Yesterday, the Australian Securities and Investments Commission (ASIC) published their 2017-2018 regulatory costs which amount to $236.6 million.
Earlier this year, the regulator had been reminding businesses to complete their registration process through the ASIC Regulatory Portal. The submitted business activity metrics will be used to calculate the regulated entities share in regulatory costs.
This industry funding levy was one of the key recommendations in the from the Murray Financial Inquiry in 2014, which then became law in 2017. ASIC-regulated entities can expect their first invoices early.
Earlier this year, the regulator and published an indicative cost but the ASIC Commissioner Cathie Amour said in the statement that these are now the actual regulatory costs to the regulator.
“Our goal to is ensuring a fair, strong and efficient financial system for all Australians and lies at the heart of all our regulatory activities. We have been working in this industry to implement the new model and making public the cost or our regulation marks a significant milestone in this process,” the ASIC commissioner said.
This announcement comes just a week after the ASIC chairman James Shipton admitted in the Royal Commission that there needs to be some improvements on how they measure their enforcement activities.
ASIC had been criticised during the Royal Commission for their use of the court enforceable undertakings.
One of the challenges facing the regulator in the past has been resourcing, but this levy model coupled with more funding from the Australian government means that the regulator will be able to take more action.