ASIC today issued its 2023-24 Cost Recovery Implementation Statement (CRIS). The CRIS outlines estimated regulatory costs and levies for each industry subsector to help entities plan and budget for levies and fees to be charged.
ASIC publishes this statement each year to provide information on how it implements its industry funding model, introduced by the Australian Government in 2017.
The statement’s figures are a guide only. Final levies are published in December 2024 and invoiced between January and March 2025.
Background
Regulated entities receive an invoice each year for ASIC’s regulatory services under laws introduced by the Australian Government on the back of recommendations from the Financial System Inquiry.
The levies organisations pay reflect ASIC’s costs of regulating the subsectors they operate in.
Each year ASIC details how its costs will be recovered from each regulated subsector through industry funding levies and via fees for service.
ASIC’s industry funding model ensures that costs of regulatory activities are borne by the entities ASIC regulates, rather than Australian taxpayers.
For more information, see:
How the government’s industry funding model for ASIC works
The 2023-24 cost recovery implementation statement, which includes a summary of estimated costs and levies for industry sectors and subsectors, plus a detailed breakdown of estimated costs and focus areas for each subsector.
To address recommendations outlined in the 2023 Review of ASIC’s Industry Funding Model, ASIC and Treasury have a five-yearly consultation process with industry to examine policy settings within the industry funding model.
