{"id":"F2021L01565","name":"ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2021/0938","slug":"asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2021-0938","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441067,"registerId":"F2021L01565-fast-fetch-1775956483092","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2021/0938","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—Regulatory Costs) Instrument 2021/0938\n\nI, Richard Goldman, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 15 November 2021\n\n \n\n \n\n \n\n \n\n \n\nRichard Goldman\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc56528538)\n\n[1 Name of legislative instrument](#_Toc56528539)\n\n[2 Commencement and date of effect](#_Toc56528540)\n\n[3 Authority](#_Toc56528541)\n\n[4 Definitions](#_Toc56528542)\n\n[Part 2—Determination](#_Toc56528543)\n\n[5 Applicable financial year](#_Toc56528544)\n\n[6 ASIC’s regulatory costs](#_Toc56528545)\n\n[7 Attribution of ASIC’s regulatory costs to each sub-sector](#_Toc56528546)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2021/0938.\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 10(8) 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 subsection 12A(6) of the Australian Securities and Investments Commission Act 2001 for the purposes of subsection 10(2) of the ASIC Supervisory Cost Recovery Levy Act 2017.\n\n4 Definitions\n\nIn this instrument:\n\n(a) Act means the ASIC Supervisory Cost Recovery Levy Act 2017;\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 Act;\n\nhas the same meaning in this instrument as in the Act.\n\nPart 2—Determination\n\n5 Applicable financial year\n\nThis determination applies to the 2020–21 financial year.\n\n6 ASIC’s regulatory costs\n\nASIC’s regulatory costs for the financial year are $314,092,158.\n\n7 Attribution of ASIC’s regulatory costs to each sub-sector\n\nColumn 3 of the table specifies the extent to which ASIC’s regulatory costs are attributable to the sub-sector specified in column 2 of the table.\n\n \n\n| Column 1 | Column 2 | Column 3 |\n| --- | --- | --- |\n| Item | Sub-sectors | Extent to which regulatory costs are attributable to the   sub-sector ($) |\n| 1 | Auditors of disclosing entities | 7,822,930 |\n| 2 | Australian derivative trade repository operators | 127,212 |\n| 2A | Benchmark administrators | 424,035 |\n| 3 | Corporate advisors | 1,664,640 |\n| 4 | Credit intermediaries | 11,361,967 |\n| 5 | Credit providers | 33,057,339 |\n| 6 | Credit rating agencies | 55,767 |\n| 7 | Custodians | 311,256 |\n| 8 | Deposit product providers | 7,521,038 |\n| 8A | Established specialised market operators | 685,469 |\n| 9 | Exempt CS facility operators | 3,587 |\n| 10 | Exempt market operators | 68,440 |\n| 11 | Insurance product distributors | 3,010,547 |\n| 12 | Insurance product providers | 24,594,548 |\n| 13 | Large futures exchange operators | 1,426,999 |\n| 14 | Large futures exchange participants | 3,624,160 |\n| 15 | Large proprietary companies | 7,925,280 |\n| 16 | Large securities exchange operators | 4,600,607 |\n| 17 | Large securities exchange participants | 19,941,999 |\n| 18 | Licensees that provide only general advice to retail clients or wholesale clients | 602,613 |\n| 19 | Licensees that provide personal advice on relevant financial products to retail clients | 25,759,149 |\n| 20 | Licensees that provide personal advice to only wholesale clients | 84,651 |\n| 21 | Licensees that provide personal advice to retail clients on only products that are not relevant financial products | 189,817 |\n| 22 | Listed corporations | 58,247,190 |\n| 23 | Managed discretionary account providers | 2,417,914 |\n| 24 | Margin lenders | 70,357 |\n| 24A | New specialised market operators | 3,736 |\n| 25 | Operators of investor directed portfolio services | 953,013 |\n| 25A | Operators of notified foreign passport funds and regulated former notified funds | 6,736 |\n| 26 | Overseas market operators | 440,880 |\n| 27 | Over-the-counter traders | 8,725,354 |\n| 28 | Payment product providers | 2,405,649 |\n| 29 | Public companies (unlisted) | 2,973,021 |\n| 30 | Registered company auditors | 1,806,632 |\n| 31 | Registered liquidators | 5,124,833 |\n| 32 | Responsible entities | 25,203,601 |\n| 33 | Retail over-the-counter derivatives issuers | 10,558,671 |\n| 34 | Risk management product providers | 118,762 |\n| 35 | Securities dealers | 1,944,910 |\n| 36 | Small and medium amount credit providers | 4,897,428 |\n| 38 | Small