ob体育 today released its Cost Recovery Implementation Statement (CRIS), which includes estimated costs for ob体育's 2017-18 regulatory activities.
The CRIS is part of ob体育's commitment to transparency under industry funding, which took effect on 1 July 2017.聽 As a result of laws passed in June, those who create the need for and benefit from ob体育鈥檚 regulation will bear the costs, which will be recovered by levies on our regulated entities.
The Government implemented ob体育 industry funding following a recommendation of the Financial System Inquiry.
Regulated entities have been categorised into 48 subsectors across all corporate entities subject to the Corporations Act, auditors, insolvency practitioners, credit licensees, Australian financial service licensees and other regulated entities and individuals.聽
The CRIS explains how ob体育's costs will be allocated between these subsectors, through either a flat or graduated levy.
The figures are indicative and may change when compared with ob体育's actual costs for the period.
The method for calculating levies regulated entities will pay was developed and refined following consultation in 2015 and 2016.
We invite feedback on the CRIS. Email submissions to [email protected] by 5pm 1 November 2017.
Our website has information on ob体育 industry funding and what our stakeholders need to do comply with their obligations.
The final CRIS will be subject to Ministerial approval and is expected to be published in early 2018.