{"id":"F2024L01415","name":"ASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2024/822","slug":"asic-supervisory-cost-recovery-levy-annual-determination-instrument-2024-822","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":105429,"registerId":"commonwealth-F2024L01415-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2024/822","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2024/822\n\nI, Peter Dunlop, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 7 November 2024\n\nPeter Dunlop\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement and date of effect.................................3\n\n3 Authority....................................................3\n\n4 Definitions...................................................3\n\nPart 2—Determination 4\n\n5 Applicable financial year........................................4\n\n6 Sub-sector population...........................................4\n\n7 Sub-sector metrics—basic levy component and graduated levy component.5\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC (Supervisory Cost Recovery Levy—Annual Determination) Instrument 2024/822.\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\n> Note 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\n> Note 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.\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 2023-24 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 | 121 |\n| 2 | Australian derivative trade repository operators | 2 |\n| 2A | Benchmark administrators | 2 |\n| 2B | Claims handling and settling services providers | 344 |\n| 3 | Corporate advisors | 290 |\n| 4 | Credit intermediaries | 4,137 |\n| 5 | Credit providers | 1,013 |\n| 6 | Credit rating agencies | 6 |\n| 7 | Custodians | 1,423 |\n| 8 | Deposit product providers | 178 |\n| 8A | Established specialised market operators | 23 |\n| 9 | Exempt CS facility operators | 4 |\n| 10 | Exempt market operators | 3 |\n| 11 | Insurance product distributors | 3,588 |\n| 12 | Insurance product providers | 102 |\n| 13 | Large futures exchange operators | 1 |\n| 14 | Large futures exchange participants | 33 |\n| 15 | Large proprietary companies | 11,377 |\n| 16 | Large securities exchange operators | 2 |\n| 17 | Large securities exchange participants | 60 |\n| 18 | Licensees that provide only general advice to retail or wholesale clients | 1,122 |\n| 19 | Licensees that provide personal advice on relevant financial products to retail clients | 2,680 |\n| 20 | Licensees that provide personal advice to only wholesale clients | 1,991 |\n| 21 | Licensees that provide personal advice to retail clients on only products that are not relevant financial products | 565 |\n| 22 | Listed corporations | 2,097 |\n| 23 | Managed discretionary account providers | 252 |\n| 24 | Margin lenders | 25 |\n| 24A | New specialised market operators | 1 |\n| 25 | Operators of investor directed portfolio services | 76 |\n| 25A | Operators of notified foreign passport funds and regulated former notified funds | 0 |\n| 26 | Overseas market operators | 32 |\n| 27 | Over-the-counter traders | 55 |\n| 28 | Payment product providers | 651 |\n| 29 | Public companies (unlisted) | 14,725 |\n| 30 | Registered company auditors | 3,177 |\n| 31 | Registered liquidators | 671 |\n| 32 | Responsible entities | 416 |\n| 33 | Retail over-the-counter derivatives issuers | 80 |\n| 34 | Risk management product providers | 85 |\n| 35 | Securities dealers | 1,220 |\n| 36 | Small and medium amount credit providers | 196 |\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 | 78 |\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 | 43 |\n| 48 | Wholesale trustees | 1,961 |\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```html\n

Column 1

Column 2

Column 3

Item

Sub-sectors

Sub-sector metric

Basic levy component

(as applicable)

Graduated levy component

(as applicable)

1

Auditors of disclosing entities

689,872,237

2

Australian derivative trade repository operators

601

2A

Benchmark administrators

732

2B

Claims handling and settling services providers

6,750,217

3

Corporate advisors

3,256,084,328

4

Credit intermediaries

44,381

5

Credit providers

744,468,316,592

6

Credit rating agencies

1,098

7

Custodians

1,423

8

Deposit product providers

3,091,091,466,997

8A

Established specialised market operators

8,418

9

Exempt CS facility operators

796

10

Exempt market operators

763

11

Insurance product distributors

3,588

12

Insurance product providers

63,925,817,224

13

Large futures exchange operators

366

14

Large futures exchange participants

279,867,952 (messages)

359,065,446 (lots)

15

Large proprietary companies

11,377

16

Large securities exchange operators

1,932,929,257,226

17

Large securities exchange participants

5,110,438,104 (messages)

982,028,086 (transactions)

18

Licensees that provide only general advice to retail or wholesale clients

1,122

19

Licensees that provide personal advice on relevant financial products to retail clients

15,233

20

Licensees that provide personal advice to only wholesale clients

1,991

21

Licensees that provide personal advice to retail clients on only products that are not relevant financial products

