Commonwealth of Australia Explanatory Memoranda Commonwealth of Australia Explanatory Memoranda[Index] [Search] [Download] [Bill] [Help]
2016-2017-2018
THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA
HOUSE OF REPRESENTATIVES
CORPORATIONS (FEES) AMENDMENT (ASIC FEES) BILL 2018
NATIONAL CONSUMER CREDIT PROTECTION (FEES) AMENDMENT (ASIC
FEES) BILL 2018
SUPERANNUATION AUDITOR REGISTRATION IMPOSITION AMENDMENT
(ASIC FEES) BILL 2018
SUPERANNUATION INDUSTRY (SUPERVISION) AMENDMENT (ASIC FEES)
BILL 2018
EXPLANATORY MEMORANDUM
(Circulated by authority of the
Minister for Revenue and Financial Services, Minister for Women and Minister
Assisting the Prime Minister for the Public Service the Hon Kelly O'Dwyer MP)
Table of contents
Glossary................................................................................................. 1
General outline and financial impact ...................................................... 3
Chapter 1 ASIC Fees ................................................................... 5
Chapter 2 Statement of Compatibility with Human Rights .......... 15
Glossary
The following abbreviations and acronyms are used throughout this
explanatory memorandum.
Abbreviation Definition
ASIC Australian Securities and Investments
Commission
ASIC Fees Bill Corporations (Fees) Amendment (ASIC
Fees) Bill 2018
ASIC Superannuation Auditor Superannuation Auditor Registration
Registration Bill Imposition Amendment (ASIC Fees) Bill
2018
Credit ASIC Fees Bill National Consumer Credit Protection (Fees)
Amendment (ASIC Fees) Bill 2018
Credit Fees Act National Consumer Credit Protection (Fees)
Act 2009
Credit Fees Regulations National Consumer Credit Protection
(Fees) Regulations 2010
Fees Act Corporations (Fees) Act 2001
Fees Regulations Corporations (Fees) Regulations 2001
FSI Financial System Inquiry
SIS Act Superannuation Industry (Supervision) Act
1993
SIS ASIC Fees Bill Superannuation Industry (Supervision)
Amendment (ASIC Fees) Bill 2018
SMSF Self-managed Superannuation fund
Superannuation Auditor Superannuation Auditor Registration
Registration Regulations Imposition Regulation 2012
1
General outline and financial impact
Amendments relating to ASIC fees
The ASIC Fees Bill, the Credit ASIC Fees Bill, the ASIC Superannuation
Auditor Registration Bill and the SIS ASIC Fees Bill amend the
Corporations (Fees) Act 2001, National Consumer Credit Protection
(Fees) Act 2009, Superannuation Auditor Registration Imposition Act
2012 and the Superannuation Industry (Supervision) Act 1993 to allow
ASIC to better align its fees, by enabling ASIC to charge a cost reflective
fee for the services it provides for a specific entity.
Date of effect: The day after Royal Assent.
Proposal announced: The ASIC Fees Bill, the Credit ASIC Fees Bill, the
ASIC Superannuation Auditor Imposition Bill and the SIS ASIC Fees Bill
implement the second and final phase of the Industry Funding Model for
ASIC, fulfilling the Government's commitment to implement
recommendation 29 of the Financial System Inquiry announced on 20
April 2016.
Financial impact: These bills, in conjunction with the ASIC Supervisory
Cost Recovery Levy Act 2017, the ASIC Supervisory Cost Recovery Levy
(Collection) Act 2017 and the ASIC Supervisory Cost Recovery Levy
(Consequential Amendments) Act 2017, will improve the underlying cash
balance by $308.7 million over the forward estimates.
2017-18 2018-19 2019-20 2020-21 Total
Net
impact on -46.0 138.2 102.0 114.5 308.7
UCB
Human rights implications: The ASIC Fees Bill, the Credit ASIC Fees
Bill, the ASIC Superannuation Auditor Registration Bill and the SIS
ASIC Fees Bill do not raise any human rights issue. See Statement of
Compatibility with Human Rights -- Chapter 2, paragraphs 2.1 to 2.4.
Compliance cost impact: The compliance cost impact of the industry
funding model and additional accountability mechanisms for ASIC is an
estimated $8.8 million per annum.
3
Corporations (Fees) Amendment (ASIC Fees) Bill 2018 and associated Bills
Summary of regulation impact statement
Regulation impact on business
Impact: An estimated increase of $8.8 million in compliance costs per
annum for the industry funding model and additional accountability
mechanisms.
