Reminder: ASIC deadline approaching – avoid penalties

NIBA has reminded Member Principals who hold AFS licences from ASIC that they are required to submit information to ASIC, via the new online Regulatory Portal, before 27 September 2018.

This obligation is part of the new industry funding arrangements that became law in 2017, requiring organisations regulated by ASIC to contribute toward the associated regulatory costs incurred in the previous financial year.

To enable ASIC to calculate invoices, organisations must submit or confirm pre-populated business activity metric data on the operation of their business from the previous financial year.

ASIC Commissioner Cathie Armour said the deadline was approaching and said it was important for all regulated entities to complete the process or they may incur penalties. NIBA urges all Principal Members to pay close attention to these new requirements.

Anyone with questions in regards to the above should contact NIBA CEO Dallas Booth on dbooth@niba.com.au