On 20 April 2016, the Government announced that it would introduce an industry funding model for ASIC, commencing in the second half of 2017.
This consultation process seeks stakeholder views on the draft legislation necessary to support the industry funding model (the model), which will recover ASIC's regulatory costs though annual levies and fees-for-service. There are three Bills for consideration, the:
- ASIC Supervisory Cost Recovery Levy Bill 2017;
- ASIC Supervisory Cost Recovery Levy (Collection) Bill 2017;
- ASIC Supervisory Cost Recovery Levy (Consequential and Transitional) Bill 2017; as well as
- accompanying explanatory materials.
The proposed Bills establish the overarching framework for the model. The Government is continuing to consult on the mechanisms that will be used to calculate the levies payable by each class of regulated entity, with this detail to be included in subsequent draft regulations. The submission process on the draft Bills and explanatory materials will close on Friday, 10 March 2017.
Additional public consultation will be held on the regulations necessary to support the model, prior to their consideration by the Executive Council.