The ASIC Regulatory Portal is now open for the 2022-23 annual reporting cycle. Australian Financial Services Licence (“AFSL“) and Australian Credit Licence holders are required to submit their business activity metrics by 27 September 2023.
Business activity metrics are submitted via the ASIC Regulatory Portal. AFSL and Credit Licence holders can submit their metrics using the specific industry funding security key and ASIC identifier provided to you by ASIC.
Civil penalties apply for failure to lodge by the due date, so it’s important all AFSL and Credit Licence holders take action to lodge their metrics as soon as possible.
What are the Business Activity Metrics?
The Industry Funding Model commenced on 4 July 2018, requiring AFSL and Credit Licence holders to contribute to ASIC’s regulatory costs each financial year. The Industry Funding Model allows ASIC to meet its goals set out under the ASIC Capability Review.
How are the Business Activity Metrics Calculated?
ASIC will use the business activity metrics provided by each firm to calculate the levies payable for each regulated subsector. The type of levy and the formula used to calculate the amount of levy payable varies depending on the size and levels of business activity.
|• Credit Provider
• Credit Intermediary
|• Large proprietary company
• Small proprietary company
• Listed corporations
• Unlisted public company
|• Licensees that provide personal advice/general advice to retail/wholesale clients that are relevant/not relevant financial products
• Credit rating agency
• Deposit product providers
• Payment product providers
• Margin lenders
• Wholesale trustees
• Risk management product providers
• IDPS operators
• MDA providers
• Retail OTC derivatives issuers
• Securities dealer
• Insurance product providers
• Insurance product distributors
• Responsible entities
• Traditional trustee service company providers
Business activity metrics are calculated on the following basis:
- Flat levy;
- Graduated levy; or
- Combination of the above.
|ASIC regulatory costs shared equally between the entities operating in the same subsector.
|All entities in a subsector must pay:
• A minimum levy; and
• An additional graduated levy based on size and level of business activity within the subsector.
- Key information and tutorial videos accessible here.
- ASIC’s Business Activity Checklist can assist you with completing your metrics correctly
- Industry Funding and Business Activity Metrics
- ASIC Regulatory Portal now open for the 2022-23 annual reporting cycle
Sophie Grace can assist you to obtain access to ASIC’s Regulatory Portal and submit your business activity metrics. Contact us today for further assistance.