Kelly O'Dwyer (Higgins, Liberal Party, Minister for Revenue and Financial Services) Share this | Hansard source

I move:

That this bill be now read a second time.

This bill delivers on the government's commitment that the Australian Securities and Investments Commission's costs for specific regulatory activities requested by an entity should be fully recovered from that entity.

To give effect to the government's commitment, this bill amends the Credit Fees Act to state that the National Consumer Credit Protection (Fees) Regulation 2010 may allow for a particular chargeable matter, different fees based on the type of entity.

This amendment will allow ASIC to better align its fees with the costs ASIC incurs when providing regulatory services to a specific entity—such as processing a licence or registration application—provided that the fee directly represents the efficient costs of providing the regulatory activity or service.

Further complementary amendments are given effect and described in the Corporations (Fees) Amendment (ASIC Fees) Bill 2018; the Superannuation Auditor Registration Imposition Amendment (ASIC Fees) Bill 2018; and the Superannuation Industry (Supervision) Amendment (ASIC Fees) Bill 2018.

The Legislative and Governance Forum on Corporations has been notified in relation to this bill as required under the Corporations Agreement 2002.

Full details of the measure are contained in the explanatory memorandum.

Debate adjourned.

See this speech in context