Stakeholder engagement approach
This page outlines our stakeholder engagement on the industry funding model. It also outlines previous stakeholder engagement on industry funding levies and fees for service.
ASIC’s Cost recovery implementation statement (CRIS) is the primary mechanism through which our regulated population are made aware of estimated costs and levies for the relevant financial year, our work across subsectors, and other information relevant to ASIC’s industry funding model.
Between 2017–18 and 2021–22, we published a draft CRIS for consultation. Stakeholder feedback has indicated relatively low levels of engagement with the draft CRIS. Several factors contribute to this, including:
- the ex-post nature of the industry funding model. This means that levies are determined based on the regulatory effort ASIC has expended, and cannot be changed in response to stakeholder feedback, and
- stakeholders’ greater interest in matters outside of ASIC’s remit – for example, the design of the industry funding model (e.g. see Section P of the 2021–22 CRIS for feedback received on the 2021–22 CRIS).
As recommended by the 2023 industry funding model review, from 2022–23 ASIC will only publish a final CRIS each year, removing the annual consultation on a draft CRIS. Together with Treasury, we will undertake more substantive consultation every five years on the industry funding model. There will be an opportunity for stakeholders to make written submissions during the consultation and we will consider industry roundtables as needed.
The fees-for-service model will be reviewed every three years to ensure that the fees reflect efficient costs. The reviews will also involve public consultation on our fees.
Previous stakeholder engagement
Stakeholder consultation on industry funding levies
The Australian Government has previously undertaken extensive consultation to develop and refine the industry funding model. Treasury consulted on the development of the industry funding model in August 2015 and again in November 2016. Exposure draft legislation was released for public consultation in 2017. Treasury also conducted roundtable meetings with various stakeholder groups.
The Australian Government also conducted public consultation on the ASIC Supervisory Cost Recovery Regulations 2017 (Cost Recovery Levy Regulations) in May 2017, and again on amendments to the regulations in April 2018. In January 2019, the Government consulted on further amendments to the Cost Recovery Levy Regulations, including the introduction of a new subsector for entities subject to close and continuous monitoring for a period of two years: see the exposure draft of the Treasury Laws Amendment (ASIC Cost Recovery and Fees) Regulations 2019.
Stakeholder consultation on the fees-for-service model
The Australian Government also led the consultation with industry to refine and settle the fees-for-service model.
In August 2015, the Government released the consultation paper, Proposed industry funding model for the Australian Securities and Investments Commission. Treasury also held several stakeholder meetings and roundtables to refine aspects of the model. To address feedback received, the implementation of the fees-for-service proposal was delayed to allow time to refine the model by gathering further data to support the pricing of fees.
In November 2017, the Australian Government released the consultation paper, Introduction of Australian Securities and Investments Commission’s fees-for-service under the industry funding model. The consultation paper contained a revised model for fees for service, reflecting feedback from the previous consultation, including:
- the introduction of a tiered fee system for many activities, so that the amount of the fee more accurately reflects the complexity of the activity, and
- the removal of fees for novel relief applications, recognising the industry-wide benefits that often result from these activities.
In April 2018, the Australian Government consulted on the exposure draft legislation to implement fees for service. On 22 January 2019, the Government released the exposure draft of the Treasury Laws Amendment (ASIC Cost Recovery and Fees) Regulations 2019 for consultation.
2023 industry funding model review
On 8 August 2022, the Australian Government announced that Treasury will undertake a review of ASIC’s industry funding model in consultation with the Department of Finance and ASIC.
Treasury undertook public consultation between September and October 2022. Stakeholders had the opportunity to provide input into the review.
The final report was published on 26 June 2023. The report contains the final recommendations. It also summarises stakeholder feedback received during the review and how the feedback was considered in the final recommendations.