The introduction of industry funding and One ASIC are two significant and transformational changes for the Australian Securities and Investments Commission (ASIC).
That was the view of ASIC Chairman Greg Medcraft in early September when he released ASIC’s Corporate Plan for 2017–18 to 2020–21.
In June, new legislation was passed to introduce an industry funding model for ASIC from 1 July 2017.
Medcraft said this change would give ASIC greater certainty of funding. ‘It will enable business to better understand the job we do and the cost of doing that job. It will establish price signals to help drive economic efficiencies.’
ASIC notes in its latest Corporate Plan that after extensive industry consultation, the model for allocating costs for this funding has been finalised. ‘Regulated entities will pay a share of the costs related to the regulation of their subsector. The first invoices, which will be issued in January 2019, will reflect ASIC’s actual costs of regulating each subsector for the prior year (that is, 2017–18).’