Main points:
The introduction of an industry funding model and additional
accountability mechanisms for ASIC will:
• promote equity as the recipients of a government activity
bear its costs;
• improve the efficiency, productivity and responsiveness of
government activities and accountability for those activities
• increase cost consciousness for all stakeholders by raising
awareness of how much a government activity costs;
• allow ASIC to better predict, monitor, and respond to market
risks, improving outcomes for consumers; and
• allow for the redirection of hundreds of millions of taxpayer
dollars towards activities that benefit a broader suite of
taxpayers.
While the regulatory burden of an industry funding model and additional
accountability mechanisms for ASIC is an estimated $8.8 million per
annum, this is small relative to industry funding's benefits and will
decline over time as processes to support additional data collection
requirements become 'business as usual'.
4
Chapter 1
ASIC Fees
Outline of chapter
1.1 This chapter explains the amendments in the ASIC Fees Bill, the
Credit ASIC Fees Bill, the ASIC Superannuation Auditor Registration Bill
and the SIS ASIC Fees Bill to allow ASIC to better align its fees, by
enabling ASIC to charge a cost reflective fee for the services it provides
for a specific entity.
Context of amendments
1.2 On 20 April 2016, the Government accepted recommendation 29
of the Financial System Inquiry to introduce an industry funding model
for ASIC.
1.3 The industry funding model's introduction will have significant
benefits, including: improving equity, as only those entities that are
regulated by ASIC and create the need for regulation will bear its costs,
rather than ordinary taxpayers; encouraging regulatory compliance as
good conduct will reduce supervisory levies; improving ASIC's resource
allocation, by providing ASIC with richer data to better identify emerging
risks' and enhancing ASIC's transparency and accountability.
1.4 On 1 July 2017, the first phase of the ASIC industry funding
model commenced with the introduction of industry levies to recover the
costs of ASIC's regulatory activities.
1.5 The Government has committed that ASIC's costs for specific
regulatory activities requested by an entity should be fully recovered from
that entity. This is referred to as 'fees-for-service' and is the second and
final phase of the ASIC industry funding model.
1.6 The current fees charged for the services and activities ASIC
provides is not a true reflection of the actual costs incurred by ASIC.
Historically, these services and activities have only attracted a nominal
fee. As a result, any difference between the fee an entity pays and the
actual costs incurred by ASIC is subsidised by taxpayers.
1.7 ASIC's regulatory services primarily benefit the requesting
entities, and as such the fees associated with the regulatory services will
be cost recovered. The regulatory activities ASIC provides will no longer
be taxpayer funded.
5
Corporations (Fees) Amendment (ASIC Fees) Bill 2018 and associated Bills
1.8 Fees will be paid by entities for ASIC's demand-driven services,
such as processing a licence or registration application, provided that the
fee directly represents the efficient costs of providing the regulatory
activity or service.
1.9 The fees attached to ASIC forms relating to updating an ASIC
registry database are not in scope for industry funding and will not be
recovered under this model. The fees for lodging these forms will
continue to be set separately.
1.10 Specific fee-for-service activities and sectors affected by these
amendments are:
Activity Affected subsectors
Companies (all sub-sectors)
Document compliance reviews (such as
prospectuses, compliance documents) Australian Financial Services (AFS)
Licensees (all sub-sectors)
Australian Credit Licensees (all
sub-sectors)
Licence applications or variations AFS Licensees (all sub-sectors)
Market infrastructure providers (all
sub-sectors)
AFS Licensees - Managed investment
Applications for registration schemes
Liquidators (all sub-sectors)
Requests for changes to market Market infrastructure providers (all
integrity rules or procedures sub-sectors)
Applications for relief All sectors and sub-sectors
1.11 These fee-for-service activities amounts will be reviewed every
three years and will involve a public consultation process utilising a cost
recovery implementation statement.
1.12 In addition, ASIC will include industry funding on the agenda of
their external committees and panels for consideration, with a particular
focus on seeking feedback during the annual cost recovery
implementation statement consultation process.
Summary of new law
1.13 Schedule 1 to the ASIC Fees Bill:
6
ASIC Fees
• increases the caps to allow ASIC to recover the costs ASIC
incurs when providing regulatory services;
• expands the definition of chargeable matter and prescribes
who is liable to pay and when the liability is incurred;
• provides that the Fees Regulations may prescribe for a
particular chargeable matter, whether the fee is for low,
medium or high complexity;
• provides that the Fees Regulations may prescribe for a
particular chargeable matter, different fees based on the type
of entity;
• provides that ASIC can determine by legislative instrument
whether a type of application for a particular regulatory
service is low, medium or high complexity; and
• allows regulations to be made for the purposes of the Act.
