The corporate watchdog ASIC (Australian Securities and Investments Commission) is set for a major overhaul that could see it funded by the very companies it regulates.
In a consultation paper released today, the Australian Securities and Investments Commission, suggests ASIC could be bankrolled according to a company's market value and an assessment of its risk.
At present, ASIC is funded by the taxpayer.
The Federal Government says the user-pays model would make ASIC a more effective regulator.
But there are concerns about the perceived influenced banks might have in the way the watchdog operates.