{"id":36987,"date":"2017-05-04T20:55:07","date_gmt":"2017-05-04T10:55:07","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=36987"},"modified":"2017-05-10T00:37:34","modified_gmt":"2017-05-09T14:37:34","slug":"asic-funding-arrangements-open-for-industry-feedback","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2017\/05\/04\/asic-funding-arrangements-open-for-industry-feedback\/","title":{"rendered":"ASIC Funding Arrangements Open for Industry Feedback"},"content":{"rendered":"

Advisers have been given only three weeks to make comments and submissions on the draft regulations which will dictate the operation of the industry funding model proposed for the Australian Securities and Investments Commission (ASIC).<\/p>\n

\"Minister<\/a>
Minister for Revenue and Financial Services, Kelly O’Dwyer<\/figcaption><\/figure>\n

Under the proposals, ASIC would collect around $1,000 per adviser per year to fund its operations.\u00a0Levies have been calculated by the level of regulatory costs associated with a sector of financial services divided by the population of that sector with estimates of $22 million being paid by the wider advice sector (see:\u00a0Proposed ASIC Funding Model Would Cost $1,000 Per Adviser<\/a>).<\/p>\n

The Financial Planning Association and Association of Financial Advisers have supported the funding model but have stated adviser levies should be reduced for those who have not breached financial services laws and in recognition of costs borne to improve levels of education and professionalism (see:\u00a0Reduced ASIC Levy Should Apply for Compliant Advisers<\/a>).<\/p>\n

“Industry funding for ASIC will ensure that regulatory costs are recovered from those entities that create the need for regulation”<\/h6>\n

In releasing the regulations the Minister for Revenue and Financial Services, Kelly O\u2019Dwyer<\/strong> said the funding model was \u201c\u2026a critical component of the Government\u2019s plan to improve consumer outcomes in the financial system\u201d.<\/p>\n

\u201cIndustry funding for ASIC will ensure that regulatory costs are recovered from those entities that create the need for regulation. This will make industry more accountable and by increasing transparency of ASIC\u2019s costs and activities make ASIC a stronger regulator,\u201d O\u2019Dwyer said.<\/p>\n

The model is expected to become operational in the second half of 2017 and submissions can be made at the Treasury website<\/a>\u00a0by 26 May.<\/p>\n","protected":false},"excerpt":{"rendered":"

Advisers have been given only three weeks to make comments and submissions on the draft regulations which will dictate the operation of the industry funding model proposed for the Australian Securities and Investments Commission (ASIC).<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":{"0":"post-36987","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-compliance-regulation"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/36987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=36987"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/36987\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=36987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=36987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=36987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}