1.14 Schedule 1 to the Credit ASIC Fees Bill:
• provides that the Credit Fees Regulations may prescribe for a
particular chargeable matter, different fees based on the type
of entity.
1.15 Schedule 1 to the ASIC Superannuation Auditor Registration
Bill:
• increases the cap to allow ASIC to recover more closely the
costs ASIC incurs when providing regulatory services in
relation to SMSF auditors.
1.16 Schedule 1 to the SIS ASIC Fees Bill:
• provides ASIC can charge additional fees in relation to an
application to vary or revoke the conditions or cancel the
registration of an approved SMSF auditor.
Comparison of key features of new law and current law
New law Current law
Corporations (Fees) Act 2001
The Fees Regulations may prescribe a The Fees Regulations may prescribe a
fee for a chargeable matter by fee for a chargeable matter by
specifying an amount; however the specifying an amount; however the
specified amount may not exceed specified amount may not exceed
$200,000. $10,000.
7
Corporations (Fees) Amendment (ASIC Fees) Bill 2018 and associated Bills
New law Current law
The fee or sum of fees for a The fee or sum of fees for a
chargeable matter may not exceed chargeable matter may not exceed
$300,000, except for services in $50,000, except for services in
relation to a market licensee and relation to a market licensee and
dealing with potential conflict. dealing with potential conflict.
The total fee may in relation to a The total fee in relation to a market
market licensee and dealing with licensee and dealing with potential
potential conflict may not exceed conflict may not exceed $100,000 in
$300,000 in a 12 month period. a 12 month period.
The Fees Regulations may prescribe No equivalent
for a particular chargeable matter,
whether the fee is for low, medium or
high complexity.
The Fees Regulations may prescribe
for a chargeable matter a different fee
for different entity types.
ASIC may by legislative instrument No equivalent
determine whether a type of
application for a particular regulatory
service that is to be charged is
considered low, medium or high
complexity.
The definition of chargeable matter The definition of chargeable matter
has been expanded to include things includes things done under the
done under the Life Insurance Act Corporations Act by ASIC and
1995, the Insurance Act 1973 and the prescribes for all chargeable matters,
SIS Act by ASIC and prescribes who who is liable to pay and when the
is liable to pay and when the liability liability is incurred.
is incurred.
In addition to the current law, the The Governor-General may make
Governor-General may make regulations for the purposes of
regulations for the purposes of sections 5, 5A and 6 of the Fees Act.
section 7 of the Fees Act.
National Consumer Credit Protection (Fees) Act 2009
The Credit Fees Regulations may No equivalent
prescribe for a chargeable matter a
different fee for different entity types.
Superannuation Auditor Registration Imposition Act 2012
The Superannuation Auditor The Superannuation Auditor
Registration Regulations may Registration Regulations may
prescribe a fee by specifying an prescribe a fee by specifying an
amount; however the specified amount; however the specified
amount may not exceed $3,000. amount may not exceed $1,000.
8
ASIC Fees
New law Current law
Superannuation Industry Supervision Act 1993
In addition to the current law, ASIC ASIC may recover costs in relation to
may recover costs in relation to an an application for registration to be an
application to vary or revoke the approved SMSF auditor.
conditions or cancel the registration
of an approved SMSF auditor.
Detailed explanation of new law
1.17 The ASIC Fees Bill and the ASIC Superannuation Auditor
Registration Bill amend the Fees Act and the Superannuation Auditor
Registration Imposition Act 2012 to allow the caps to increase to allow
ASIC to better align its fees to allow cost recovery of the costs ASIC
incurs when providing regulatory services to a particular entity.
1.18 The ASIC Fees Bill and the Credit ASIC Fees Bill amend the
Fees Act and the Credit Fees Act to allow that the Fees Regulations and
the Credit Fees Regulations may prescribe, for a chargeable matter, a
different fee for different entity types. The ASIC Fees Bill also amends
the Fees Act to provide that the Fees Regulations may prescribe, for a
chargeable matter, whether the fee is for low, medium or high complexity.
1.19 The ASIC Fees Bill amends the Fees Act to enable a legislative
instrument power to allow ASIC to determine the criteria for whether a
type of application for a particular regulatory service that is to be charged
is low, medium or high complexity. In the event that the legislative
instrument is not made, the default fee will be the lowest fee in that
category.
