The Government has released draft legislation on the second phase of the ASIC industry funding model – the introduction of ASIC fees-for-service.
The introduction of the ASIC industry funding model was a recommendation of the Murray Financial System Inquiry, intended to strengthen ASIC and better protect Australian consumers.
Under the new fees-for-service regime, fees for activities such as processing a licence application will be revised to reflect ASIC’s actual costs. This is the final aspect of the ASIC Industry Funding Model and will commence from 1 July 2018.
The Government previously consulted on this measure over November and December 2017. This draft legislation and its explanatory materials reflect the outcomes of this process.
Fees associated with registry activities are excluded from the scope of this proposal.
Source: The Commonwealth of Australia