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ASIC gets extra $99m funding, chief’s term extended 18 months

( April 20, 2016, 03:05 GMT | Official Statement) -- MLex Summary: The Australian Securities and Investments Commission has welcomed an A$127.2 million ($99 million) reform package earmarked for enhancing its surveillance and enforcement capabilities in areas such as financial planning, responsible lending, life insurance, and misconduct and breach reporting. The additional funding was announced alongside an 18-month extension of chairman Greg Medcraft’s term, the upcoming appointment of a new commissioner, and the commencement of an industry funding, or "user-pays" model, which will see ASIC’s costs recovered from the industry sectors it regulates, in the second half of 2017. Statements from the regulator and the Treasury are attached....

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