Regulatory costs and levies
The Government’s industry funding arrangements for ASIC became law in 2017.
Each year, ASIC will issue levy invoices to recover most of its regulatory costs from regulated entities. Detailed information about how ASIC calculates levies is available in the ASIC cost recovery regulations.
The Government will publish legislative instruments each year setting out ASIC’s regulatory costs for the previous financial year and how they were allocated.
ASIC will publish its regulatory costs as part of an annual Cost Recovery Implementation Statement—or CRIS. The CRIS outlines ASIC's forecast regulatory costs and activities by subsector for each financial year and provides details on how ASIC allocated its costs in the previous year. The CRIS will also provide industry with indicative levies for the following year to help them plan.
A consultation version of the 2019-20 CRIS has been prepared on the basis of our planned regulatory work and budgeted allocation of costs at the beginning of the 2019–20 year:
Industry funding invoices to recover ASIC's FY 2018–19 regulatory costs will be issued in January 2020. Publications relating to ASIC’s FY 2018–19 regulatory costs:
- Summary of 2018-19 levies
- Cost Recovery Implementation Statement
- Annual dashboard report 2018-19
- ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2019/1160
- ASIC (Supervisory Cost Recovery Levy—Annual
Determination) Instrument 2019/1161
Industry funding invoices to recover ASIC's FY 2017–18 regulatory costs were issued in January 2019 and were due for payment 15 March 2019. Publications relating to ASIC’s FY 2017–18 regulatory costs:
- Cost Recovery Implementation Statement—2017–18
- Annual Dashboard Report
- Summary of 2017–18 levies
- ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2018/1062
- ASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2018/1063
ASIC publishes indicative levies to give those regulated under industry funding laws an indication of what actual levy costs to expect. The indicative levies each year will be our best estimate based on information available to us.
ASIC strives to proactively identify and mitigate harms to consumers, investors and markets and respond to challenges as they arise. Differences in actual allocations of costs will result from ASIC responses to regulated activity over any given year.
We cannot predict with certainty our enforcement activities in advance. Our budgeted costs represent our best estimate of enforcement costs during the year.
We cannot easily anticipate changes in enforcement activity throughout the year neither can we predict what costs will be awarded to ASIC by courts, or investigation costs we will be able to recover—both of which offset our enforcement costs.
The levies will fluctuate each year based on:
- the actual cost of ASIC's regulation of each subsector—which will vary as ASIC focuses its resources where they are needed most and will only be known at the end of each year
- the number of regulated entities in each subsector, and
- business activity metrics submitted by regulated entities between July and September.
Fees for service: part of industry funding
New industry funding laws that changed the way ASIC was funded took effect on 1 July 2017.
While around 90% of ASIC’s regulatory activities will be now be recovered in the form of industry funding levies, the remaining 10% will be recovered via fees for service.
More information about fees for service.