The bill containing the measure that supports the fees-for-service industry funding for the Australian Securities and Investments Commission (ASIC) passed through Parliament today.
The Corporations (Fees) Amendment (ASIC Fees) Bill 2018 and related bills are part of the federal government’s commitment to ensuring the corporate regulator has the resources and powers it needs to combat misconduct in Australia’s financial services industry, and to bolster consumer confidence in the sector.
“Industry funding for ASIC ensures that costs of regulation are born by those that have created the need for it,” Revenue and Financial Services Minister Kelly O’Dwyer said.
“It incentivises greater regulatory compliance and enhances ASIC’s transparency and accountability.”
Under the new fees-for-service regime, fees for activities such as processing licence applications or variations and applications for registration will reflect ASIC’s actual costs.
Regulations that provide additional detail on the operation of the industry-funding fees-for-service bill will be made shortly, ahead of the commencement of the regime on 1 July, subject to legislation.
The introduction of the ASIC industry-funding model was a key recommendation of the Financial System Inquiry.
