Finance Minister Mathias Cormann has highlighted that the Government's industry funding model for the Australian Securities and Investments Commission is now on the way to becoming a reality, with the ASIC Supervisory Cost Recovery Levy Bill 2017 and related bills receiving passage through the Senate.Effective from 1 July 2017, the Australian Securities and Investments Commission regulatory costs will be recovered from all industry sectors regulated by ASIC through annual levies.Expected benefits include:•    improved equity, as only those entities that are regulated by ASIC and create need for regulation will bear its costs, rather than ordinary Australian taxpayers;•    better regulatory compliance, as good conduct will drive down supervisory levies;•    more effective resource allocation for ASIC, through richer data to better identify emerging risks; and•    improved transparency and accountability for ASIC, through the publication of its expenditure, regulatory priorities, and performance.ASIC said it welcomed the passage of legislation enabling a more secure and accountable funding of the model for regulation of the Australian corporate sector."This is an important milestone not just for ASIC, but also for the companies and wider corporate sector that we regulate," said ASIC chairman Greg Medcraft."Industry funding, in one form or another, applies to other areas of public oversight in Australia and in many comparable economies around the world. Not only will the different elements of the broad business sector more fairly share the load, but the taxpaying public will benefit through the more accountable use of the funds provided for the task."Australia already has an admired system of corporate regulation supported by rule of law. These new funding arrangements will help ensure that remains the case."