On 20 April 2016, the Government announced that it would introduce an industry funding model for ASIC, commencing in the second half of 2017. The Government is committed to consulting extensively with industry to refine and settle the model.
This consultation process seeks stakeholder views on the proposed industry funding model (the model) to recover the regulatory costs of the ASIC though annual levies and fees-for-service. It provides an updated proposed model following extensive consultation in 2015.
There are two papers; a proposals paper and a supplementary technical paper.
- The proposals paper provides a high-level overview of how the industry funding framework could be applied. It details the proposed implementation and legislative framework. It also details the engagement, transparency and accountability mechanisms built into the model to strengthen ASIC's accountability to consumers and its regulated entities.
- The supplementary paper provides details of ASIC's costs of regulating each sector and the metrics for how the levies could be calculated for each sector.
Roundtables will be held during the consultation period to provide stakeholders with the opportunity to share their views collectively. If you, or other representatives of your organisation, would like to be a part of these consultations please send your contact details and sector of interest to ASICfunding@treasury.gov.au.
Submissions on these proposals papers, together with feedback from roundtables, will assist the Government's final consideration of the model. The submission process will close on Friday, 16 December 2016.
Additional public consultation will be held on the legislation and related legislative instruments prior to their introduction into the Parliament.