ASIC Cutting red tape and making it easier to do business Rosanne Bell, Acting Senior Executive Leader Real Economy Australian Securities & Investments Commission Australian Charities and Not-for-Profits Commission (ACNC) Implementation Taskforce Roundtable 3 November 2011

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

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

1ASIC processes should be customer centric 2There should be a continuous focus on cutting red tape and reducing the cost of compliance for the customer 3In every stakeholder interaction, we should aim to make compliance simple 4We should have rules that are transparent to customers and staff alike, and are consistently applied across Registry processes 5Staff should be able to see what customers see Future Operating Principles

6Customers and staff should be able to log into a single system to complete a transaction 7All Registry processes should be able to be completed end-to-end, using the internet 8Processes should be continually improved and standardised across registers 9Our processes and systems should achieve data integrity 10Our processes and systems should eliminate duplication of information

Future Operating Principles 11Registers should be easy to create and change 12Staff should be enabled to manage a stakeholder interaction through to resolution 13Information should be reliable, easy to access and highly valued by our stakeholders and the general public 14Performance metrics should ensure that what we do is customer centric, simple, online, high performing and adding value to the economy

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