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Friday 29 March 2019

19-071MR Industry funding: 2018-19 estimates of ASIC’s levies to industry

ASIC has today published estimated industry sector levies for 2018-19 as well as details on how it allocated its regulatory costs in 2017-18, as part of the its draft Cost Recovery Implementation Statement (CRIS).

The CRIS provides transparency of ASIC’s costs and how these costs are allocated to industry under the industry funding model.

The CRIS includes indicative levies for ASIC’s regulatory costs in the 2018-2019 financial year. This information will help industry better plan for the actual levy which will not be billed until January 2020. The indicative levies are a guide and the amounts are likely to change when ASIC’s regulatory costs are known and published in December 2019.

Next steps

Industry can provide feedback on the CRIS up until 26 April 2019. ASIC will consider this feedback before preparing the final CRIS in May 2019.

More information about the CRIS, including details on how to submit feedback.

Background

The CRIS explains how ASIC’s regulatory activities will be cost recovered from each subsector it regulates and how ASIC will recover its user-initiated costs via fees for service in 2018–19. The CRIS includes:

  • A forecast of ASIC’s regulatory costs and the work ASIC will undertake for each subsector in 2018-19.
  • An explanation of the cost recovery model, including the business process, outputs and how we allocate costs to calculate the levies and fees for service.
  • Estimates of the levies that each regulated subsector will pay for the 2018–19 financial year. Indicative levies are a guide only. They are based on budgeted allocation of costs for each subsector and estimates of the business activity metrics for each subsector. The amounts are likely to change when ASIC’s actual costs and the actual business activity metrics are known;
  • Actual expenses ASIC incurred in 2017–18 for each subsector and the variance between actual expenses and the estimated costs in last year’s CRIS. Where there is a material variance, the CRIS explains the variance.
  • An explanation of the amendments to the levies and fees for service models since the release of last year’s CRIS.
  • An assessment of the risks associated with the industry funding model and how those risks have been managed.  
Last updated: 29/03/2019 12:00