Legislation for ASIC’s new industry funding model became effective on 1 July 2017. Any entity that is regulated by ASIC will now need to pay a levy for the financial year they were regulated to recover ASIC’s regulatory costs, with the first invoices to be issued in January 2019 (to recover costs for regulatory services for the 2017-18 financial year). ASIC has now released Report 535 ASIC cost recovery arrangements: 2017-18 which identifies industry sectors and provides a methodology for how the levies will be calculated.
For further details, see
- Who pays? You pay? Enactment of the ASIC Supervisory Cost Recovery Act 2017 (Cth) dated 20 July 2017 by Peter Reeves, Georgina Willcock and Jack Coles; and
- ASIC media release dated 14 July 2017.