ASIC calls on businesses to fulfil funding obligations
The Australian Securities and Investments Commission (ASIC) has called on businesses to submit some information out their operations before 27 September 2018, as part of new industry funding arrangements that became law in 2017.
The arrangements require organisations regulated by ASIC to contribute towards the associated regulatory costs incurred in the previous financial year.
To enable the calculation of invoices, organisations must submit or confirm pre-populated business activity metric data on the operation of their business from the previous financial year, which can be done via the new online ASIC Regulatory Portal, the regulator said.
ASIC Commissioner Cathie Armour said the deadline was approaching and said it was important for all regulated entities to complete the process or they may incur penalties.
“Complying with industry funding obligations is simple and we have set up an online process to make it straightforward,” she said.
“As this is the first year of an entirely new funding model for industry, our focus is on ensuring people know what they need to do in advance.”
ASIC said it has published an instructional video that shows businesses how to complete the whole process, as well as a checklist which provides a summary of the “business activity metrics” organisations need to submit.
Most small proprietary companies, or the majority of Australia's approximately 2.4 million registered companies, will not need to visit the portal to submit or validate business activity metrics, ASIC said.
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