On 16 December 2016, the AICD lodged a submission on the Proposed Industry Funding Model for the Australian Securities and Investments Commission.
In summary, the AICD supports the recommendations of the Independent Capability Review of ASIC to introduce an industry funding model. We question whether a portion of the funds earned by the ASIC registry functions should be applied to reduce the extent of industry contribution to ASIC regulatory activity costs. This would have the effect of limiting the costs ultimately passed onto consumers. Our submission identifies areas for improvement in regards to ensuring the model is simple, provides certainty and has sufficient accountability and stakeholder engagement opportunities. Further, we consider that the levy should be tax deductible.
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