ASIC has cancelled two Australian Financial Services Licences
("AFSLs"), for failing to pay industry funding levies.
They were more than twelve (12) months overdue.
Licensees must pay the full amount of the levy, including:
- the levy amount;
- any applicable late payment penalties; and
- any shortfall penalties related to the levy.
ASIC has the power to suspend or cancel an AFSL and/or
Australian Credit Licence ("ACL") under section
915B(3)(e) of the Corporations Act 2001 (Cth), if an entity fails
to pay the levy under the ASIC Supervisory Cost Recovery Levy Act
2017 and has failed to make full payment for at least 12 months
after the due date.
AFSL and ACL holders are required to submit their Industry
Funding Return (Business Activity Metrics) via the ASIC Regulatory
Portal to receive their levy invoice between January and March in
the following year.