1.20 The ASIC Fees Bill also amends the Fees Act to expand the
definition of chargeable matter to include things done under the Life
Insurance Act 1995, the Insurance Act 1973 and the SIS Act and also to
provide who is liable to pay and when the liability is incurred for those
new chargeable matters. The ASIC Fees Bill also amends the Fees Act to
prescribe that regulations can be made for the purposes of section 7 of the
Fees Act.
1.21 Schedule 1 to the SIS ASIC Fees Bill amends the SIS Act to
allow ASIC to recover costs in relation to an application to vary or revoke
the conditions or cancel the registration of an approved SMSF auditor.
Amendments to the Caps
1.22 When ASIC provides a regulatory service to a requesting entity
for chargeable matters, such as reviewing the lodgement or registration of
a document for the purposes of the Corporations Act, there is a fee
9
Corporations (Fees) Amendment (ASIC Fees) Bill 2018 and associated Bills
associated with the service. For example there is a fee associated with
lodging an Australian financial services licence (AFSL) application. The
majority of the fees are imposed under the Fees Act and specified in the
Fees Regulations. The fees prescribed in the Fees Regulations will closely
reflect the actual costs ASIC incurs when providing regulatory services.
1.23 The Fees Act specifies that the Fees Regulations may prescribe a
fee for a chargeable matter by specifying an amount; however the
specified amount may not exceed a certain limit:
• The $10,000 cap will increase to $200,000;
• the $50,000 cap will increase to $300,000; and
• the $100,000 cap will increase to $300,000.
1.24 The $10,000 cap will increase to $200,000 to allow ASIC to
better align its fees to ensure cost recovery of the costs ASIC incurs when
providing regulatory services. The new cap will ensure ASIC's regulatory
services are cost recovered by the requesting entity and that the specified
amount for a chargeable matter will not exceed the $200,000 cap. [ASIC
Fees Bill, Schedule 1, item 7, paragraph 6(1)(a) of the Fees Act]
1.25 The $50,000 cap will increase to $300,000, to allow ASIC to
better align its fees to ensure cost recovery of the costs ASIC incurs when
providing regulatory services. The new cap will ensure ASIC's regulatory
services are cost recovered by the requesting entity and that the fee or sum
of fees for a chargeable matter will not exceed the $300,000 cap. [ASIC
Fees Bill, Schedule 1, item 8, subsection 6(3) of the Fees Act]
1.26 The $100,000 cap will increase to $300,000, to allow ASIC to
better align its fees to ensure cost recovery of the costs ASIC incurs when
providing regulatory services. The new cap will ensure ASIC's regulatory
services are cost recovered by the requesting entity and that the fee or
total of the fees for chargeable matters in relation to market licenses will
not exceed the $300,000 cap in a 12 month period. [ASIC Fees Bill, Schedule
1, item 9, subsections 6(4) and 6(5) of the Fees Act]
1.27 Fees relating to credit activities are imposed under the Credit
Fees Act and specified in the Credit Fees Regulations. No amendments
are required to the cap in the Credit Fees Act, as the updated fees will not
exceed the current cap limits.
1.28 Fees relating to auditors of SMSF fees are imposed under the
Superannuation Auditor Registration Imposition Act 2012 and specified in
the Superannuation Auditor Registration Regulations:
• The $1,000 cap will increase to $3,000.
1.29 The $1,000 cap will increase to $3,000 to allow ASIC to better
align its fees to ensure cost recovery of the costs ASIC incurs when
providing their regulatory services, for example in relation to applications
10
ASIC Fees
to be a SMSF auditor. [ASIC Superannuation Auditor Registration Bill, Schedule
1, item 1, paragraphs 4(2)(a) and (b) of the Superannuation Auditor Registration
Imposition Act 2012]
1.30 The increase of the caps and the cumulative caps in the Fees Act
and Superannuation Auditor Registration Imposition Act 2012 will allow
the fees in the Fees Regulations and Superannuation Auditor Registration
Regulations to increase to closely reflect the costs ASIC incurs when
providing regulatory services. This ensures the costs are borne by the
requesting entity and not funded by taxpayers. Regulatory activities are
for the benefit of the requesting entity and as such will be cost recovered.
Amendments to provide the Fees Regulations and the Credit Fees
Regulations may differentiate fees
1.31 The Fees Regulations may provide whether a chargeable matter
is of low, medium or high complexity. Certain chargeable matters will
have a different fee, based on the complexity involved. Allowing the Fees
Regulations to prescribe a different fee based on the complexity will allow
ASIC to closely reflect the cost incurred by ASIC in the fees it charges.
