Time to act for all ASIC-regulated organisations required to submit information

If you are an organisation regulated by ASIC you may be required to submit some information to ASIC on the operation of your business before 27 September 2018.

This obligation for industry is part of 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. This will be done via the new online ASIC Regulatory Portal.

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.

“Complying with industry funding obligations is simple and we have set up an online process to make it straightforward,’ she said. ‘As this is the first year of an entirely new funding model for industry, our focus is on ensuring people know what they need to do in advance.”

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