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Organisations regulated by ASIC are required to update their business metrics on the ASIC Regulatory Portal before 27 September, as funding reforms are rolled out.
Specifically, ASIC requires operational details from each organisation from the previous financial year, including:
The changes are the first step in the introduction of two new levies, flat and graduated, which will see the regulator funded by the finance industry for the first time.
The flat levy will see the cost of regulating an industry subsector shared equally among the entities operating in that subsector. The graduated levy will see the entity's size or level of business activity determining their share of that industry subsector’s regulatory costs.
Following the data collection, the first invoice is due to be sent by January 2019.
Changes to how the regulator will be funded became law on 1 July, 2017. As a result, entities that are regulated by ASIC are required to pay the cost of regulation.
Qualifying companies will have received a letter, which contains their industry funding security key, details of their responsibilities and instructions on how to register on the portal.
Companies that have not yet received a letter, can contact ASIC via its website.
For more information on the move to Industry Funding go to www.asic.gov.au/industry-funding, and to register and log on to the new ASIC regulatory Portal go to regulatoryportal.asic.gov.au.
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