Four regulatory guidelines have been repealed to reduce the compliance burden on market participants, said ASIC in a statement.
The changes remove rules that require market participants to notify ASIC of the details of their professional indemnity insurance, to obtain ASIC’s consent before sharing business connections, and rules that restrict certain transactions.
ASIC commissioner Cathie Armour said: “These obligations, which were based on rules in place before ASIC assumed responsibility for market supervision in 2010, imposed an unnecessary cost on businesses.”
“ASIC is committed to reducing the compliance burden for participants by administering the law effectively with a minimum of procedural requirements.”
The repeals follow a consultation initiated in August 2014.
