{"id":"F2023L01474","name":"ASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2023/778","slug":"asic-supervisory-cost-recovery-levy-annual-determination-instrument-2023-778","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":442165,"registerId":"F2023L01474-fast-fetch-1775957242669","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2023/778","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: ASIC Template (Principal Legislative Instruments - Jan 2019)\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2023/778\n\nI, Peter Dunlop, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 3 November 2023\n\n \n\n \n\n \n\nPeter Dunlop   \n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc56528623)\n\n[1 Name of legislative instrument](#_Toc56528624)\n\n[2 Commencement and date of effect](#_Toc56528625)\n\n[3 Authority](#_Toc56528626)\n\n[4 Definitions](#_Toc56528627)\n\n[Part 2—Determination](#_Toc56528628)\n\n[5 Applicable financial year](#_Toc56528629)\n\n[6 Sub-sector population](#_Toc56528630)\n\n[7 Sub-sector metrics—basic levy component and graduated levy component](#_Toc56528631)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2023/778.\n\n2 Commencement and date of effect\n\n(1) This instrument commences on the day after it is registered on the Federal Register of Legislation.\n\n Note: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n(2) This instrument takes effect as follows:\n\n(a) if subsection 11(3) of ASIC Supervisory Cost Recovery Levy Act 2017 applies—the instrument takes effect on the day specified in paragraph 11(3)(a) of that Act;\n\n(b) if subsection 11(4) of ASIC Supervisory Cost Recovery Levy Act 2017 applies—the remaining provisions of the instrument take effect on the day specified in paragraph 11(4)(a) of that Act.\n\nNote 1: Section 11 of the ASIC Supervisory Cost Recovery Levy Act 2017 contains special provisions dealing with the disallowance and taking effect of instruments of this kind.\n\nNote 2: Subsection 9(9) of the ASIC Supervisory Cost Recovery Levy Act 2017 has the effect that the instrument can have retrospective application before the day it is registered on the Federal Register of Legislation. The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under section 73 of the ASIC Supervisory Cost Recovery Levy Regulations 2017.\n\n4 Definitions\n\nIn this instrument:\n\n(a) Regulations means the ASIC Supervisory Cost Recovery Levy Regulations 2017; and\n\n(b) unless the contrary intention appears, an expression that:\n\n(i) is used, but not defined, in this instrument; and\n\n(ii) is defined in the Regulations;\n\nhas the same meaning in this instrument as in the Regulations.\n\nPart 2—Determination\n\n5 Applicable financial year\n\nThis determination applies to the 2022-23 financial year.\n\n6 Sub-sector population\n\nFor the purposes of the definition of sub-sector population in subsection 4(1) of the Regulations, the sub-sector population for the sub-sector specified in column 2 of the table for the financial year is specified in column 3 of the table.  \n\n| Column 1 | Column 2 | Column 3 |\n| --- | --- | --- |\n| Item | Sub-sectors | Sub-sector population |\n| 1 | Auditors of disclosing entities | 127 |\n| 2 | Australian derivative trade repository operators | 1 |\n| 2A | Benchmark administrators | 2 |\n| 2B | Claims handling and settling services providers | 329 |\n| 3 | Corporate advisors | 326 |\n| 4 | Credit intermediaries | 4,214 |\n| 5 | Credit providers | 1,019 |\n| 6 | Credit rating agencies | 7 |\n| 7 | Custodians | 1,365 |\n| 8 | Deposit product providers | 190 |\n| 8A | Established specialised market operators | 17 |\n| 9 | Exempt CS facility operators | 4 |\n| 10 | Exempt market operators | 4 |\n| 11 | Insurance product distributors | 3,540 |\n| 12 | Insurance product providers | 108 |\n| 13 | Large futures exchange operators | 1 |\n| 14 | Large futures exchange participants | 34 |\n| 15 | Large proprietary companies | 10,184 |\n| 16 | Large securities exchange operators | 2 |\n| 17 | Large securities exchange participants | 65 |\n| 18 | Licensees that provide only general advice to retail or wholesale clients | 1,097 |\n| 19 | Licensees that provide personal advice on relevant financial products to retail clients | 2,766 |\n| 20 | Licensees that provide personal advice to only wholesale clients | 1,931 |\n| 21 | Licensees that provide personal advice to retail clients on only products that are not relevant financial products | 576 |\n| 22 | Listed corporations | 2,155 |\n| 23 | Managed discretionary account providers | 244 |\n| 24 | Margin lenders | 24 |\n| 24A | New specialised market operators | 1 |\n| 25 | Operators of investor directed portfolio services | 75 |\n| 25A | Operators of notified foreign