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