201,301

22

Listed corporations

1,608,459,018,344

23

Managed discretionary account providers

86,293

24

Margin lenders

8,729

24A

New specialised market operators

366

25

Operators of investor directed portfolio services

867,584,868

25A

Operators of notified foreign passport funds and regulated former notified funds

26

Overseas market operators

10,882

27

Over-the-counter traders

1,944

28

Payment product providers

4,947,585,594

29

Public companies (unlisted)

14,725

30

Registered company auditors

3,177

31

Registered liquidators

61,241

32

Responsible entities

1,629,962,837,298

33

Retail over-the-counter derivatives issuers

27,993

34

Risk management product providers

29,861

35

Securities dealers

157,863,936,732

36

Small and medium amount credit providers

1,323,434,205

38

Small futures exchange operators

366

39

Small securities exchange operators

732

40

Small securities exchange operators with self-listing function only

366

41

Superannuation trustees

2,463,340,033,354

42

Tier 1 clearing and settlement facility operators

1,464

43

Tier 2 clearing and settlement facility operators

366

44

Tier 3 clearing and settlement facility operators

366

45

Tier 4 clearing and settlement facility operators

366

46

Traditional trustee company service providers

4,026

47

Wholesale electricity dealers

43

48

Wholesale trustees

993,306,731,514

\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"},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument operates exactly as intended by the parent legislation — it is an annual determination that updates the population and metric figures for the 2023-24 financial year. The scope remains confined to setting these numerical parameters as delegated by the ASIC Supervisory Cost Recovery Levy Act 2017."},"complexity_factors":["Simple tabular structure with only 7 operative provisions","Minimal defined terms (only 2: 'Regulations' and a general incorporation by reference)","No conditional logic or nested exceptions — just straightforward data tables","Heavy reliance on external legislation (ASIC Supervisory Cost Recovery Levy Act 2017 and Regulations 2017) for actual calculation methodology","48 sub-sectors with varying metric types, but all presented in uniform tabular format","Retrospective application mechanism (can apply to 2023-24 year despite being made in November 2024) requires cross-referencing to parent Act"],"plain_english_summary":"This instrument fixes the 2023–24 sub‑sector populations and the metrics ASIC will use to calculate annual levies for around 48 categories of financial services businesses. It specifies flat “basic” amounts per entity and graduated metrics tied to size or activity (dollar values, volumes, etc.).\n\nIt matters because those numbers directly determine each firm’s ASIC levy bill—from small advisers to large exchanges and insurers."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"This instrument is an annual, administrative determination that implements the existing cost‑recovery framework by supplying the numeric populations and metrics for 2023–24. It does not expand or alter the statutory scheme or add new regulatory obligations; it operates within the scope of the ASIC Supervisory Cost Recovery Levy Act 2017 and the associated Regulations (see sections 3, 5–7)."},"complexity_factors":["Single purpose annual instrument: sets numeric inputs (low structural complexity) but contains extensive tabular data","48 numbered sub‑sectors listed in the sub‑sector population table (section 6)","Many sub‑sectors use different metric types in the metrics table (counts, large dollar aggregates, messages/transactions/lots), increasing interpretive complexity (section 7)","Cross‑references to definitions and calculation formulas in the ASIC Supervisory Cost Recovery Levy Regulations 2017 and the ASIC Supervisory Cost Recovery Levy Act 2017 (sections 3–4 and notes) require users to consult multiple instruments","Presence of conditional commencement and potential retrospective effect (section 2 and explanatory notes referencing section 11 of the Act)","Blank cells in tables where a component is not applicable create conditional logic (some sub‑sectors only have a basic or only a graduated component)","Large numeric values (multiple orders of magnitude) raise practical data‑quality concerns but do not add legal complexity"],"plain_english_summary":"**What this instrument does (mechanically)**\n\n- This instrument fixes the numeric inputs ASIC will use to calculate the ASIC Supervisory Cost Recovery Levy for the 2023–24 financial year (section 5). Concretely it: (a) sets the number of entities in each regulated \"sub‑sector\" (the \"sub‑sector population\" in section 6); and (b) sets the metric(s) that feed the two parts of the levy calculation (the \"basic levy component\" and the \"graduated levy component\") for each sub‑sector (section 7). These numbers are the raw data ASIC uses under the ASIC Supervisory Cost Recovery Levy Regulations 2017 to apportion supervisory costs across industry groups.