22 April 2016
Media Release - #2016042, 2016

In the role of: Minister for Small Business and Assistant Treasurer [21 September 2015 - 18 July 2016]

Regulatory approvals process streamlined

Minister for Small Business and Assistant Treasurer, the Hon Kelly O’Dwyer MP today announced that the Turnbull government is improving the process for when firms (financial market operators and clearing and settlement facilities) seek regulatory approval for licensing, operating rules and compensation arrangements.

Minister O’Dwyer said the Turnbull Government is committed to supporting innovation and competition in Australia’s financial system and reducing compliance costs where possible.

“We are backing innovative businesses, including financial services businesses, to create new products or services which offer greater choice for consumers and new jobs for Australians,” Minister O’Dwyer said.

“I have delegated some of my regulatory powers under the Corporations Act 2001 to authorised officers of the Australian Securities and Investments Commission (ASIC).

“This delegation will reduce red tape and better facilitate innovation by enabling industry to bring services and products to market quickly. ASIC is well placed to undertake these functions.

“As noted in the ASIC Capability Review, ASIC’s performance in the area of ‘real time market supervision’ has been at the forefront of global best practice.

“This change brings Australia into line with international best practice, placing financial markets, and clearing and settlement facilities on a more competitive footing with their international counterparts, including the UK and the US.

“This delegation is a further step by the Government to ensure our regulatory system is well-positioned to respond to innovation so that our financial sector can remain internationally competitive.

The delegation of these regulatory powers is accompanied by guidelines for ASIC to take into account when exercising these powers.  The guidelines can be accessed on the Treasury website.