Ahead of issuing final industry funding invoices in January 2019, ASIC has published estimates of what regulated sectors will pay, based on ASIC’s budgeted regulatory costs outlined in its draft Cost Recovery Implementation Statement. The indicative levies are an estimate and are likely to change when ASIC’s actual regulatory costs are known in November.
Under the industry funding model (which became law on 1 July 2017- see previous G+T Insight), all organisations that are regulated by ASIC will contribute towards ASIC’s regulatory costs incurred in the previous financial year, and:
- some organisations will pay a flat levy, with the cost of regulating a subsector shared equally among the entities operating in that subsector; and
- others will pay a graduated levy, with the size or level of business activity determining the entity’s shares of costs.
- ASIC's estimated levies in the corporate sector include:
- for listed corporations - a minimum levy of $4,000 plus an estimated $0.19 per $10,000 of market capitalisation above $5 million (with an estimated maximum levy of $396,000 for corporations with a market capitalisation greater than $20 billion); and
- for unlisted public companies – a flat levy of $321;
- for large proprietary companies – a flat levy of $868
- ASIC has also published estimates for entities in the deposit taking credit sector, the investment management, superannuation and related services sector, the market infrastructure sector, the market intermediaries sector, the financial advice sector and the insurance sector.
ASIC has indicated that in June, it will write to each regulated organisation’s ASIC contact and provide a unique security key which the organisation must then use to logon to a new online ASIC portal to submit and validate their business activity metrics. ASIC will then use this information to calculate final invoices and generate estimated levy amounts in the future.
See ASIC media release dated 28 March 2018.