Submission: ASIC CRIS 2019/2020

ARITA has made a submission to ASIC in relation to the consultation version of the Cost Recovery Implementation Statement (CRIS) for the 2019/2020 financial year. The CRIS provides indicative levies for the Industry Funding Model (IFM).

ARITA continues to raise concerns about the IFM, particularly:

  • the adverse impact on liquidator numbers
  • the difficulty with the ex-post nature of the IFM
  • the late provision of the CRIS (18 days before the end of the financial year it relates to)
  • failure of ASIC to provide the report on its self-assessment to the Regulator Performance Framework for the 2018/19 year
  • disproportionate application of the IFM to liquidators 
  • lack of transparency about the costs and how they are allocated
  • that the indicative levies do not seem to have taken into account the dramatic fall in the number of insolvency appointments due to Coronavirus
  • lack of guidance from ASIC as to practical implications (application of IFM to companies in external administration)
  • increased compliance burden from the IFM, and
  • lack of true stakeholder engagement.

Read ARITA's submission

Read ASIC's Cost Recovery Implementation Statement (CRIS) for the 2019/2020 financial year