House of Representatives

Explanatory Memorandum

(Circulated by authority of the Minister for Revenue and Financial Services, Minister for Women and Minister Assisting the Prime Minister for the Public Service the Hon Kelly O'Dwyer MP)

Chapter 2 -Statement of Compatibility with Human Rights

Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011

ASIC Fees

2.1 The ASIC Fees Bill, the Credit ASIC Fees Bill, the ASIC Superannuation Auditor Registration Bill and the SIS ASIC Fees Bill are compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

Overview

2.2 The ASIC Fees Bill, the Credit ASIC Fees Bill, the ASIC Superannuation Auditor Registration Bill and the SIS ASIC Fees Bill:

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increase the caps to allow ASIC to recover the costs ASIC incurs when providing regulatory services;

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expand the definition of chargeable matter to provide for new fees ASIC can charge in relation to things done under the Life Insurance Act 1995,the Insurance Act 1973 and the SIS Act and prescribes who is liable to pay and when the liability is incurred;

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provide that the Fees Regulations and the Credit Fees Regulations may prescribe for a particular chargeable matter, different fees based on the entity type

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provide that the Fees Regulations may prescribe for a particular chargeable matter, whether the fee is for low, medium or high complexity;

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provide that ASIC can determine by legislative instrument, whether a type of application for a particular regulatory service is low, medium or high complexity;

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allow regulations to be made for the purposes of the Acts; and

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provide ASIC can charge additional fees in relation to an application to vary or revoke the conditions or cancel the registration of an approved SMSF auditor.

Human rights implications

2.3 The ASIC Fees Bill, the Credit ASIC Fees Bill, the ASIC Superannuation Auditor Registration Bill and the SIS ASIC Fees Bill do not engage any of the applicable rights or freedoms.

Conclusion

2.4 The ASIC Fees Bill, the Credit ASIC Fees Bill, the ASIC Superannuation Auditor Registration Bill and the SIS ASIC Fees Bill are compatible with human rights as they do not raise any human rights issues.