The Government has today released draft regulations on the operation of the industry funding model for the Australian Securities and Investments Commission (ASIC).
This is the next step in meeting the Government’s commitment to an industry funding model in place from 1 July 2017. Industry funding is a critical component of the Government’s plan to improve consumer outcomes in the financial system and builds on other measures, including:
- $127.2 million in funding to boost ASIC’s data analytics, surveillance, and enforcement capabilities as well as accelerate the implementation of a number of consumer protection measures recommended as part of the Financial System Inquiry;
- a comprehensive review of ASIC’s enforcement regime to ensure the regulator has the powers and penalties available to it to deter misconduct and foster consumer confidence; and
- the ASIC Capability Review, undertaken to ensure that ASIC is operating in line with global best practice.
Industry funding for ASIC will ensure that ASIC’s regulatory costs are recovered from those entities that create the need for regulation. This will make industry more accountable and by increasing transparency of ASIC’s costs and activities make ASIC a stronger regulator.
The Government invites all interested parties to lodge a submission on the draft regulations. The exposure draft regulations and explanatory statements are available on the Treasury website.