ASIC welcomes the release by Treasury of a consultation paper proposing changes to fees-for-service.
While around 90% of ASIC’s regulatory activities will be now be recovered as part of the Government’s industry funding arrangements, the remaining 10% will be recovered via fees-for-service.
Fees-for-service recover the regulatory costs attributable to a single, identifiable entity. They apply to:
- licencing and professional registration services
- processing of relief applications, and
- ASIC’s formal compliance review of documents lodged by entities under the Corporations Act.
ASIC Commissioner John Price said, ‘The current fees for these activities do not reflect their actual cost and the Government is seeking input from industry on changes to address this.’