[ASIC Fees Bill, Schedule 1, item 6, subsection 5A(2) of the Fees Act]
1.32 The Fees Regulations and the Credit Fees Regulations may
provide different fees for a chargeable matter based on the type of entity.
Certain entity types may require more time and resources from ASIC to
assess their application. Allowing the Fees Regulations and the Credit
Fees Regulations to prescribe different fees based on the entity type will
allow ASIC to closely reflect the cost incurred by ASIC in the fees it
charges. [ASIC Fees Bill, Schedule 1, item 6, subsection 5A(3) of the Fees Act and
Credit ASIC Fees Bill, Schedule 1, item 1, section 8A of the Credit Fees Act]
Amendment to provide ASIC with a legislative instrument making power
1.33 A legislative instrument making power will enable ASIC to
determine the criteria for whether a type of application for a particular
service that is to be charged will be low, medium or high complexity.
[ASIC Fees Bill, Schedule 1, item 6, subsection 5A(4) of the Fees Act]
1.34 ASIC will be able to apply tiered fees based on the complexity
of the matter and having regard to any other matter in relation to the entity
by whom a fee is payable to enable imposition of different fees depending
on the type of application.
1.35 Allowing ASIC the ability to determine the criteria and the
complexity via legislative instrument ensures ASIC will be able to better
recover the costs of its regulatory activities. This will ensure entities will
pay the appropriate fee based on the complexity of the transaction for the
service ASIC provides.
1.36 ASIC is best placed to determine the criteria for whether a type
of application for a particular service is considered low, medium or high
11
Corporations (Fees) Amendment (ASIC Fees) Bill 2018 and associated Bills
complexity, as ASIC is the regulator administering the service and knows
the complexity involved in assessing the application, and therefore the
costs involved.
1.37 The actual fees will still be prescribed in the Fees Regulations.
The fees prescribed in the Fees Regulations will closely align with ASIC's
actual costs. The legislative instrument will ensure entities will know
which tier they belong in prior to submitting their application for ASIC's
regulatory services. This ensures entities will know what fee they will be
required to pay for ASIC's regulatory services.
1.38 The Fees Regulations will determine which fee is payable based
on the complexity, the entity type and whether the document is lodged
electronically or by paper format.
1.39 In the event that ASIC does not make its legislative instrument
in time or if its legislative instrument is disallowed by Parliament, the fee
to be charged for services that have a low, medium or high complexity
will be the lowest fee for that service. This will provide the default fee to
be of low complexity if there is no ASIC legislative instrument. [ASIC Fees
Bill, Schedule 1, item 6, subsection 5A(5) of the Fees Act]
1.40 As the Fees Regulations, the Credit Fees Regulations and the
Superannuation Auditor Registration Regulations are subject to
disallowance, there will be appropriate Parliamentary scrutiny of the Fees
prescribed.
Amendments to the Fees Act
1.41 The definition of chargeable matter has been expanded to
include things done under the Life Insurance Act 1995 and the Insurance
Act 1973. This is to allow ASIC to recover fees relating to lodging a
scheme document under the Life Insurance Act 1995 or Insurance Act
1973 for when a scheme for transfer and amalgamation of life or general
insurance business is confirmed. The definition of chargeable matter is
expanded to allow ASIC to recover the costs in relation to those
lodgements. [ASIC Fees Bill, Schedule 1, item 3, subsection 4(1) of the Fees Act]
1.42 The definition of chargeable matter has been expanded to allow
ASIC to charge a fee in relation to applying for an exemption from or
modification of certain provisions under Part 29 of the SIS Act. Part 29 of
the SIS Act provides that ASIC as the appropriate regulator may exempt a
person or class of persons from those modifiable provisions under its
administration. These include:
• a provision of part 3 (which relates to operating standards);
• a provision of Part 19 (which relates to public offer entities
and superannuation interests); and
12
ASIC Fees
• a provision of any regulations made for the purposes of those
modifiable provisions under ASIC's administration. [ASIC
Fees Bill, Schedule 1, item 3, subsection 4(1) of the Fees Act]
1.43 As the definition of chargeable matter has been expanded to
include things done under the Life Insurance Act 1995, the Insurance Act
1973 and the SIS Act, Section 7 of the Fees Act has been amended to
provide for who is liable to pay and when that liability is incurred. For a
lodgement of a document under the Life Insurance Act 1995 and the
Insurance Act 1973, the person who lodges the document will be liable to
pay and the liability is incurred when the document is lodged. For an
application for an exemption under the SIS Act, the person who lodges the
application will be liable to pay and the liability is incurred when the
application is lodged. [ASIC Fees Bill, Schedule 1, item 10, paragraphs 7(1)(m) and
7(1)(n) of the Fees Act]
1.44 Regulations can be made for the purposes of section 7 of the
Fees Act. Section 7 of the Fees Act determines the person or entity's
liability for a chargeable matter. This amendment will allow the
Governor-General to make regulations for the purposes of sections 5, 5A,
6 and 7 of the Fees Act.[ASIC Fees Bill, Schedule 1, item 11, section 8 of the Fees
Act)
Amendments to the SIS Act
1.45 The SIS Act is amended to allow the Superannuation Auditor
Registration Regulations to provide for two new fees in relation to an
application to vary or revoke the conditions or cancel the registration of an
approved SMSF auditor. [SIS ASIC Fees Bill, Schedule 1, item 1, subsection
128L(1) of the SIS Act].
