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28 April 2017
The Financial Planning Association (FPA) has attacked a “lack of transparency” in proposed legislation covering funding for the Australian Securities and Investments Commission (ASIC).
In a submission to Treasury, it says the draft bills need more detail.
“These create shell legislation, where the content of the obligations to be imposed on industry is made by delegated powers,” the submission says.
“This creates enormous uncertainty for industry when there is the potential for significant cost to be levied from businesses based on presently unknown metrics.
“The FPA has grave concerns at the lack of transparency being created with the consultation process Treasury is undertaking.”
It is unhappy at a lack of information on cost-recovery methodology, how businesses can determine which levies will apply to them, and who is required to pay for ASIC activities.
“It is important to remember many entities may be forced to pass on the increasing regulatory costs posed by the new ASIC funding levy and other government charges to consumers,” the submission says. “Including more detail in the legislation to put the structure of the funding model in place will provide certainty and stability for industry.”
The FPA wants the legislation to include criteria “for the funding model based on the measurable risks the regulated entities pose to consumers”.
It is also concerned that no ASIC accountability measures have been released with the draft bills. It notes the proposed legislation requires the commission to produce only an annual dashboard report about its regulatory costs.
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