passport funds and regulated former notified funds | 0 |\n| 26 | Overseas market operators | 29 |\n| 27 | Over-the-counter traders | 64 |\n| 28 | Payment product providers | 655 |\n| 29 | Public companies (unlisted) | 14,943 |\n| 30 | Registered company auditors | 3,337 |\n| 31 | Registered liquidators | 675 |\n| 32 | Responsible entities | 426 |\n| 33 | Retail over-the-counter derivatives issuers | 85 |\n| 34 | Risk management product providers | 81 |\n| 35 | Securities dealers | 1,173 |\n| 36 | Small and medium amount credit providers | 195 |\n| 38 | Small futures exchange operators | 1 |\n| 39 | Small securities exchange operators | 2 |\n| 40 | Small securities exchange operators with self-listing function only | 1 |\n| 41 | Superannuation trustees | 87 |\n| 42 | Tier 1 clearing and settlement facility operators | 4 |\n| 43 | Tier 2 clearing and settlement facility operators | 1 |\n| 44 | Tier 3 clearing and settlement facility operators | 1 |\n| 45 | Tier 4 clearing and settlement facility operators | 1 |\n| 46 | Traditional trustee company service providers | 11 |\n| 47 | Wholesale electricity dealers | 44 |\n| 48 | Wholesale trustees | 1,909 |\n\n\n7 Sub-sector metrics—basic levy component and graduated levy component\n\nFor the purposes of the definitions of:\n\n(a) basic levy component in subsection 9(1) of the Regulations; and\n\n(b) graduated levy component in subsection 10(1) of the Regulations;\n\nthe applicable sub-sector metric for the sub-sector specified in column 2 of the table for the financial year is specified in column 3 of the table.    \n\n- Column 1 Column 2 Column 3\n- Item Sub-sectors Sub-sector metric\n- Basic levy component(as applicable) Graduated levy component(as applicable)\n- 1 Auditors of disclosing entities 671,422,732\n- 2 Australian derivative trade repository operators 365\n- 2A Benchmark administrators 730\n- 2B Claims handling and settling services providers 6,596,359\n- 3 Corporate advisors 3,183,267,721\n- 4 Credit intermediaries 40,728\n- 5 Credit providers 714,409,148,579\n- 6 Credit rating agencies 1,095\n- 7 Custodians 1,365\n- 8 Deposit product providers 2,961,345,734,368\n- 8A Established specialised market operators 8,395\n- 9 Exempt CS facility operators 841\n- 10 Exempt market operators 1,184\n- 11 Insurance product distributors 3,540\n- 12 Insurance product providers 56,112,307,830\n- 13 Large futures exchange operators 365\n- 14 Large futures exchange participants 347,768,709 (messages)312,671,840 (lots)\n- 15 Large proprietary companies 10,184\n- 16 Large securities exchange operators 1,978,975,354,682\n- 17 Large securities exchange participants 5,302,599,433 (messages)955,764,505 (transactions)\n- 18 Licensees that provide only general advice to retail or wholesale clients 1,097\n- 19 Licensees that provide personal advice on relevant financial products to retail clients 15,416\n- 20 Licensees that provide personal advice to only wholesale clients 1,931\n- 21 Licensees that provide personal advice to retail clients on only products that are not relevant financial products 204,026\n- 22 Listed corporations 1,566,994,813,778\n- 23 Managed discretionary account providers 86,043\n- 24 Margin lenders 8,692\n- 24A New specialised market operators 51\n- 25 Operators of investor directed portfolio services 758,514,756\n- 25A Operators of notified foreign passport funds and regulated former notified funds\n- 26 Overseas market operators 10,239\n- 27 Over-the-counter traders 1,942\n- 28 Payment product providers 4,474,355,025\n- 29 Public companies (unlisted) 14,943\n- 30 Registered company auditors 3,337\n- 31 Registered liquidators 48,328\n- 32 Responsible entities 1,472,788,193,319\n- 33 Retail over-the-counter derivatives issuers 29,131\n- 34 Risk management product providers 27,137\n- 35 Securities dealers 162,422,484,644\n- 36 Small and medium amount credit providers 1,473,734,072\n- 38 Small futures exchange operators 365\n- 39 Small securities exchange operators 730\n- 40 Small securities exchange operators with self-listing function only 365\n- 41 Superannuation trustees 2,205,973,506,916\n- 42 Tier 1 clearing and settlement facility operators 1,460\n- 43 Tier 2 clearing and settlement facility operators 365\n- 44 Tier 3 clearing and settlement facility operators 365\n- 45 Tier 4 clearing and settlement facility operators 365\n- 46 Traditional trustee company service providers 4,015\n- 47 Wholesale electricity dealers 44\n- 48 Wholesale trustees 867,003,115,407\n\n\n \n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"This instrument does not change the statutory scope or definitions of who may be levied; it specifies the annual numeric parameters (sub‑sector populations in s6 and sub‑sector metrics in s7) that the Regulations and Act use to calculate levies. Commencement and possible retrospective effect are addressed (s2), but the instrument does not amend levy structure or expand sub‑sectors beyond the Regulations (see s3 and s4)."