ASIC seeks comment to cut small business red tape

The Australian Securities & Investments Commission has launched an online survey to improve its communication with small businesses and is seeking comment from small business owners on how it can better service the sector.

Small businesses are ASIC’s largest customer base, accounting for 96 per cent of all registered businesses and collectively employ half the Australian workforce. ASIC routinely interacts with small businesses as part of its legislative responsibilities for registration and licensing, working with small businesses in their capacity as investors, financial consumers and users of financial markets regulated by ASIC.

The survey will also seek information from small businesses on the type of information they obtain from ASIC, how often they use this information, and how useful it is. ASIC Commissioner Greg Tanzer said the survey gives small businesses the opportunity to provide insight into ways ASIC can more effectively help them.

“A key strategic priority for ASIC is to ensure we have an efficient registry and licensing business that focuses on small business,” Tanzer explains. “Our ultimate aim is to reduce the red tape that regulation imposes on small businesses which, in turn, will save them time and money that can be better spent on growing the business.”

To help small businesses understand and comply with their legal obligations, ASIC is seeking to identify the best way to provide information to small businesses in the most effective, efficient, cost-effective way. ASIC says the survey will:

• Give ASIC a better understanding of what small businesses know and do not know about their compliance obligations;
• Assess if small businesses know where to find information about their compliance obligations; and
• Provide feedback from small businesses about how ASIC can make compliance easier.

To complete the survery now, visit the ASIC website. It can be completed anonymously, is said to take approximately five minutes, and will be open until Friday December 21.

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