\n\n- The instrument is made by an ASIC delegate under the Regulations (section 3) and comes into force the day after registration unless special timing provisions in the parent Act apply; there is also a statutory mechanism for instruments like this to operate retrospectively in some circumstances (section 2(1)–(2) and accompanying notes referencing section 11 of the ASIC Supervisory Cost Recovery Levy Act 2017).\n\n**Who it affects**\n\n- Any person or firm subject to the ASIC Supervisory Cost Recovery Levy and classified in one of the sub‑sectors listed in the tables. Examples include auditors of disclosing entities, credit providers, custodians, listed corporations, superannuation trustees, securities and futures exchange operators and participants, licensees that give personal advice, insurers and insurance distributors, payment product providers, and many others (see section 6 table). The instrument identifies 48 numbered items (sub‑sectors) and gives a population or metric for each.\n\n**How the numbers are used**\n\n- Two separate inputs are provided for most sub‑sectors: a sub‑sector population (how many entities fall in the sub‑sector; section 6) and a sub‑sector metric used for the basic and/or graduated levy components (section 7). The metric values take different forms depending on the sub‑sector: simple counts of entities, dollar aggregates (large numeric dollar amounts), or transaction/message/lot volumes (e.g. messages, transactions, lots). Where a metric cell is blank it means that component is not applicable for that sub‑sector in this determination.\n\n**Why it matters**\n\n- These figures determine how ASIC’s recoverable supervisory costs are split across industry in 2023–24. They directly affect the levy each regulated firm will be charged (when read together with the Regulations’ formulas). Changing a metric or population alters the per‑entity or per‑transaction share of ASIC’s costs for that year.\n\n**Source claim about purpose and a brief test against trade‑offs**\n\n- The instrument’s stated purpose is administrative: translate ASIC’s cost allocation rules into the numeric inputs needed to calculate levies for 2023–24 (see sections 5–7). Mechanically this creates predictability about how ASIC will apply the statutory formulas in the Regulations.\n\n- Trade‑offs and implementation considerations: \n - Who pays: the levy is paid by regulated entities in the listed sub‑sectors; the instrument decides how the aggregate cost pool is split among them (sections 6–7). Concentrated costs fall on sub‑sectors with small populations and large metrics (for example, a small number of entities with large dollar metrics will likely face high per‑entity levies). \n - Incentives and behaviour: where graduated components use transactional volumes or dollar aggregates, firms have an incentive to alter reported volumes, restructure business units, or change operational patterns if feasible (section 7 table shows multiple volume and dollar measures). \n - Administrative and compliance cost: firms must reconcile ASIC’s population and metric values with their records and may face contests or requests for clarification; the instrument itself sets numbers but does not set dispute procedures (the Regulations and Act govern those processes). \n - Implementation risk: accuracy of the metrics (sources and timing of data), the presence of mixed metric types (counts, dollars, messages, lots), and possible retrospective effect (section 2 and notes) could create cash‑flow or planning issues for some firms. \n - Opportunity cost: funds paid as levies are expenses for firms rather than available for investment; how large that effect is depends on each firm’s levy share (determined using these numbers under the Regulations).\n\n**Practical points to note**\n- The instrument cross‑references defined terms in the Regulations (section 4), so the legal meaning of sub‑sector names, the basic and graduated levy components, and the calculation formulas are in the Regulations and the parent Act. \n- The table shows that some sub‑sectors are measured by counts (e.g. \"Large proprietary companies: 11,377\"), others by very large dollar aggregates (e.g. \"Deposit product providers: 3,091,091,466,997\"), and some by transaction/message counts (e.g. large securities exchange participants: messages and transactions). Read the specific metric for a sub‑sector to understand which part of the levy it feeds (section 7). \n\n(References: commencement and retrospective notes — section 2; authority — section 3; definitions — section 4; applicable year — section 5; populations — section 6; metrics for basic/graduated components — section 7.)"}},"importantCases":[],"_links":{"self":"/api/acts/asic-supervisory-cost-recovery-levy-annual-determination-instrument-2024-822","history":"/api/acts/asic-supervisory-cost-recovery-levy-annual-determination-instrument-2024-822/history","analysis":"/api/acts/asic-supervisory-cost-recovery-levy-annual-determination-instrument-2024-822/analysis","conflicts":"/api/acts/asic-supervisory-cost-recovery-levy-annual-determination-instrument-2024-822/conflicts","importantCases":"/api/acts/asic-supervisory-cost-recovery-levy-annual-determination-instrument-2024-822/important-cases","documents":"/api/acts/asic-supervisory-cost-recovery-levy-annual-determination-instrument-2024-822/documents"}}