Cost recovery implementation statement - fees for service
This 听provides information about proposed price increases and how we will implement fees for service under industry funding, first considered by the Government in April 2016.
Industry consultation
The Australian Government released on the second phase of industry funding鈥攖he introduction of fees for service鈥攐n 11 April 2018.听Consultation on the to implement fees for service under ob体育 industry funding closed on 1 May 2018.
Key dates
Fees for service is the second phase of industry funding, where Levies took effect from the commencement of the 2017-18 financial year.听Industry funding is intended to ensure that our costs are borne by those creating the need for regulation; improve our cost transparency and accountability to industry; and ensure that ob体育 is adequately resourced to carry out our regulatory mandate.
Key dates for fees for service are as follows:
- Draft CRIS - fees for service听(2018鈥�19) published for consultation, May 2018
- Final CRIS - fees for service, published听3 July 2018
- The introduction of fees for service听effective from July 4, 2018
- Incorporate the fees for service CRIS听and the levies CRIS into a single CRIS - Industry funding, October 2018
Fees for service will be reviewed periodically to ensure they remain accurate and reflective of effort.
Statutory authority for fees for service
The legislative framework for fees for service was established by five pieces of legislation:
- the Corporations (Fees) Amendment (ob体育 Fees) Bill 2018
- the Superannuation Industry听(Supervision) Amendment (ob体育 Fees) Bill 2018
- the National Consumer Credit Protection (Fees) Amendment (ob体育 Fees) Bill 2018
- the Superannuation Auditor听Registration Imposition Amendment (ob体育 Fees) Bill 2018, and
- the Treasury Laws Amendment (ob体育听Fees) Regulations 2018.
Activities excluded from fees for service
The fee for lodgement of certain forms will not be recovered under fees for service. Nor will costs associated with maintaining our Registry business.
Fees for service activities
We undertake a range of activities for specific entities at their request. These regulatory activities where we charge fees for service are;
- licensing and registration
- compliance reviews of documents
- requests for changes to market听operating rules
- assessing applications for relief
These services impact a range of industry subsectors including; Australian credit licensees, Australian financial services (AFS) licenses, market infrastructure providers, responsible entities, registered liquidators, and companies.
Fees for service methodology
Fees for service are based on cost recovery guidelines, calculated based on forecast costs and historical workflow analysis. Please refer to the听听which has a number of worked examples.
We have adopted tiered fees for regulatory service activities that vary in complexity (high, medium, low). This will help ensure the fees for service more closely align with our actual effort and therefore costs. Tiered pricing applies to the following regulatory activities:
- AFS licence applications
- credit licence applications
- market licence applications
- notices of changes to market and CS听facility operating rules; and
- Australian CS facility licence听applications.
Please refer to Appendix 1: Fees-for-service schedules, for detailed service pricing information.
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