ASIC Cutting red tape and making it easier to do business

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

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

4. 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

5. International benchmarking

6. ASIC priorities • confident and informed investors and financial consumers • fair and efficient financial markets • efficient registration and licensing

7. EMBARKING ON A REGISTRY TRANSFORMATION JOURNEY

9. Guided by our overarching Registry Transformation Vision

10. Registry Transformation Vision • Customer centric • Simple • Adds value to the economy • Online • High performing

11. 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

12. 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

13. Future Operating Principles

14. FutureOperating Principles

15. Future Operating Principles

16. Target Operating Model

17. Standard business reporting • Business names • ASIC Connect Progressive wins and examples of initiatives

18. Standard Business Reporting • Whole of Government approach • Implemented 1 July 2010 • Financial accounts • AUSkey authentication • $800m saving to business per year once fully implemented

19. 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

20. Business Names Registration – Social Media

21. 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

26. 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

32. ASIC Connect • All transactions via ASIC connect by 2012/13 • Company registration via website • Common authentication, lodge once use many, etc.

35. Sample screen – future state

36. 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

37. ‘Cutting red tape and making it easier to do business’ Satisfied customers tell 3 friends but angry customers tell 3,000