ASIC publishes indicative industry funding levies
Published by the Stockbrockers and Financial Advisers Association of Australia in the Stockbrokers and Financial Advisers Monthly, April 2018.
New laws have changed the way ASIC is funded and regulated entities will now receive an invoice for ASIC’s regulatory services delivered in the prior year. If your business is regulated by ASIC – and most are – it’s important that you are up to speed with these changes.
To help your organisation prepare for its first industry funding invoice in January 2019, we have published estimated costs of what sectors will pay. These amounts are likely to change when the actual regulatory costs are known in November.
Calculating indicative levies requires access to specific business activity metric data for each subsector. Some of the metrics required to make these calculations are new, and have not yet been collected from industry. As a result, indicative levies have been calculated for 36 of the 48 industry subsectors that we regulate.
- Need the facts? Here’s a two page fact sheet covering the key information about industry funding.
- Subscribe for updates. ASIC’s Industry Funding Update will keep you in the loop.
We have also published a useful summary of indicative levies for 2017–18. The summary sets out our 2017–18 budgeted costs, the number of organisations in each subsector, the business activity metric we will be asking organisations to report to us, and indicative levy amounts.
You’ll next be hearing from us in June, when a mailout will commence to those listed as the ASIC contact for each organisation.
The letter will contain a unique security key for the new ASIC Regulatory Portal. If you receive this letter you will need to submit or validate business activity metrics via the portal by 30 September 2018. We will then use this information to calculate final invoices.
Industry funding arrangements became law on 1 July 2017. All organisations that are regulated by ASIC will contribute towards ASIC's regulatory costs incurred in the previous financial year:
- some will pay a flat levy, with the cost of regulating a subsector shared equally among the entities operating in that subsector
- others will pay a graduated levy, with the entity's size or level of business activity determining their share of costs.
For more information visit the Industry funding homepage on the ASIC website.