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22-285MR Industry funding: 2021-22 Cost Recovery Implementation Statement
ASIC today published its 2021-22 Cost Recovery Implementation Statement (CRIS) as required under the industry funding model.
The statement details ASIC’s estimated levies by industry sector and subsector. ASIC released the draft CRIS in June 2022 (see 22-130MR) for feedback. The final statement summarises the feedback we received.
Final industry levies will be based on ASIC’s actual regulatory costs and the business metrics submitted by entities in each subsector. Final levies will be published in December 2022 and invoiced between January and March 2023.
ASIC’s budget is set by the Australian Government. ASIC is required to detail, in the form of a CRIS, how the cost of ASIC’s regulatory activities will be recovered from each industry subsector it regulates through industry funding levies and how transaction-based regulatory costs will be recovered via fees for service.
The CRIS includes:
- 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 ASIC’s regulatory costs and levies by industry subsector. Indicative levies are a guide only. They are based on our planned regulatory work and estimated levies to recover regulatory costs.
- focus areas of our work by subsector
- actual costs ASIC incurred in the previous year for each subsector and the variance between the actual costs and the estimated costs in last year’s CRIS. Where there is a material variance, the CRIS explains the drivers for the variance.
- an assessment of the risks associated with the industry funding model and how those risks have been managed.
On 8 August 2022, the Australian Government announced that Treasury is undertaking a review of ASIC’s industry funding model in consultation with the Department of Finance and ASIC. ASIC continues to work with Treasury and the Government on the review.