asic's windfall

ASIC's $717m

Fees and charges levied by the corporate regulator have soared 7 per cent to $717 million, driven by revenue from the new National Business Names Register.
The fees, which include company search fees, licence fees and fines, are charged on behalf of the government and the Australian Securities and Investments Commission does not get to keep the money.
It has been suggested ASIC might hive off the company registry, which charges search fees higher than those in the UK, Hong Kong or Singapore, as part of a restructure of the under-pressure regulator.
In his chairman's report, ASIC head Greg Medcraft said he welcomed a Senate inquiry into its performance, launched in June after concerns about its response to rogue financial planners at the Commonwealth Bank.
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''Following the recent federal election, we are considering our contribution to any review of the financial system,'' Mr Medcraft said.


Read more: http://www.smh.com.au/business/asic-pumps-717m-into-government-coffers-20131030-2whgv.html#ixzz2jFRsGAbg