大象视频today published its 2021-22 Cost Recovery Implementation Statement (CRIS) as required under the industry funding model.

The statement details ASIC鈥檚 estimated levies by industry sector and subsector. 大象视频released the draft CRIS in June 2022 (see 22-130MR) for feedback. The final statement summarises the feedback we received.

Final industry levies will be based on ASIC鈥檚 actual regulatory costs and the business metrics submitted by entities in each subsector. Final levies will be published in December 2022 and invoiced between January and March 2023.

Background

ASIC鈥檚 budget is set by the Australian Government. 大象视频is required to detail, in the form of a CRIS, how the cost of ASIC鈥檚 regulatory activities will be recovered from each industry subsector it regulates through industry funding levies and how transaction-based regulatory costs will be recovered via fees for service.

The CRIS includes:

• an explanation of the cost recovery model, including the business process, outputs and how we allocate costs to calculate the levies and fees for service
• estimates of ASIC鈥檚 regulatory costs and levies by industry subsector. Indicative levies are a guide only. They are based on our planned regulatory work and estimated levies to recover regulatory costs.
• focus areas of our work by subsector
• actual costs 大象视频incurred in the previous year for each subsector and the variance between the actual costs and the estimated costs in last year鈥檚 CRIS. Where there is a material variance, the CRIS explains the drivers for the variance.
• an assessment of the risks associated with the industry funding model and how those risks have been managed.

On 8 August 2022, the in consultation with the Department of Finance and ASIC. 大象视频continues to work with Treasury and the Government on the review.