Post implementation review on the removal of the stamping fee exemption

As part of meeting its requirements to complete a post implementation review, Treasury is seeking feedback from consumers and industry stakeholders on the 2020 change which extended the ban on conflicted remuneration to ‘stamping fees’ paid by Listed Investment Companies (LICs) and Listed Investment Trusts (LITs).

Treasury is seeking feedback on

• the policy’s regulatory impacts on advisers and stockbrokers
• changes to consumers' investment choices
• competition settings for managed funds, and
• any other unintended consequences in the market.

Stamping fees are an upfront one‑off commission paid to Australian financial services licensees for their role in capital raisings associated with the initial public offerings of shares.

For further background on the removal of the stamping fee exemption, please refer to the unassessed Regulatory Impact Statement published by The Office of Best Practice Regulation.