On 24 May the Government introduced into Parliament legislation for the second phase of the ASIC industry funding model, known as ‘fees for service’. Under the new regime, fees ASIC charges for specific activities are designed to reflect ASIC’s actual costs.

The Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer, stated that the framework will ensure ASIC is transparent and held accountable throughout its periodic review in setting fee amounts by involving a public consultation process utilising a cost recovery implementation service.