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ASIC Industry Funding

In April this year the Federal Government announced that it would introduce an industry funding model for ASIC, commencing in the second half of 2017.

A consultation process in this regard has been established to seek stakeholder views on the proposed industry funding model to recover the regulatory costs of the ASIC though annual levies and fees-for-service. It provides an updated proposed model following extensive consultation in 2015.
There are two papers; a proposals paper and a supplementary technical paper.

The proposals paper provides a high-level overview of how the industry funding framework could be applied. It details the proposed implementation and legislative framework. It also details the engagement, transparency and accountability mechanisms built into the model to strengthen ASIC’s accountability to consumers and its regulated entities.

The supplementary paper provides details of ASIC’s costs of regulating each sector and the metrics for how the levies could be calculated for each sector.

Roundtables will be held during the consultation period to provide stakeholders with the opportunity to share their views collectively.

Further details can be found here

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