On 4 September 2025, the Australian Securities and Investment Commission (ASIC) published correspondence between itself and the Treasurer about regulatory reform opportunities identified by ASIC.

ASIC’s first letter to the Treasurer (dated 1 August 2025) covers the nine regulatory simplification workstreams that the regulator is working on to bolster productivity growth in Australia and how the impact of these workstreams is measured. In addition to the simplification workstreams, ASIC also discusses twelve other actions that it is taking to reduce regulatory burden and support improved productivity. These actions include enacting a two-year trial of a fast tracked initial public offering process, creating a more efficient, modern and user-friendly experience for Australian financial services licence applicants and also consolidating and simplifying guidance on product disclosure statement requirements.

ASIC’s letter also touches on further areas to explore which includes substantially simplifying the reportable situations regime and improving substantial holding notices to make them less difficult to navigate. Other possible areas include reforms to the design and distribution obligations, product disclosure requirements, and simplification of the liability regime in the Corporations Act.

ASIC’s second letter to the Treasurer (dated 12 August 2025) supplements the first letter by including five additional measures to reduce compliance burdens on industry, enhance productivity and ensure ASIC’s regulatory settings support long-term growth following the Investor Roundtable that ASIC attended on 6 August 2025, as follows:

  • ASIC will set up a working group to advise on whether stamp duty should be excluded as a disclosable transaction cost in Regulatory Guide 97 Disclosing fees and costs in PDSs and periodic statements. This group will also separately consider potential class order relief regarding how internally managed private credit arrangements are disclosed in private portfolio holdings disclosures.
  • ASIC is committed to taking certain steps to reduce data requests and reporting requirements. Such steps include: (i) As part of the Council of Financial Regulators’ Review into Small and Medium-sized Banks, ASIC has committed to halving the volume of internal dispute resolution reports that small banks need to lodge with ASIC each year – from two to one per entity. (ii) ASIC will take steps to determine the best way to reduce data collection through information requests. (iii) ASIC would support consideration of the Corporations Act Chapter 2M thresholds for when a company is defined as a large proprietary company and the requirement for a company to lodge audited financial reports and climate reports.
  • ASIC and the Australian Prudential Regulation Authority will start new work in September designed to streamline the operation of the Financial Accountability Regime.
  • ASIC will continue working with industry on improved practices and standards within private markets, including work on identified barriers to a deeper domestic corporate bond market, with a view to encouraging confidence in private markets.

ASIC is exploring measures to streamline dual listings of foreign companies in Australia and other innovative applications to attract international businesses to Australia’s public markets and facilitate competition in clearing and settlement listing to support public and listings markets.