The corporate regulator has reminded brokers to submit their industry funding invoices prior to the due date to avoid penalty fees.
The Australian Securities and Investments Commission (ASIC) has informed brokers that payment of industry funding invoices is due by 15 March 2019, with penalties set to apply for payment after this date – calculated at 20 per cent per annum of the overdue amount.
ASIC noted that it issued invoices on 31 January 2019 via the ASIC Regulatory Portal, or via mail to the registered company address.
The federal government’s industry funding arrangements for ASIC became law in 2017, with 2019 the first year of its implementation, which involves the recovery of regulatory costs from regulated industries.
Industry funding was a key recommendation in the 2014 Murray Financial System Inquiry, with the development of the model involving engagement from industry sectors throughout the government’s consultation process.
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