The fees ASIC charges for specific regulatory activities have changed to reflect the actual cost to ASIC associated with the work. In most cases this has resulted in a fee increase.
The Government passed required legislation on 28 June 2018. New pricing is effective 4 July 2018.
ASIC’s ‘fees for service’ impact a range of industry stakeholders including Australian credit licensees, Australian financial services (AFS) licensees, market infrastructure providers, responsible entities, registered liquidators, and companies. The fees – some of which are tiered – apply to specific regulatory activities requested by a single entity including:
- licensing and professional registrations
- processing applications for relief
- requests for changes to market operating rules, and
- ASIC’s formal compliance review of documents lodged under the Corporations Act.
The previous fees for these activities did not reflect their actual cost to ASIC and the Government undertook several rounds of consultation with industry to get feedback on the changes.
Fees for service: part of industry funding
New industry funding laws that changed the way ASIC was funded took effect on 1 July 2017. While around 90% of ASIC’s regulatory activities will now be recovered in the form of industry funding levies, the remaining 10% will be recovered via fees for service. ASIC’s Cost Recovery Implementation Statement (CRIS) – Fees for service, provides information about how ASIC will implement fees for service under industry funding.
© Australian Securities & Investments Commission. Reproduced with permission.