The Government is seeking submissions on draft regulations and related explanatory material to amend the levies in the industry funding framework for the Australian Securities and Investments Commission (ASIC).
Under the industry funding model, ASIC’s costs of regulation are borne by those that have created the need for it, rather than the Australian public.
Enhancements to the levies in the industry funding framework will ensure they operate as intended. The amendments include:
- Establishing new industry subsectors to reflect the recently introduced licencing schemes for crowd-sourced funding intermediaries and financial benchmark administrators;
- Creating separate industry subsectors for small and large credit rating agencies; and
- Simplifying the levy metric for the large securities exchange participants industry subsector.
This consultation is separate to the industry funding model’s Phase 2 Fees-for-service exposure draft legislation and explanatory materials which were released for stakeholder feedback on 11 April 2018.