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The ASIC Regulatory Portal is now open for the 2024-25 annual reporting cycle. Australian Financial Services Licence ("AFSL") and Australian Credit Licence holders should have received correspondence from ASIC in relation to submitting their business activity metrics. AFSL and Credit Licence holders who have not received correspondence from ASIC should log into the Regulatory Portal and review the inbox on this system and also take the time ensure their contact details are correct.
Business activity metrics must be submitted via the ASIC Regulatory Portal by 25 September 2025. AFSL and Credit Licence holders can submit their metrics using the specific industry funding security key and ASIC identifier provided to you by ASIC.
Civil penalties apply for failure to lodge by the due date, so it's important all AFSL and Credit Licence holders take action to lodge their metrics as soon as possible.
What is the purpose of providing your Business Activity Metrics?
ASIC will use the business activity metrics provided by each licensee to calculate the levies payable for each regulated subsector. The type of levy and the formula used to calculate the amount of levy payable varies depending on the size and levels of business activity.
| ENTITY TYPES | SUBSECTORS |
|---|---|
| Deposit taking and Credit | " Credit Providers " Small and Medium amount credit providers " Credit Intermediaries " Deposit product providers " Payment product providers " Margin lenders |
| Corporate | " Large proprietary companies " Small proprietary companies " Listed corporations " Unlisted public companies " Auditors of disclosing entities " Registered company auditors " Registered liquidators |
| Investment management, superannuation and related services | " Responsible entities " Wholesale trustees " Custodians " IDPS operators " MDA providers " Traditional trustee service company providers " Superannuation trustees " Notified foreign passport funds and regulated former notified funds operators |
| Financial Advice | " Licensees that provide personal advice to retail clients
on relevant/not relevant financial products " Licensees that provide general advice only to retail or wholesale clients " Licensees that provide personal advice to wholesale clients |
| Insurance | " Insurance product providers " Insurance product distributors " Risk management product providers " Claims handling and settling services providers |
| Market infrastructure and intermediaries | Market Intermediaries: " Retail OTC derivatives issuers " Securities dealers " Corporate advisers and OTC traders " Market participants " Wholesale electricity dealers Market infrastructure providers: " Market licensees, including various types of operators " Clearing and settlement facility operators " Australian derivative trade repository operators " Exempt market operators " Credit rating agencies " Benchmark administrator licensees |
Once the levies have been allocated to the various subsectors, the actual levy payable by a licensee is calculated using:
- Flat levy;
- Graduated levy; or
- Combination of the above.
| LEVY BASIS | COSTS |
|---|---|
| Flat Levy | ASIC regulatory costs shared equally between the entities operating in the same subsector. |
| Graduated Levy | All entities in a subsector must pay: " A minimum levy; and " An additional graduated levy based on size and level of business activity within the subsector. |
Background
The Industry Funding Model commenced on 4 July 2018, requiring AFSL and Credit Licence holders to contribute to ASIC's regulatory costs each financial year. The Industry Funding Model allows ASIC to meet its goals set out under the ASIC Capability Review.
Further reading
- Key information and tutorial videos accessible here.
- ASIC's Video guide on how to submit your business activity metrics
- ASIC Regulatory Portal now open for the 2023-24 annual reporting cycle
- How the industry funding model works
Sophie Grace can assist you to obtain access to ASIC's Regulatory Portal and submit your business activity metrics. Contact us today for further assistance.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
