he Institute is actively involved in the efforts to reduce red tape and simplify Australia’s corporate regulatory regime. We believe that much can be done to streamline the system whilst retaining robust protection for consumers and properly transparent and accessible information for regulators and other users of financial information.  
 
The Institute’s submission to the Taskforce  
 
We have continued to be closely involved in consultations and discussion with the government on its April paper. On 15 August, the government released its further response to these consultations and the more than 80 submissions it received.  
In summary, the government will: 

• Introduce regulations to effect some of the more minor technical changes - these regulations will be released for consultation before being implemented 
  
• Introduce new legislation, the Simpler Regulatory System Bill – and as a precursor through this there will be another government paper in September that will enable comment on defined proposals and their benefits 
  
• For other topics, in particular, the role of a business judgment rule and the need to facilitate product rationalisation, there will a separate approach, because of the scope and complexity of the policy issues involved. This third group of measures will be progressed in parallel with the work on the Simpler Regulatory System Bill.