ASIC today published its Cost Recovery Implementation Statement (CRIS) for 2022-23. The statement details ASIC’s estimated levies by industry subsector.
Estimated levies are a guide only. Final levies will be based on ASIC’s actual cost of regulating each subsector and the business metrics submitted by entities. Final levies will be published in December 2023 and invoiced between January and March 2024.
Background
ASIC’s budget is set by the Australian Government. ASIC is required to detail how its costs will be recovered from each regulated subsector through industry funding levies and how transaction-based activities will be recovered via fees for service. The CRIS includes:
- an explanation of the industry funding model (IFM), including how we allocate costs to calculate the levies and fees for service
- a summary of our estimated levies by industry subsector
- detailed breakdown of our estimated costs and focus areas of our work by sector and subsector.
To address recommendations outlined in the Australian Government’s ASIC’s IFM review report, ASIC and Treasury will establish a five-yearly consultation process with industry to examine the policy settings of the IFM. This will replace the annual consultation CRIS that ASIC previously released prior to the final CRIS.
View Cost Recovery Implementation Statement 2022-23
