Govt seeks stakeholder views on ASIC funding model
The Federal Government is seeking stakeholder views on an industry funding model for the Australian Securities and Investments Commission (ASIC).
Assistant Treasurer, Josh Frydenberg, announced the release of the consultation paper this morning, as part of the Government's consideration of the findings of the Financial System Inquiry (FSI), which called for ASIC's regulatory activities to be funded by the industry.
Frydenberg said an industry funding model for ASIC would:
- ensure that the costs of the regulatory activities undertaken by ASIC are borne by those creating the need for regulation (rather than all taxpayers);
- establish price signals to drive economic efficiencies in the way resources are allocated in ASIC; and
- increase ASIC's accountability to its stakeholders.
"The Government is committed to broad consultation with the community on the potential introduction of industry funding for ASIC, before making any decision," he said.
"The Government's decision will also be informed by the findings of ASIC's Capability Review.
"I encourage all stakeholders who have an interest in the efficient operation of ASIC to participate in this consultation process."
The closing date for submissions is 9 October 2015.
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