Industry funding — fees for service
The government introduced the second phase of the ASIC industry funding model — fees-for-service into Parliament at the end of May 2018. The fees-for-services relate to fees ASIC charges for specific activities, including licence applications or variations and applications for registration. Fees associated with registry activities are excluded from the scope of this model. Historically, these services and activities only attracted a nominal fee, however under the new regime, the fees will reflect ASIC's actual costs. This is the final aspect of the ASIC Industry Funding Model and will commence from 1 July 2018. There are several ‘accountability’ measures included in the framework including ASIC’s periodic review in setting fee amounts by involving a public consultation process and the inclusion of industry funding on the agenda of ASIX’s external committees and panels for consideration. The government will review the industry funding model accountability framework in three years.