The Federal Government has introduced legislation into Parliament to finalise industry funding of the Australian Securities and Investments Commission (ASIC).

The fees-for-service legislation covers charges for specific activities such as licence applications or variations.

Revenue and Financial Services Minister Kelly O’Dwyer says fees will reflect actual costs, replacing an arrangement in which a nominal fee was charged.

The change, effective from July, follows the introduction last year of cost recovery levies for the supervision of financial sectors regulated by ASIC.

“The industry funding model promotes equity, encourages greater regulatory compliance and enhances ASIC’s transparency and accountability,” Ms O’Dwyer said.

The Government will review the industry funding framework in three years.