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ASIC provides transparency about how it reduces burdens on business

ASIC has issued a revised policy statement outlining how it uses its powers to reduce the burden on business. This policy statement is a product of ASIC’s Better Regulation Initiatives which aim to achieve better and more transparent regulation. Policy Statement Applications for Relief updates and clarifies ASIC’s previous policy on: * how it deals with requests to reduce regulatory burdens; * what information applicants need to provide in order for ASIC to make a decision; and * what factors ASIC will take into account when making a decision. “ASIC is committed to reducing the regulatory burden on business, ensuring our processes are more transparent, and making it easier to deal with us,” Malcolm Rodgers, ASIC’s acting commissioner and executive director of regulation said. “Our revised policy achieves those aims while also maintaining our focus on achieving better outcomes for consumers and investors.” Mr Rodgers said the revised policy provides details on lodging electronic applications and how ASIC endeavours to provide early indications if it has concerns about a particular request. “Where possible, we encourage people to lodge applications for relief with us electronically. This means documents get to us faster and generally enables us to make decisions on applications promptly,” Mr Rodgers said. In addition to the updated policy statement, ASIC also intends to provide further guidance on how to make an application for relief through developing templates. These are anticipated to be developed by December 31 2006.

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