On 9 October 2015, the AICD lodged a submission in response to Federal Treasury’s Consultation Paper, Proposed Industry Funding Model for the Australian Securities and Investments Commission.
In summary, our comments were as follows:
- The AICD supports a funding model that ensures that regulator is well funded and has the necessary financial resources to perform its regulatory and oversight role in the capital markets
- The AICD is of the view that once the funding model has been determined, additional processes may be required to ensure ASIC manages its costs in a transparent way
- The AICD proposes that a longer transition period be considered to enable ASIC to monitor for any unintended consequences of the changes.
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