Estimated regulation costs for ASIC industry funding

ASIC has released its Cost Recovery Implementation Statement (CRIS), which includes estimated costs for ASIC’s 2017-18 regulatory activities.

Regulated entities have been categorised into 48 subsectors across all corporate entities subject to the Corporations Act, auditors, insolvency practitioners, credit licensees, Australian financial service licensees and other regulated entities and individuals. The CRIS explains how ASIC’s costs will be allocated between these subsectors, through either a flat or graduated levy.

The regulator has advised that the figures are indicative and may change when compared with ASIC’s actual costs for the period. The method for calculating levies regulated entities will pay was developed and refined following consultation in 2015 and 2016.

ASIC invites feedback on the CRIS, you can mail submissions to policy.submissions@asic.gov.au by 5pm 1 November 2017. The final CRIS will be subject to Ministerial approval and is expected to be published in early 2018.

The CRIS is part of ASIC’s commitment to transparency under industry funding, which took effect on 1 July 2017.  As a result of laws passed in June, those who create the need for and benefit from ASIC’s regulation will bear the costs, which will be recovered by levies on our regulated entities.

The Government implemented ASIC industry funding following a recommendation of the Financial System Inquiry.