AUSTRALIA: ASIC Publishes 2015-16 Self Assessment under Regulator Performance Framework

Friday January 27 2017

On 27th January 2017, the Australian Securities and Investments Commission (ASIC) published a self-assessment under the Regulator Performance Framework. The Framework provides common performance measures to assess how Australian Government regulators operate. The Framework is designed to assess one aspect of a regulator’s performance—the extent to which it minimises regulatory burden in the course of fulfilling its other activities. It should be seen as one component of evaluating the broader performance of regulators.

The Framework is not intended to reduce regulation, or diminish regulatory outcomes; rather, it aims to achieve the same regulatory outcomes with lower regulatory burdens.
There are six mandated common outcomes-based KPIs that cover reducing regulatory burden; communication, risk-based and proportionate approaches, transparency, and continuous improvement of regulatory frameworks.

ASIC’s self-assessment framework contains the following key performance indicators (KPIs):

• KPI 1: Regulators do not unnecessarily impede the efficient operation of regulated entities – See paragraphs 9–38
• KPI 2: Communication with regulated entities is clear, targeted and effective – See paragraphs 39–71
• KPI 3: Actions undertaken by regulators are proportionate to the regulatory risk being managed – See paragraphs 72–98
• KPI 4: Compliance and monitoring approaches are streamlined and coordinated – See paragraphs 99–134
• KPI 5: Regulators are open and transparent in their dealings with regulated entities – See paragraphs 135–164
• KPI 6: Regulators actively contribute to continuous improvement of regulatory frameworks – See paragraphs 165–189

Click on the link above for further details.