The Australian Securities and Investments Commission (ASIC) has received new funding totalling $180.2 million over four years in the 2012-13 budget.

 

The Government has allocated $101.9 million over four years in operational funding. ASIC previously received non-ongoing funding to cover operating activities, including $28.8 million in 2011-12. Provision of this funding enables ASIC to continue to provide current levels of regulation and supervision of the financial market.

 

ASIC will also receive $23.9 million over four years to facilitate the implementation and enforcement of the Future of Financial Advice reforms.

 

The Government will provide $43.7 million over four years (including $16.3 million in capital) to the Australian Securities and Investments Commission to replace its current market surveillance system with an enhanced, integrated system with increased data mining and analysis capacity.

 

The cost of this measure will be offset by additional fees of $33.0 million over four years on market operators and participants.

 

ASIC will further receive $10.7 million over four years to develop and maintain an online registration system for auditors of self managed superannuation funds (SMSFs). As part of the registration process, ASIC will develop a competency exam and be responsible for the deregistration of non-compliant auditors.