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ASIC has welcomed the Government’s continued support for the introduction of an ASIC industry funding model and the release yesterday of the Proposals paper issued by Treasury on the proposed model.
ASIC Chairman Greg Medcraft commented:
ASIC has long believed that those who generate the need for ASIC’s regulation should pay for it, rather than the Australian public.
An industry funding model for ASIC is about establishing price signals to drive economic efficiencies in the way resources are allocated within ASIC.
Industry funding will also improve ASIC’s transparency and accountability. That means business will better understand the job we do by having greater visibility of the cost of doing that job.
ASIC has worked closely with Treasury in developing the refined model for further consultation. We look forward to continued engagement with those we regulate to see industry funding work well.
There are two papers that form part of the Government’s consultation:
- The proposals paper, providing an overview of how the industry funding framework could be applied. It outlines the proposed implementation and legislative framework, and details the engagement, transparency and accountability measures built into the model;
- The supplementary paper, providing details of ASIC’s costs of regulating each industry sector and the proposed metrics for how levies could be calculated for each sector.