23 April 2018

Consultation on ASIC Industry Funding Levy Amendments

Note

The Government is committed to improving consumer outcomes in the financial services sector. The ASIC industry funding model is an important element in the Government’s plan to deliver on this commitment.

Under the ASIC Industry Funding Model, the costs of regulation are borne by those that have created the need for it, rather than the Australian public. Industry funding increases transparency, makes industry more accountable for its behaviour and makes ASIC a stronger regulator.

The industry funding model delivers on a key recommendation of the 2014 Murray Financial System Inquiry, as well as the 2013 Senate Inquiry into ASIC’s performance.

The first phase of industry funding commenced on 1 July 2017 with the introduction of industry levies.

The Government has today released draft regulations to make technical amendments to the levies in the industry funding framework to ensure they operate as intended. The amendments include:

  • Establishing new industry subsectors to reflect the recently introduced licencing schemes for crowd‑sourced funding intermediaries and financial benchmark administrators;
  • Creating separate industry subsectors for small and large credit rating agencies; and
  • Simplifying the operation of the large securities exchange participants industry subsector.

Comments on the draft Regulations close 14 May 2018. The Government appreciates industry’s continued engagement throughout the development of the industry funding model and stakeholders are invited to provide their feedback on the draft regulations on the Treasury website.