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.
Invoices to recover ASIC’s regulatory costs for 2019-20 will be issued in January 2021.
ASIC auditing general/personal advice divide
ASIC is deliberating on how to treat advice in its new role as the primary condu...
BetaShares launches India ETF to market
Fund manager BetaShares has launched a new ETF that will give investors access t...
Annuities added to HUB24 platform
Advisers will be able to access a new set of annuities through the HUB24 platfor...