ASIC’s Industry funding model
On 6 October 2017, ASIC released its Cost Recovery Implementation Statement (CRIS) which:
- includes estimated costs for ASIC’s regulatory activities in the 2017-2018 financial year; and
- explains how those costs will be allocated between corporate entities, through either a flat or graduated levy, as part of the ASIC industry funding model which commenced on 1 July 2017.
The final CRIS will be subject to Ministerial approval and is expected to be published in early 2018.
On 16 November 2017, Treasury also released a Consultation Paper which seeks stakeholder feedback on the following 3 areas associated with the implementation and operation of the industry funding model:
- proposed fees-for-service model )including the introduction of a tiered free system for many activities and the removal of fees for many activities);
- methods of ASIC stakeholder engagement and accountability; and
- competition and innovation aspects.
- Submissions are due by 14 December 2017.