ASIC has published its regulatory costs for FY 2017-18.
ASIC Commissioner Cathie Armour said this was the first year of a new industry funding model that requires ASIC to recover the actual amount spent in regulating the industry sectors under its jurisdiction.
‘Our goal is ensuring a fair, strong and efficient financial system for all Australians and lies at the heart of all our regulatory activities. We have been working with industry to implement the new model and making public the cost of our regulation marks a significant milestone in this process,’ Ms Armour said.
Earlier this year, ASIC’s regulated population was required to complete the important process of submitting business activity metrics via the ASIC Regulatory Portal. ASIC will use these metrics to calculate each entity’s share of the regulatory costs for the sectors in which they operate. ASIC will issue invoices in early 2019.
ASIC will also issue invoices to those that did not meet their legal obligations to register and submit details via the portal.
ASIC has calculated levies payable by industry to recover these costs – which total $236.6M – as part of the Government’s industry funding arrangements that became law in 2017.
Small proprietary companies
In most cases, small proprietary companies do not have specific obligations relating to industry funding.ASIC will collect the associated regulatory costs for small proprietary companies through a $4 increase to their Annual Review Fee, which took effect 4 July 2018.
Registered charities
Charities registered with the Australian Charities and Not-for-profits Commission (ACNC) at 30 June 2018 are excluded from industry funding obligations and will not receive an invoice from ASIC.