What is industry funding?
The Government’s industry funding arrangements for ASIC became law in 2017.
This is the first year of the new regime where ASIC will recover its regulatory costs from the industries we regulate.
Industry funding was a key recommendation in the 2014 Murray Financial System Inquiry.
Developing the model was a substantial undertaking with a high level of robust engagement from industry sectors throughout the Government’s consultation process.
What regulatory activities will industry fund?
Most of ASIC's regulatory costs will be recovered from industry. These activities are outlined in our Cost recovery implementation statement (CRIS) published in October 2017, and include stakeholder engagement, education, guidance, surveillance, enforcement, and policy advice.
Why has the Government decided on an 'industry pays' approach?
An 'industry pays' model means that the funding of regulatory activities undertaken by ASIC is met by those creating the need for regulation, rather than the Australian taxpayer.
How much will regulated entities pay and when?
The levies payable by industry sectors to recover ASIC’s FY 2017-18 regulatory costs have been summarised. Invoices to individuals and entities to recover these costs were
issued in January 2019. They are
due for payment March 2019.
- The amounts shown are the levies payable by each industry subsector.
- Individual entities can calculate their specific invoice amount from the information found in the summary.
- Invoices were issued in 2019.
- Detailed information about how ASIC calculates levies is available in the ASIC cost recovery regulations.