ASIC Cutting red tape and making it easier to do business

Rosanne Bell, Acting Senior Executive Leader Real EconomyAustralian Securities & Investments Commission

rosanne.bell@asic.gov.au

Australian Charities and Not-for-Profits Commission (ACNC) Implementation Taskforce Roundtable

3 November 2011

‘Cutting red tape and making it easier to do business’

3

How is ASIC making it easier to do business?

• Leveraging the changing regulatory and technology landscape

• Guided by our overarching Registry Transformation Vision

• Upgrading our technology fleet• Progressive wins and examples of initiatives

International benchmarking

Easiest – Ease of starting a business

1 New Zealand (1 day, 1 procedure)2 Australia (2 days, 2 procedures)

ASIC priorities

• confident and informed investors and financial consumers

• fair and efficient financial markets • efficient registration and licensing

EMBARKING ON A REGISTRY TRANSFORMATION JOURNEY

GUIDED BY OUR OVERARCHING REGISTRY TRANSFORMATION VISION

• Customer centric• Simple• Adds value to the economy• Online• High performing

Registry Transformation Vision

For example:

Simple• Customers can meet multiple needs

in a single interaction with ASIC– Tell us once, inform many registers

• Customers come to ASIC to do business, not fill in forms

Simple• Our Open Registry has rules that are

transparent to customers and staff alike

• Processes are standardised and integrated across registers

• Get connected or referred to other agencies

1 ASIC processes should be customer centric 2 There should be a continuous focus on cutting red

tape and reducing the cost of compliance for the customer

3 In every stakeholder interaction, we should aim to make compliance simple

4 We should have rules that are transparent to customers and staff alike, and are consistently applied across Registry processes

5 Staff should be able to see what customers see

Future Operating Principles

Future Operating Principles6 Customers and staff should be able to log into a

single system to complete a transaction

7 All Registry processes should be able to be completed end-to-end, using the internet

8 Processes should be continually improved and standardised across registers

9 Our processes and systems should achieve data integrity

10 Our processes and systems should eliminate duplication of information

Future Operating Principles11 Registers should be easy to create and change

12 Staff should be enabled to manage a stakeholder interaction through to resolution

13 Information should be reliable, easy to access and highly valued by our stakeholders and the general public

14 Performance metrics should ensure that what we do is customer centric, simple, online, high performing and adding value to the economy

Target Operating Model

2013 Registry Vision & Future Operating Principles

Delivery of outstanding and cost effective Registry services to Real Economy stakeholders

People

Services

Functions

Technology & Applications

Transformed Registry

TARGET OPERATING MODEL

2013 Registry Vision & Future Operating Principles

Delivery of outstanding and cost effective Registry services to Real Economy stakeholders

People

ServicesServices

Functions

Technology & Applications

Technology & Applications

Transformed Registry

Transformed Registry

TARGET OPERATING MODEL

PROGRESSIVE WINS AND EXAMPLES OF INITIATIVES

•STANDARD BUSINESS REPORTING•BUSINESS NAMES•ASIC CONNECT

Standard Business Reporting

• Whole of Government approach• Implemented 1 July 2010• Financial accounts• AUSkey authentication• $800m saving to business per year once fully

implemented

Business Names Registration

• Nationally consistent approach • Joint ABN and business name registration• Online registration and renewals• Clear names determination rules• $320 million saving for business

Business Names Registration – Social Media

Business Names Registration – main features

• Online service• Transitional provisions & Grandfathering• Must have an ABN• Near identical names test• Renewal of registration on payment of fee• More information via free online search• 1 and 3 year registration/renewals options

ASIC Connect

• Free & paid searches of ASIC registers - $80M saving over 5 years for business

• Company registration• Business name registration• Maintain your details• 100% Online - 24/7

ASIC Connect

• All transactions via ASIC connect by 2012/13

• Company registration via website

• Common authentication, lodge once use many, etc.

Sample screen – future state

Tips

• Develop a clear vision, future operating principles and business models

• Be customer centric - challenge internal , old fashioned, and legalistic thinking

• Take a ‘risk based’ approach • Test everything with externals and be open to

feedback• Borrow from others

‘Cutting red tape and making it easier to do business’

Satisfied customers tell 3 friends but angry customers tell 3,000