Scott Morrison (Cook, Liberal Party, Treasurer) Share this | Hansard source

I move:

That this bill be now read a second time.

The ASIC Supervisory Cost Recovery Levy Amendment Bill 2017 forms part of a package of bills to reform the regulation of financial benchmarks.

In 2016 the government committed to recover the Australian Securities and Investments Commission's regulatory costs from those entities that create the need for regulation rather than ordinary taxpayers. This is part of the government's commitment to responsibly balancing the budget.

This bill, consistent with this commitment, ensures that licensed benchmark administrators and benchmark administrators that are required to hold a licence but fail to obtain one are required to pay an annual supervisory levy equal to their regulatory costs under ASIC's industry funding model.

Full details of the measure and the government's reforms to the regulation of financial benchmarks are contained in the explanatory memorandum for the Corporations Amendment (Financial Benchmarks) Bill 2017.

Debate adjourned.

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