What industry need to do each year

If your organisation is regulated by ASIC, you must register and maintain contact details on the ASIC Regulatory Portal. You may also be required to submit business activity metrics via the portal between July and September each year.

ASIC will use this information each year to calculate each entity’s share of the regulatory costs for the sectors in which they operate. The first collection occurred in 2018.

If you miss the deadline and do not submit your business activity metrics, you are still encouraged to register an ASIC Regulatory Portal account for future correspondence with ASIC.

For those required to pay a flat levy only, the information you provide will confirm which subsector you have been operating in. This will allow ASIC to divide costs with the final number of entities operating in your subsector.

For those paying a graduated levy, the information you provide will confirm your entity's 'share' of the leviable activities in your subsector and will determine your final invoice amount.

The first industry funding invoices will be issued in early 2019.

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 small increase to their Annual Review Fee.

Registered charities

Charities registered with the Australian Charities and Not-for-profits Commission (ACNC) at 30 June each year are excluded from industry funding obligations and will not receive an invoice from ASIC.

Individuals acting on behalf of the entity

Only company directors or secretaries can perform initial entity registration in the ASIC Regulatory Portal. Once the director or secretary have registered they can then invite a trusted representative such as a company employee, a compliance officer, or a registered agent to the portal to connect to their entity and assign the them required user access to view confidential information and perform regulatory tasks on behalf of the entity.

The director/secretary will only ever have to register and assign access to the trusted representative or registered agent, once for their entity.

The trusted representative or registered agent, will then receive an invitation to the portal for the relevant entity and will be able to perform the required duties on behalf of the entity which they represent, including for example, the submission of industry funding business activity metrics.

I am a securities dealer, how is my business activity metric calculated?

The ASIC Market Integrity Rules (Securities Markets) 2017 require market participants to provide regulatory data to a market operator in an order transmitted to an order book of that market operator. Market participants must also provide this data on a trade report made to a market operator.

Regulatory data includes, amongst other things, the “intermediary ID”. The Australian Financial Services Licence (AFSL) number of an AFSL holder is provided as the intermediary ID for each side (buy and/or sell) of the order or transaction where:

  • The AFSL holder is an automated order processing (AOP) client of the market participant; and
  • The market participant has an arrangement with the AFSL holder under which the AFSL holder submits trading messages into the market participant’s system as intermediary for its own clients.

Regulatory data provided by market participants to market operators is subsequently provided to ASIC for market supervision.

ASIC also determines the volume of trading by each AFSL holder by using intermediary ID data. You should contact the market participant(s) of which you are an AOP client if you require confirmation of the volume of trading reported to ASIC.

Are credit representatives, financial advisers and authorised representatives required to register and submit industry funding metrics?

Only licensees (not their representatives) are required to submit metrics in respect of credit and financial services related activities.  Some representatives may be required to submit information in their capacity as a public company, a large proprietary company, a registered company auditor, registered liquidator or as a market intermediary. 'Regulated entities' are defined under the ASIC Supervisory Cost Recovery Levy Act 2017.

How to submit industry funding business activity metrics in the portal

Video transcript

The Government has introduced new laws that change the way ASIC is funded.

Under the new arrangements regulated entities will receive an invoice for ASIC's regulatory services delivered in the prior financial year.

To ensure you meet your legal obligations as a regulated entity you need to log on to the new ASIC Regulatory Portal and submit some information to us before 27 September.

This instructional video will provide you with a step by step guide on how to navigate the portal to complete this process.

The first step is to go to https://regulatoryportal.asic.gov.au and then select ‘register’.

From here you will need to select the tile that matches what you want to do. In this case it is submitting your industry funding business activity metrics.

Have your unique industry funding security key and ASIC identifier ready and add them to the relevant sections when prompted. This information was included in a letter sent to each registered company address.

Registering an ASIC Regulatory Portal account for your entity can only be done by company directors or company secretaries who will be required to add in various personal details.

After selecting 'register', check your email inbox and follow the link provided - where you'll be required to set your account password.

Once you are at the portal log in page you'll need to enter your account user name which is your email address and your recently created password.

It's time to select the entity you would like to submit business activity metrics for - from the list shown.

Before progressing further you will need to confirm some information.

For billing and correspondence purposes this is where you access the industry funding transaction by selecting the ‘start new transaction’ button in blue.

If you would like to delegate industry funding transactions to a trusted representative, you can connect users to your entity levels via the Administration tab within your portal account.

After selecting 'start new transaction' you'll need to follow the industry funding link on the next page. This page includes information on what the actual transaction covers, including a privacy statement and other detailed information.

Select 'launch transaction' at the bottom of the page.

Do you want to restrict access to this transaction? Here you will need to decide who can access this transaction – and you can restrict access if you choose to. Users should only restrict a transaction.

In the portal if they feel it is necessary you'll then need to confirm some information about your entity which is based on pre-populated information from ASIC records followed by confirmation of compliance and then billing contact details.

After clicking 'next' it will be time to submit your actual industry funding business activity metrics. The information you submit here will be used to calculate your entity's share of ASIC's regulatory costs for the previous financial year so it is important it is accurate.

You'll see that there is a section for each of the industry subsectors your entity operates within.

The form will include a question and some blank fields which prompt you to add in some specific information.

In some cases, ASIC will also have already provided some pre-populated business activity metrics that you will need to check and validate.

After completing the form, you will need to review the actual business activity metrics in your submission and your billing and contact details one last time. You will also need to confirm what capacity you are making the declaration under which will include your personal details. There are several declarations that will then need to be made.

Before you can select submit you'll state:

  • that you are authorised by the regulated entity to submit this document.
  • that you have read and understood ASIC's privacy policy and related consent information.
  • and finally, that the information you have provided is true and correct.

After lodging your industry funding form, you will receive a reference number.

Make a record of it in case you need to refer to your submission later.

You will also be able to navigate to a PDF copy of your submission.

From within the portal at any time via your user account dashboard under the all transactions' menu item at the top of the page.

For more information, or to register on the Portal go to https://regulatoryportal.asic.gov.au.

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Last updated: 15/08/2019 10:56