The Government is seeking comments on proposed amendments to the ASIC market supervision cost recovery arrangements for the period from 1 July 2013 to 30 June 2015, which will enable the Government to recover over the period:
- costs incurred by ASIC in the performance of its market supervision functions and the implementation of market competition; and
- costs associated with the Enhanced Market Supervision (EMS) measure announced at the 2012-13 Budget to replace ASIC's integrated market surveillance system (IMSS), enhance its market surveillance and supervision systems and tools and deliver improvements to those ASIC portals and registers accessed by market participants.
This consultation is based on two documents, being a set of proposed amendments to the relevant provisions in the Corporations (Fees) Regulations 2001 (the Regulations) and a draft Cost Recovery Impact Statement (CRIS) compiled by ASIC. The proposed amendments to the Regulations implement the following policy decisions:
- The introduction of a fixed fee component of $1,835 per quarter for cash equity market participants;
- Increased messaging fees to shift a portion of ASIC’s staff costs from trade activity to messaging activity; and
- Changes to the late payment fees to make them administratively simpler and more efficient.
An explanatory commentary for the proposed amendments to the Regulations is provided.
The draft CRIS explains in detail the proposed changes to the specific amounts charged and the manner in which the charges are calculated.
The proposed amendments and the draft CRIS will be finalised following conclusion of this consultation. Subject to the appropriate approvals by Government, it is proposed to make the amendments to the Regulations in time for the new arrangements to apply from 1 July 2013.