The Australian Securities & Investments Commission (ASIC) has published its regulatory costs for 2017-18.
The cost of ASIC’s funding for each industry sector will be met by the relevant industry sector which it regulates including corporations, auditors and liquidators, credit providers and intermediaries (licensees), the investment management, superannuation, market infrastructure and market intermediaries sectors, and the financial services and insurance sectors.
ASIC’s cost for the credit sector include $24.124m for credit providers (that is, lenders) that will be levied $2,000 plus $0.39 for every $10,000 of credit provided above $100 million. The 5,124 licensed credit intermediaries will be levied a total of $5.740m, which equates to $1,000 for each licensee plus $16.48 per credit representative appointed by that licensee and registered on ASIC’s Professional Register. This is a substantial reduction on the intermediary licensee’s anticipated levy.
A credit licensee that also holds a financial services licence will face a levy for the activity in both sectors. Insurance product distributors will be levied $310. Directors of small companies are likely to face a small increase of $4 to their company’s Annual Review Fee.
Invoices should be expected in early 2019. ASIC has also advised that it will issue invoices to those that did not meet their legal obligations to register and submit details via its Regulatory Portal.
Read more here.