Deadline warning for AFSLs seeking to cut industry levy

The corporate regulator has reminded AFSLs and ACLs to factor in the time it may take them to assess applications to cancel or vary their licence as part of any measures to reduce the industry levy they are charged for the 2019-20 financial year.

ASIC commissioner Danielle Press said it has a licensing service charter that aims to assess 70 per cent of all complete applications within 150 days of lodgement and 90 per cent within 240 days.

The application must include all mandatory supporting documentation and information.

“We expect licensees to have considered ASIC’s service charter time frames – particularly when applying to cancel or vary the conditions of their licence in light of ASIC industry funding,” Ms Press said.

“How many we can ultimately assess is subject to the number of applications we may receive, the completeness of the application, and whether or not ASIC has any regulatory concerns related to the application.”

Licensees with authorisations that are current on 1 July 2019 are liable to pay various types of industry funding levies related to the 2019-20 financial year depending on the authorisations and conditions of the licence, ASIC said.

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Invoices to recover ASIC’s regulatory costs for 2019-20 will be issued in January 2021.

Deadline warning for AFSLs seeking to cut industry levy
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Adrian Flores

Adrian Flores

Adrian Flores is a features editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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