The introduction of industry funding for the Australian Securities and Investments Commission (ASIC) is to enter its second and final phase with a fees-for-service regime brought before Parliament.
Minister for Revenue and Financial Services, Kelly O’Dwyer said fees-for-services related to the charges ASIC levied for specific activities, including licence applications or variations and applications for registration.
“Historically, these services and activities only attracted a nominal fee, however, under the new regime, the fees will reflect ASIC’s actual costs,” Ms O’Dwyer said.
“No longer will Australian taxpayers have to subsidise any difference between the fee an entity pays and the actual costs incurred by ASIC, ensuring ASIC’s costs are borne by those that have created the need for it.”
She said this was the final aspect of the ASIC Industry Funding Model and would begin on 1 July.
“The Industry Funding Model promotes equity, encourages greater regulatory compliance, and enhances ASIC’s transparency and accountability,” Ms O’Dwyer said.
She said the legislation would strengthen ASIC’s capabilities to ensure it was an effective regulator.
“The Government will review the Industry Funding Model accountability framework in three years,” she said.
Ms O’Dwyer said the legislation built on other actions to boost the resources and capability of ASIC, including the provision of $121.3 million in additional funding to bolster its investigative and surveillance capabilities.
