Issue 667, 12 April 2018
In this issue:
- ASIC fees-for-service model: consultation
- Fee and cost disclosure: new ASIC webpage and updates for RG 97 review
ASIC fees-for-service model: consultation
Treasury has released exposure draft legislation and explanatory materials in relation to the ASIC fees-for-service model.
The fees-for-service model is phase two of the broader ASIC industry funding model. Phase one involves ASIC recovering the cost of certain regulatory activities through levies on its regulated entities, and is in effect from the current financial year (see ASFA Action issue 637).
Under the fees-for-service model, ASIC will recover the costs of regulatory activities that can be directly attributable to a single, identifiable entity. Treasury consulted on the methodology for the fees-for-service model in late 2017.
While the exposure draft legislation includes proposed fee amounts, actual fee amounts will only be finalised once ASIC has undertaken public consultation with respect to its Feesforservice Cost Recovery Implementation Statement (likely to be early in the second half of 2018).
The consultation package includes several exposure draft bills proposing amendments to legislation including the Superannuation Industry (Supervision) Act 1993. If you have any comments on issues you would like ASFA to consider including in our feedback to Treasury in relation to the exposure draft bills, please forward them to Andrew Craston by close of business Wednesday 18 April.
Treasury is also seeking comments on several exposure draft regulations, with a slightly longer consultation timeframe. If you have any comments on issues you would like ASFA to consider including in our feedback to Treasury in relation to the exposure draft bills, please forward them to Andrew Craston by close of business Wednesday 25 April.
Fee and cost disclosure: new ASIC webpage and updates for RG 97 review
ASIC has created a specific new page on its website about the external expert review of Regulatory Guide RG 97 on fee and cost disclosure, and has added some new information to the page.
Until recently, in order to keep the industry informed about the external expert review of RG 97, ASIC has published information about the review in the Fees and Costs disclosure section of its website.
ASIC has now created a specific new page on its website about the RG 97 review and has added some new information. This includes a more detailed timeline for the review, the issues raised during consultation with the industry and the next steps.
ASIC has indicated that it will update the page as it has more information to share regarding the external expert review.
ASFA REGULATORY WATCHLIST
ASFA’s Regulatory Watchlist (ARW) tracks developments in Legislation, inquiries, consultations
and other regulatory announcements relevant to superannuation.
