The Turnbull Government is committed to ensuring that the Australian Securities and Investments Commission (ASIC) has the resources and powers it needs to combat misconduct in Australia’s financial services industry and bolster consumer confidence in the sector.
The Corporations (Fees) Amendment (ASIC Fees) Bill 2018 and related bills successfully passed through the Parliament today.
“Industry funding for ASIC ensures that costs of regulation are born by those that have created the need for it. It incentives greater regulatory compliance, and enhances ASIC's transparency and accountability,” the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP said.
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.
The introduction of the ASIC industry funding model was a key recommendation of the Financial System Inquiry and is a critical component of the Government’s reforms to strengthen ASIC and better protect Australian consumers.
This legislation builds on other actions the Turnbull Government has taken to boost the resources and capability of ASIC, including: providing $121.3 million in additional funding to bolster ASIC's investigative and surveillance capabilities; establishing and committing to implementing the recommendations of the ASIC Enforcement Review Taskforce; consulting on a new product intervention power for ASIC; and appointing a new Chairman and creating a new second Deputy Chairman role which will have focus on enforcement.
The Government appreciates industry’s engagement throughout the development of the industry funding model. 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.
Further information on the fees‑for‑service commencement can be obtained from ASIC’s website.