futures exchange operators | 639,776 |\n| 39 | Small securities exchange operators | 570,028 |\n| 40 | Small securities exchange operators with self-listing function only | 934 |\n| 41 | Superannuation trustees | 26,947,964 |\n| 42 | Tier 1 clearing and settlement facility operators | 1,599,620 |\n| 43 | Tier 2 clearing and settlement facility operators | 171,301 |\n| 44 | Tier 3 clearing and settlement facility operators | 26,015 |\n| 45 | Tier 4 clearing and settlement facility operators | 934 |\n| 46 | Traditional trustee company service providers | 277,883 |\n| 47 | Wholesale electricity dealers | 86,709 |\n| 48 | Wholesale trustees | 3,008,257 |\n\n\n \n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument performs exactly the function intended by the ASIC Supervisory Cost Recovery Levy Act 2017 — it makes an annual determination of regulatory costs and their attribution to sub-sectors. The scope remains tightly focused on this specific cost recovery mechanism."},"complexity_factors":["Very short instrument (only 7 substantive sections)","Minimal defined terms (only 2 definitions in section 4, both referencing external legislation)","Simple structure: preliminary matters, then a single determination with a dollar amount and a table","No conditional logic, exceptions, or nested provisions","Single cross-reference to the ASIC Supervisory Cost Recovery Levy Act 2017 for commencement timing","Primary content is a straightforward data table allocating dollar amounts to 48 industry sub-sectors"],"plain_english_summary":"ASIC's cost recovery determination sets its 2020–21 regulatory bill at $314,092,158 and allocates that total across financial sub‑sectors. It determines how much banks, insurers, superannuation trustees, advisers, fund managers and other regulated entities pay via the Supervisory Cost Recovery Levy — implementing a user‑pays approach and effectively acting as ASIC’s invoice to industry, with fee outcomes that can flow through to consumers."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument does not change who is within the statutory scope of the levy. It applies the Act’s existing framework to the 2020–21 year by setting the total regulatory cost ($314,092,158) and allocating that cost across listed sub‑sectors (s5–s7). It therefore adjusts financial allocations for the year but does not expand or contract the classes of entities covered under the Act; timing/retrospectivity issues may affect when liabilities arise (s2)."},"complexity_factors":["Simple legal form: a single-year determination that states a total cost and an attribution table (s5–s7).","Large number of distinct sub‑sectors and line items (over 40 entries) increases administrative and billing complexity (s7).","Cross-references to the ASIC Supervisory Cost Recovery Levy Act 2017 and the Corporations/ASIC Acts mean implementation depends on external definitions and levy collection mechanisms (s3, s4).","Commencement and possible retrospective effect create timing and compliance uncertainty for payers (s2 and Note 2).","Made by an ASIC delegate rather than Parliament, subject to disallowance rules in the parent Act, so legal challenge/disallowance and administrative discretion are possible (s2, s3).","Numeric precision and potential rounding or apportionment when converting attributed dollar amounts into individual entity levies add operational detail for ASIC and payers (s6–s7)."],"plain_english_summary":"This instrument fixes ASIC’s regulatory costs for 2020–21 at $314,092,158 (s6) and allocates dollar amounts to each regulated sub‑sector, which determines how the supervisory cost‑recovery levy is apportioned (s7). Entities in the listed sub‑sectors pay levies based on those allocations; the instrument does not change who is covered under the Act but sets the year’s cost allocation and thereby alters who pays, how much, and the administration and compliance burden on regulated parties."}},"importantCases":[],"_links":{"self":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2021-0938","history":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2021-0938/history","analysis":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2021-0938/analysis","conflicts":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2021-0938/conflicts","importantCases":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2021-0938/important-cases","documents":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2021-0938/documents"}}