Individuals and companies that are regulated by ASIC have been issued an urgent reminder to meet new obligations relating to industry funding.
These people and entities have until Thursday, 27 September to disclose the contact details for industry funding, and also to submit business activity metrics, which will be used to determine how much is to be paid.
It follows letters sent out in July notifying businesses and individuals of this new requirement, which will see ASIC funded directly by industry.
Reporting can be done through ASIC’s regulatory portal.
Small proprietary companies are exempt from the need to submit data, but will still need to visit the portal if they operate within a financial services sector that is regulated by ASIC.
“We are all settling in to this new funding model and your attention and time toward completing the process is appreciated,” ASIC commissioner Cathie Armour said.
“We are urging the rest of our industry stakeholders to act now and complete the process online.”
There are penalties for late or non-payment of the levies, calculated monthly at a rate of 20 per cent per annum of the overdue amount.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.