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The Department of Home Affairs has issued its draft guidance “Modern Slavery Act 2018: Draft Guidance for Reporting Entities” (Draft Guidance) for the new Modern Slavery Act 2018 (Cth) (the Act).
In this update:
Ahead of issuing final industry funding invoices in January 2019, ASIC has published estimates of what regulated sectors will pay, based on ASIC’s budgeted regulatory costs outlined in its draft Cost Recovery Implementation Statement. The indicative levies are an estimate and are likely to change when ASIC’s actual regulatory costs are known in November.
Under the industry funding model (which became law on 1 July 2017- see previous G+T Insight), all organisations that are regulated by ASIC will contribute towards ASIC’s regulatory costs incurred in the previous financial year, and:
[The highlighted paras below have been bulleted in the email]
ASIC's estimated levies in the corporate sector include:
ASIC has also published estimates for entities in the deposit taking credit sector, the investment management, superannuation and related services sector, the market infrastructure sector, the market intermediaries sector, the financial advice sector and the insurance sector.
ASIC has indicated that in June, it will write to each regulated organisation’s ASIC contact and provide a unique security key which the organisation must then use to logon to a new online ASIC portal to submit and validate their business activity metrics. ASIC will then use this information to calculate final invoices and generate estimated levy amounts in the future.
See ASIC media release dated 28 March 2018.
ASIC has released Report 569, Market integrity report: July to December 2017 (Report 569) in which it has outlined highlights from the second half of last year, including:
Report 569 also highlights ASIC’s key activities in the second half of 2017 in other areas including NSX listing standards, financial benchmarks, continuous disclosure, binary option trading apps and insider trading.
ASIC has indicated that its focus over the next few months will be on:
ASIC has released Report 565 Unfair contract terms and small business loans which sets out the details of the changes made by the big four banks to remove unfair terms from their small business loan contracts of up to $1 million.
REP 565 follows the announcement in August 2017 that the big four banks had committed to improving terms of their small business loans following work with ASIC and the Australian Small Business and Family Enterprise Ombudsman.
See ASIC’s media release dated 15 March 2018.