ASIC calls for urgent action on new funding obligations

ASIC calls for urgent action on new funding obligations | Insurance Business

ASIC calls for urgent action on new funding obligations

ASIC is reminding all its regulated entities to meet their legal obligations under new industry funding laws by Thursday.

The corporate regulator sent out letters to registered office addresses in July, advising the entities how to provide industry-funding contact details and submit business-activity metrics via the new ASIC Regulatory Portal. The information will be used to calculate invoices.

Entities that have received the ASIC letter are advised to promptly follow the steps outlined to complete the process, while those without their letter should visit the ASIC website to find out how they can fulfil their funding obligations.

Cathie Armour, ASIC commissioner, thanked the thousands of people who have already completed the process.

“We are all settling into this new funding model, and your attention and time toward completing the process is appreciated,” Cathie said. “The deadline is a few days away, and we are urging the rest of our industry stakeholders to act now and complete the process online.”

Most small proprietary companies or registered charities are not required to visit the portal and submit data.