Businesses regulated by the Australian Securities and Investments Commission (ASIC) are being urged to submit relevant information in relation to new funding regulations.
This will include businesses in the automotive industry, like those in the finance and insurance sectors.
The obligation 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 says the deadline is approaching and all regulated entities must 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.
“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.”
A letter was sent from ASIC to each regulated company’s registered office address with instructions to complete the process. T
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.
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.
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.
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