The Federal Government is planning to reduce compliance costs for business, give companies greater ability to attract capital, and enhance accountability for regulators through a new bill to be called the Simpler Regulatory System Bill.

It is the most comprehensive package of corporate law reform proposals since the commencement of the Corporate Law Economic Reform Program about seven years ago.

Parliamentary Secretary to the Treasurer Chris Pearce says the bill aims to create simpler regulatory legislation.

In April the Federal Government released the Corporate and Financial Services Regulation Review Consultation Paper for a six-week consultation period, seeking comments on 56 topics.

These included company reporting obligations, corporate governance, further refinements to financial services regulation and dealing with regulators.

Mr Pearce says he was encouraged by the overwhelming response to the consultation paper, noting that more than 80 “thoughtful and substantial” submissions came from a wide range of individuals and organisations.

He says some of the minor technical changes can be put in place quickly through regulation. “These regulations will be released soon for consultation before being implemented.”

To assist the consultations on the preparation of the Simpler Regulatory System Bill, the Government will release a paper next month that will allow comment on defined proposals and their benefits.

“I am pleased that the Australian Securities and Investments Commission will be closely involved in developing and refining these proposals,” Mr Pearce said.

He says the reforms build on his commitment to a simpler regulatory system that achieves continued consumer protection, reduced compliance costs, greater ability for companies to attract capital, and enhanced accountability for regulators.

He says he is “excited” about the prospect of further red tape reductions being implemented in his area of the Treasury portfolio, following the success of the refinements to financial services regulation last year.