The purpose of the draft Treasury Laws Amendment (ASIC Cost Recovery and Fees) Regulations 2019 is to give effect to Government announcements by amending the ASIC Supervisory Cost Recovery Levy Regulations 2017, the Business Names Registration (Fees) Regulations 2011, the Corporations (Fees) Regulations 2001, the National Consumer Credit Protection (Fees) Regulations 2010 and the Superannuation Auditor Registration Imposition Regulation 2012 to:
- create a new subsector to enable ASIC to recover its regulatory costs incurred from its close and continuous monitoring of Australia's largest institutions - as announced by the Government on 7 August 2018;
- exempt journalists from paying certain registry search fees, from 1 July 2019 - as announced by the Government on 30 July 2018;
- reduce the fee to access company roles and relationship extracts from $40 to $19, from 1 July 2019 – as announced by the Government on 30 July 2018; and
- make other minor amendments to the Levy and Fees Regulations to ensure ASIC's regulatory costs are more accurately reflected.