ASIC has issued an update on its work to cut red tape and reduce compliance costs.

“ASIC has already made deregulatory savings for business of more than $470 million since September 2013 and we are working to further cut red tape for businesses and individuals,” ASIC Commissioner John Price said.

ASIC’s Work to Reduce Red Tape outlines the regulator’s deregulation work, and responds to new deregulatory ideas received from the market since the last report was released.

It also outlines ASIC's plans for future deregulatory work.

“Actions to minimise regulation and compliance costs have been integrated into ASIC's everyday work,” Mr Price said.

“We continue to look for better ways of working to minimise the regulatory burden and strongly encourage suggestions from the public for further cutting red tape.”