Estimated industry sector levies for 2018-19, as well as details on how ASIC allocated its regulatory costs in 2017-18, are available in ASIC’s Cost Recovery Implementation Statement (CRIS).
The CRIS is a key disclosure and accountability measure incorporated into the Industry Funding Model. The final CRIS released today includes detail on some of the key issues that arose out of the submissions received during consultation in March 2019.
The indicative levies published in the final CRIS aim to 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 actual regulatory costs are known and published in December 2019 and the actual business activity metrics for each subsector are provided by regulated entities.
Background
The CRIS provides transparency of ASIC’s costs and explains how ASIC’s regulatory activities will be cost recovered from each subsector it regulates, as well as 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 indicative levies for each subsector in 2018–19
- the work undertaken by ASIC 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
- the 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; and
- an assessment of the risks associated with the industry funding model and how those risks have been managed.