The Australian Securities and Investments Commission (ASIC) has continued its move to full industry funding by reminding the organisations it regulates that they will need to complete their Business Activity Statements before 27 September to determine their level of contribution.
ASIC Commissioner Cathie Armour said industry funding marked a new era for both the Commission and industry and it was important for organisations to understand their legal obligations.
“This is the first year of an entirely new funding model for ASIC and we appreciate this is new ground for those organisations we regulate too,” Commissioner Armour said.
“We have set up an online process to make it as straightforward and convenient as possible, so it is now up to industry.”
She said that in order for ASIC to calculate invoices, organisations needed to submit business activity data on the operation of their business from the previous financial year.
She said this would be done via the new online ASIC Regulatory Portal.
“A letter was sent from ASIC to each regulated company’s registered office address with instructions to complete the process. The letter included a unique industry funding security key which is to be used to launch an online form,” Commissioner Armour said.
“ASIC will use the information in these returns to calculate an entity’s share of the regulatory costs for the previous financial year.”
She said the Government would absorb ASIC’s costs of regulating registered charities and they were not required to visit the portal or submit business activity statements.
