From 1 July 2017, ASIC's regulatory costs will be recovered
from Australian companies and other "leviable entities"
across all industry sectors regulated by the Australian Securities
and Investments Commission (ASIC) under an
industry funding model (Industry Funding Model).
On 22 February 2017, the exposure draft legislation (and
explanatory materials) (Proposed Legislation) to
establish the framework for the Industry Funding Model was released
for public submissions.
The Industry Funding Model was announced by the Federal
Government on 20 April 2016, following the final report of the
Government's Financial System Inquiry (Inquiry) on 7 December
2014 that both consumers and the industry have little understanding
of the cost associated with facilitating ASIC's supervisory
role and as a flow on effect, ASIC has limited accountability.
