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media release (19-114MR)

Industry funding reminder for financial services licensees

Published

½ñÈÕÈÈÃÅʼþhas reminded Australian financial services and Australian credit licensees who have industry funding obligations to factor in the time it may take ½ñÈÕÈÈÃÅʼþto assess applications to cancel or vary their licence, as part of any measures by licensees to reduce the industry levy they are charged for the 2019-20 financial year.

½ñÈÕÈÈÃÅʼþCommissioner Danielle Press said that ½ñÈÕÈÈÃÅʼþhas a licensing service charter that aims to assess 70% of all complete applications within 150 days of lodgement and 90% within 240 days. The application must include all mandatory supporting documentation and information.

‘We expect licensees to have considered ASIC’s service charter timeframes – particularly when applying to cancel or vary the conditions of their licence in light of ½ñÈÕÈÈÃÅʼþindustry funding.

‘How many we can ultimately assess is subject to the number of applications we may receive, the completeness of the application, and whether or not ½ñÈÕÈÈÃÅʼþhas any regulatory concerns related to the application’, Ms Press said.

Licensees with authorisations which are current on 1 July 2019 are liable to pay various types of industry funding levies related to the 2019-20 financial year, depending on the authorisations and conditions of the licence. Invoices to recover ASIC’s regulatory costs for 2019-20 will be issued in January 2021.

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