Treasury has released an Exposure Draft of the ASIC Supervisory Cost Recovery Levy Bill 2017 and associated Bills for consultation.
UPDATE 30 March 2017: ASIC Supervisory Cost Recovery (Collection) Bill 2017 introduced into House of Representatives.
The Bills will implement the industry funding model , which will recover ASIC’s regulatory costs though annual levies and fees-for-service.
Entities that are regulated by ASIC will be required to pay a levy that will recover ASIC’s regulatory costs for a financial year from entities that were regulated in that financial year. The levy will be payable by entities in the following financial year once ASIC has issued them a notice setting out their liability to levy.
The first year that the Government will recover ASIC’s regulatory costs from its regulated population will be the 2017-18 financial year, which commences on 1 July 2017.
The Government is continuing to consult on the mechanisms that will be used to calculate the levies payable by each class of regulated entity, with this detail to be included in subsequent draft regulations.
The submission process on the draft Bills and explanatory materials will close on Friday, 10 March 2017.
