Posted by & filed under Financial Reporting.

2 June 2014

 

Ms Ashly Hope
Strategic Policy Advisor
Australian Securities & Investments Commission
GPO Box 9827
MELBOURNE VIC 3001

Dear Ms Hope

ASIC’s Deregulatory Initiatives

The Group of 100 (G100) is an organization of chief financial officers from Australia’s largest business enterprises with the purpose of advancing Australia’s financial competitiveness. We are pleased to provide comment on Report 391 ‘ASIC’s deregulatory initiatives’.

The G100 supports the new initiatives outlined in Report 391, particularly the streamlining of ASIC forms, simplifying wholly owned financial reporting relief, amending content reported in respect of substantial holdings (refer Attachment) sunsetting of legislative instruments and auditor resignation requirements.

The G100 strongly supports the Government’s “Cutting Red Tape” initiative and ASIC’s actions seeking to reduce compliance costs for businesses and others.

The G100 recently made a substantial submission to the Hon Josh Frydenberg, Parliamentary Secretary to the Prime Minister. This submission included a number of items relating to regulations administered by ASIC and its approach to compliance and enforcement. Those items are outlined in the Attachment.

 

Neville Mitchell
President

 

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