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ASIC funding model payment deadline looms

ASIC funding model payment deadline looms

The corporate regulator has urged licensees covered by the government’s laws for industry funding of ASIC’s costs to pay their invoice on time to avoid penalties.

Invoices to recover its FY 2017-18 regulatory costs were issued on 31 January 2019, either via the ASIC Regulatory Portal to those that registered, or via mail to the address registered with ASIC, according to a statement.

ASIC commissioner Cathie Armour said this was the first year of the new regime.

“Ensuring a fair, strong and efficient financial system for all Australians is our goal and is at the heart of all our regulatory activities,” Ms Armour said.

“We worked closely with industry to implement the new model to recover ASIC’s cost from industry. The due date for payment of invoices is a significant milestone in this inaugural year.

“We want people and firms to avoid penalties for late payment and encourage them to pay their invoice by 15 March 2019.”

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