Following extensive stakeholder consultation, the following 3 new Acts implement a new industry funding model to recover the regulatory costs of the ASIC through annual levies and fees-for-service payable by entities regulated by ASIC, effective from 1 July 2017:
- ASIC Supervisory Cost Recovery Levy Act 2017 (Cth);
- ASIC Supervisory Cost Recovery Levy (Collection) Act 2017 (Cth); and
- ASIC Supervisory Cost Recovery Levy (Consequential Amendments) Act 2017 (Cth).
For further details, see:
- our March 2017 Corporate Advisory Update which summarises how the industry funding model will operate; and
- our April 2017 Corporate Advisory Update for a summary of the draft Regulations that provide additional detail on the operation of the industry funding model (and the calculation of fees payable by each class of regulated entity).
Final Regulations will be released shortly. The Exposure Draft Regulations are available here.