Banking and Finance Point-in-Time Service Updates

Tuesday 21 August 2018 @ 12.06 p.m.

The Banking and Finance Point-in-Time Service has been updated to include the National Consumer Credit Protection (Fees) Amendment (ASIC Fees) Act 2018 (Cth) (Act 56 of 2018), the Corporations Amendment (Asia Region Funds Passport) Act 2018 (Cth) (Act 61 of 2018) and the Treasury Laws Amendment (ASIC Fees) Regulations 2018 (Cth).

Act 56 of 2018

This Act provides that the National Consumer Credit Protection (Fees) Regulations 2010 may prescribe for a particular chargeable matter, different fees based on the type of entity.    

Act 61 of 2018

The Act introduces into Australian law a multilateral framework that allows eligible funds to be marketed across economies participating in the Asia Region Funds Passport with limited additional regulatory requirements. The Passport is intended to support the development of an Asia-wide managed funds industry through improved market access and regulatory harmonisation. 

Treasury Laws Amendment (ASIC Fees) Regulations 2018

The purpose of the Treasury Laws Amendment (ASIC Fees) Regulations 2018 is to amend the Corporations (Fees) Regulations 2001 (Fees Regulations), National Consumer Credit Protection (Fees) Regulation 2010 (Credit Fees Regulations) and the Superannuation Auditor Registration Imposition Regulation 2012 to:

  • prescribe the cost reflective fees that the Australian Securities and Investments Commission (ASIC) can charge for the services it provides for a specific entity;
  • provide a tiering regime for fees to ensure entities pay the appropriate fee based on the complexity of the service;
  • update the hourly rate that ASIC charges, to ensure the rate closely reflects the costs incurred by ASIC;
  • provide that indexation will only apply to registry fees; and
  • ensure that fees that are no longer required to be charged have ‘no fee’.

The amendments made by these Acts and the Regulation have been updated in the Point-in-Time Banking and Finance Service current to 19 August 2018. (NB: Subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.