Michael Sukkar (Deakin, Liberal Party, Assistant Minister to the Treasurer) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

The ASIC Supervisory Cost Recovery Levy (Consequential Amendments) Bill 2017 forms part of a package of bills to introduce an industry funding model for the Australian Securities and Investments Commission (ASIC).

To provide industry with confidence that ASIC is an efficient regulator, the bill requires ASIC to publish information on all of its regulatory costs for the previous financial year as soon as practicable after 31 October each year.

To provide industry with confidence that everyone is paying the appropriate amount, this bill empowers ASIC to take administrative actions against entities that have failed to pay their levy, late payment penalty or shortfall penalty within a year.

To simplify existing funding arrangements and ensure that no industry pays more than their regulatory costs, this bill also abolishes the existing market supervision cost recovery regime. From 1 July 2017, ASIC's costs in this sector will be recovered under the new industry funding model.

Full details of the measure and the ASIC industry funding model are contained in the explanatory memorandum for the ASIC Supervisory Cost Recovery Levy Bill 2017.

Debate adjourned.