MIL-OSI Australia: Consultation on amendments to reduce ASIC’s search fees and amend the industry funding model

Source: Australian Treasurer

In line with the Morrison Government’s commitments, today I am releasing for public consultation draft regulatory amendments to reduce and remove the fees for accessing certain information from the online business registries maintained by the Australian Securities and Investments Commission (ASIC).

The draft Regulations provides an exemption to journalists for ASIC’s registry search fees. An exemption from these fees will facilitate free access to important information about companies and financial services providers.

The draft Regulations also cut existing search fees for accessing company roles and relationship extracts $40 to $19.

Separately, the draft Regulations also create a new sub-sector as part of ASIC’s Industry Funding Model. This will allow ASIC to recover the regulatory costs incurred from its close and continuous monitoring of Australia’s largest institutions.

Finally, the draft Regulations make other minor amendments to ensure ASIC’s fees-for-services reflect ASIC’s regulatory costs.

Comments on the draft Regulations close 8 February 2019. Stakeholders are invited to provide their feedback on the Treasury website.

MIL OSI Australia

MIL-OSI Australia: Consultation on mutually-owned financial institutions tax changes open

Source: Australian Treasurer

The Morrison Government continues to promote competition in our banking system with today’s release of draft regulations to change the tax rules relating to the treatment of certain financial instruments issued by mutually-owned financial institutions.

The draft regulations seek to rectify a current disadvantage experienced by mutually-owned financial institutions (such as building societies and credit unions) compared with other banks. The disadvantage arises as existing rules provide different tax treatment for certain financial instruments issued by banks, compared with similar instruments issued by mutually-owned financial institutions.

This change continues the delivery of the Government’s commitment to implement the recommendations of the inquiry into Reforms for Cooperatives, Mutuals and member-owned Firms, conducted by Greg Hammond OAM. These important reforms improve access to capital, remove uncertainties and barriers, enabling cooperatives and mutuals to invest, innovate, grow and compete.

The draft regulations and explanatory material is available on the Treasury website. Interested parties are encouraged to provide their views by 11 February 2019.

Submissions can be emailed to financialservicestax@treasury.gov.au during this period.

MIL OSI Australia