Consequential amendments
1.46 As the scope of the regulation-making power will now provide
for different fees based on the type of entity and the complexity of the
activity for the Fees Act and entity type for the Credit Fees Act, headings
and section numbering have been updated to reflect how the Fees
Regulations and the Credit Fees Regulations can differentiate the fees.
[ASIC Fees Bill, Schedule 1, items 4 and 5, section 5A (heading) and section 5A of the
Fees Act and Credit ASIC Fees Bill, Schedule 1, item 2, section 10 of the Credit Fees
Act]
1.47 As the concept of chargeable matter now includes things done
under the Life Insurance Act 1995, the Insurance Act 1973 and the SIS
Act, the reference to the Corporations Act 2001 has been removed to
reflect that the fees imposed are chargeable matters, and that the fees can
13
Corporations (Fees) Amendment (ASIC Fees) Bill 2018 and associated Bills
be done by the Act, to which a chargeable matter relates. [ASIC Fees Bill,
Schedule 1, items 1 and 2, title and section 3 of the Fees Act]
Application and transitional provisions
1.48 The ASIC Fees Bill, the Credit ASIC Fees Bill, the ASIC
Superannuation Auditor Registration Bill and the SIS ASIC Fees Bill will
commence the day after Royal Assent.
14
Chapter 2
Statement of Compatibility with Human
Rights
Prepared in accordance with Part 3 of the Human Rights
(Parliamentary Scrutiny) Act 2011
ASIC Fees
2.1 The ASIC Fees Bill, the Credit ASIC Fees Bill, the ASIC
Superannuation Auditor Registration Bill and the SIS ASIC Fees Bill are
compatible with the human rights and freedoms recognised or declared in
the international instruments listed in section 3 of the Human Rights
(Parliamentary Scrutiny) Act 2011.
Overview
2.2 The ASIC Fees Bill, the Credit ASIC Fees Bill, the ASIC
Superannuation Auditor Registration Bill and the SIS ASIC Fees Bill:
• increase the caps to allow ASIC to recover the costs ASIC
incurs when providing regulatory services;
• expand the definition of chargeable matter to provide for new
fees ASIC can charge in relation to things done under the
Life Insurance Act 1995,the Insurance Act 1973 and the SIS
Act and prescribes who is liable to pay and when the liability
is incurred;
• provide that the Fees Regulations and the Credit Fees
Regulations may prescribe for a particular chargeable matter,
different fees based on the entity type
• provide that the Fees Regulations may prescribe for a
particular chargeable matter, whether the fee is for low,
medium or high complexity;
• provide that ASIC can determine by legislative instrument,
whether a type of application for a particular regulatory
service is low, medium or high complexity;
• allow regulations to be made for the purposes of the Acts;
and
15
Corporations (Fees) Amendment (ASIC Fees) Bill 2018 and associated Bills
• provide ASIC can charge additional fees in relation to an
application to vary or revoke the conditions or cancel the
registration of an approved SMSF auditor.
Human rights implications
2.3 The ASIC Fees Bill, the Credit ASIC Fees Bill, the ASIC
Superannuation Auditor Registration Bill and the SIS ASIC Fees Bill do
not engage any of the applicable rights or freedoms.
Conclusion
2.4 The ASIC Fees Bill, the Credit ASIC Fees Bill, the ASIC
Superannuation Auditor Registration Bill and the SIS ASIC Fees Bill are
compatible with human rights as they do not raise any human rights
issues.
16