Where funds are appropriated by Government to ASIC, they will now, for the first time, be recovered from the relevant industry sub-sector, ministers said yesterday."A proportion of ASIC's funding is project driven and when these projects come to their natural end, the funding for them also ends. The Government considers the provision of new funding for new projects on a case-by-case basis," Kelly O'Dwyer, minister for Revenue and Financial Services said.Contrary to recent reports, "the business registries are not a source of funding for ASIC's regulatory work," O'Dwyer said . "In response to a recommendation of the Financial System Inquiry, the Turnbull Government has legislated to provide industry funding for ASIC, to ensure that the cost of regulation is borne by those who create the need for it, rather than Australian taxpayers."O'Dwyer said ASIC's collection of fees on behalf of the Federal Government for use of the registries was "similar to other Government agencies, including the land titles offices in the States and Territories, that also charge fees for public access to Government-owned infrastructure such as land titles registries."