ASIC’s Letter to all AFSL and ACL Holders – Action Required by September 2018 for Industry Funding

Share on facebook
Share on twitter
Share on linkedin

By now, all AFSL and ACL holders should have received instructions in relation to ASIC’s new Regulatory Portal.  Initially, regulated entities will use the Regulatory Portal to submit business activity metrics in relation to ASIC’s industry funding model. Submissions must be made between July and September this year.

If you haven’t received a letter from ASIC, it’s important that you double check your contact details on ASIC’s registers.

The Regulatory Portal has been established to provide central access to ASIC’s suite of digital services for regulated entities, their employees, officers, registered agents and service providers.

The following regulated entities will need to obtain access to the Regulatory Portal, including:

  • Australian Financial Services Licensees;
  • Australian Credit Licensees;
  • Managed Fund Operators; and
  • Market Operators.

One of the benefits of the Regulatory Portal is that it will pre-populate the data required to be submitted, based on the previous financial year’s data. This means each entity only needs to obtain access to the portal and confirm or update the information prior to submission to ASIC.

Over time, ASIC intends for the Regulatory Portal to provide a range of services, including:

  • additional payment methods for various lodgments and notifications including credit card payments;
  • enabling easy access to view outstanding payments on your account for various entities;
  • a simple method of correspondence with ASIC in relation to submitted notifications.

Sophie Grace can assist you to quickly and simply obtain access to ASIC’s Regulatory Portal and make the required submission of your business metrics. If you elect to do so, we can also be appointed as an authorised person to make lodgments and notifications on your behalf. If you haven’t received a letter from ASIC or require assistance to gain access to ASIC’s Regulatory Portal, contact us today.

About The Author

Alicia Pevely

Alicia works across both Sophie Grace Pty Ltd and Sophie Grace Legal Pty Ltd with a particular focus on compliance and legal services. She manages the licensing and compliance aspects of the business. She is responsible for AFSL and ACL applications, variations and assists the compliance team in the implementation of compliance reviews. She provides ongoing compliance support and assists with the preparation of legal advice, commercial agreements and disclosure documents.  

Obligation Free Consultation

We will call you back ASAP!

Recent Updates