Time to act for all ASIC-Regulated Organisations Required to Submit Information for Industry Funding

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ASIC

Time to act for all ASIC-Regulated Organisations Required to Submit Information for Industry Funding

August 26, 2018

ASICIf you are an organisation regulated by ASIC you may be required to submit some information to ASIC on the operation of your business for Industry Funding before 27 September 2018.

This obligation industry is part of new industry funding arrangements that became law in 2017, requiring organisations regulated by ASIC to contribute toward the associated regulatory costs incurred in the previous financial year.

To enable ASIC to calculate invoices, organisations must submit or confirm pre-populated business activity metric data on the operation of their business from the previous financial year.  This will be done via the new online ASIC Regulatory Portal.

ASIC Commissioner Cathie Armour said the deadline was approaching and said it was important for all regulated entities to complete the process or they may incur penalties.

‘Complying with industry funding obligations is simple and we have set up an online process to make it straightforward,’ she said. ‘As this is the first year of an entirely new funding model for industry, our focus is on ensuring people know what they need to do in advance.’

Instructions have already been sent out

A letter was sent from ASIC to each regulated company’s registered office address with instructions to complete the process. The letter included a unique industry funding security key which is to be used to launch an online form. ASIC’s website has related information if entities did not receive their letters or might otherwise require assistance with their security key.

“How to” video on submitting your business activity metrics

ASIC has published an instructional video that shows entities how to complete the whole process – from using the unique industry funding security key to register and log into the ASIC Regulatory Portal, to submitting some information on the operation of a business in the previous financial year. There is also a checklist which provides a summary of the ‘business activity metrics’ organisations need to submit to ASIC.

Most small proprietary companies not required to submit data

Most small proprietary companies – the majority of Australia’s approximately 2.4 million registered companies – will not need to visit the portal to submit or validate business activity metrics. Instead, they will pay an additional $4 on top of their annual review fee. This simple fee increase was designed to reduce the reporting burden on small proprietary companies.

Registered charities also not required to submit data

The Government will absorb ASIC’s costs of regulating registered charities and they are therefore not required to visit the portal to submit business activity metrics. 

‘Thank you to the thousands of people who have already taken the time to complete their submissions – we look forward to receiving the remaining outstanding submissions by 27 September,’ Commissioner Armour said.

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