory environment more efficient, streamlined and easier to comply with, without compromising consumer protection or market integrity.
These efforts are not only positive for regulated firms, but also create opportunities to innovate, improve service delivery, and respond more effectively to emerging market trends.
As regulation becomes simpler, payments providers can focus less on procedural complexity and more on developing new products, enhancing customer experiences, and participating confidently in a modern, data-driven financial ecosystem.