},"complexity_factors":["Large number of discrete sub‑sectors and items (48 listed sub‑sectors) requiring separate counting and treatment (see s6 table).","Separate numeric metrics for basic and graduated levy components for many sub‑sectors, including mixed units (messages/lots/transactions) that increase calculation complexity (see s7 table).","Cross‑references to the Regulations and the Act for definitions, commencement, and disallowance mean implementation depends on external provisions (see ss2(2), 3, 4).","Some entries use zero or single counts (e.g. 0, 1) which can concentrate per‑entity levies and complicate apportionment.","Delegated decision‑making by an ASIC delegate is explicitly recorded (instrument signed by delegate) which concentrates responsibility for content (cover/intro).","Potential retrospective effect and special commencement/disallowance rules create administrative timing and compliance uncertainty (see s2 and notes referencing s9(9) and s11 of the Act).","No changes to legal definitions or levy mechanics are made here—this instrument supplies numerical parameters only, so legal interpretation must track the primary Regulations and Act (see s4)."],"plain_english_summary":"This instrument, made by an ASIC delegate, fixes the numeric inputs used to calculate ASIC’s supervisory cost‑recovery levies for the 2022–23 financial year. It lists each regulated sub‑sector, the number of entities in each sub‑sector, and the numeric metrics used for the basic and graduated levy components. Entities in those listed sub‑sectors will be the basis for levy calculations; the instrument operates under the ASIC Supervisory Cost Recovery Levy Regulations."},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This instrument operates exactly as intended by the enabling legislation. The ASIC Supervisory Cost Recovery Levy Act 2017 and Regulations 2017 established a framework requiring annual determinations to set specific levy amounts. This 2023 instrument for the 2022-23 financial year performs that narrow, technical function without expanding beyond the original statutory purpose. The scope remains confined to setting the numerical parameters for cost recovery."},"complexity_factors":["Heavy reliance on external definitions: The instrument imports all substantive definitions from the ASIC Supervisory Cost Recovery Levy Regulations 2017, making it impossible to understand without cross-referencing","Dual calculation methodology: Mixes two distinct levy calculation approaches (basic flat-rate component vs graduated activity-based component) with different metrics for different sub-sectors","Retrospective effect provisions: Contains complex commencement rules tied to disallowance provisions in the parent Act (section 11), with potential retrospective application predating registration","Inconsistent table formatting: The second table (section 7) has formatting irregularities in the source text that obscure the relationship between columns","48 distinct sub-sectors with unique metrics: Each requires separate calculation, with some using dollar values, others using entity counts, and others using transaction volumes or hybrid measures","Missing context for metric interpretation: The massive numerical values (e.g., 2,205,973,506,916 for superannuation trustees) lack on-face explanation of what they represent (likely aggregate funds under management or similar)"],"plain_english_summary":"This instrument sets the numbers ASIC uses to calculate annual levies for 2022–23, allocating the regulator’s supervision costs across 48 types of financial entities. \n\nFor each industry group it specifies a population count and metrics (flat-per-entity or activity-based measures like transactions or asset values), which determine how much each business pays—so it directly sets your ASIC bill for the year."}},"importantCases":[],"_links":{"self":"/api/acts/asic-supervisory-cost-recovery-levy-annual-determination-instrument-2023-778","history":"/api/acts/asic-supervisory-cost-recovery-levy-annual-determination-instrument-2023-778/history","analysis":"/api/acts/asic-supervisory-cost-recovery-levy-annual-determination-instrument-2023-778/analysis","conflicts":"/api/acts/asic-supervisory-cost-recovery-levy-annual-determination-instrument-2023-778/conflicts","importantCases":"/api/acts/asic-supervisory-cost-recovery-levy-annual-determination-instrument-2023-778/important-cases","documents":"/api/acts/asic-supervisory-cost-recovery-levy-annual-determination-instrument-2023-778/documents"}}