{"id":"F2022L01443","name":"ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2022/889","slug":"asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2022-889","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441593,"registerId":"F2022L01443-fast-fetch-1775956861926","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 2022/889","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 22.10.0\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 2022/889\n\nI, Peter Dunlop, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 9 November 2022\n\n \n\n \n\n \n\n \n\n \n\nPeter Dunlop  \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\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2022/889.\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; 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 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 2021–22 financial year.\n\n6 ASIC’s regulatory costs\n\nASIC’s regulatory costs for the financial year are $313,308,684.\n\n7 Attribution of ASIC’s regulatory costs to each sub-sector\n\nColumn 3 of the table specifies the extent to which ASIC’s regulatory costs are attributable to the sub-sector specified in column 2 of the table.\n\n \n\n| Column 1 | Column 2 | Column 3 |\n| --- | --- | --- |\n| Item | Sub-sectors | Extent to which regulatory costs are attributable to the   sub-sector ($) |\n| 1 | Auditors of disclosing entities | 6,796,365 |\n| 2 | Australian derivative trade repository operators | 130,433 |\n| 2A | Benchmark administrators | 220,094 |\n| 2B | Claims handling and settling services providers | 1,218,800 |\n| 3 | Corporate advisors | 1,929,606 |\n| 4 | Credit intermediaries | 8,675,583 |\n| 5 | Credit providers | 31,837,090 |\n| 6 | Credit rating agencies | 123,286 |\n| 7 | Custodians | 350,612 |\n| 8 | Deposit product providers | 12,010,118 |\n| 8A | Established specialised market operators | 642,065 |\n| 9 | Exempt CS facility operators | 10,729 |\n| 10 | Exempt market operators | 87,438 |\n| 11 | Insurance product distributors | 3,131,482 |\n| 12 | Insurance product providers | 24,254,744 |\n| 13 | Large futures exchange operators | 1,597,741 |\n| 14 | Large futures exchange participants | 4,586,328 |\n| 15 | Large proprietary companies | 6,375,617 |\n| 16 | Large securities exchange operators | 4,965,301 |\n| 17 | Large securities exchange participants | 20,833,594 |\n| 18 | Licensees that provide only general advice to retail clients or wholesale clients | 1,290,504 |\n| 19 | Licensees that provide personal advice on relevant financial products to retail clients | 22,775,473 |\n| 20 | Licensees that provide personal advice to only wholesale clients | 50,938 |\n| 21 | Licensees that provide personal advice to retail clients on only products that are not relevant financial products | 73,059 |\n| 22 | Listed corporations | 47,138,480 |\n| 23 | Managed discretionary account providers | 1,774,421 |\n| 24 | Margin lenders | 9,326 |\n| 24A | New specialised market operators | 3,293 |\n| 25 | Operators of investor directed portfolio services | 443,430 |\n| 25A | Operators of notified foreign passport funds and regulated former notified funds | 0 |\n| 26 | Overseas market operators | 287,556 |\n| 27 | Over-the-counter traders | 15,875,834 |\n| 28 | Payment product providers | 2,415,512 |\n| 29 | Public companies (unlisted) | 3,702,529 |\n| 30 | Registered company auditors | 1,457,764 |\n| 31 | Registered liquidators | 4,129,675 |\n| 32 | Responsible entities | 23,388,141 |\n| 33 | Retail over-the-counter derivatives issuers | 10,512,906 |\n| 34 | Risk management product providers | 371,446 |\n| 35 | Securities dealers | 4,361,021 |\n| 36 | Small and medium amount credit providers | 4,630,253 |\n| 38 | Small futures exchange operators | 110,272 |\n| 39 | Small securities exchange operators | 573,970 |\n| 40 | Small securities exchange operators with self-listing function only | 1,098 |\n| 41 | Superannuation trustees | 32,165,493 |\n| 42 | Tier 1 clearing and settlement facility operators | 1,731,652 |\n| 43 | Tier 2 clearing and settlement facility operators | 117,071 |\n| 44 | Tier 3 clearing and settlement facility operators | 11,341 |\n| 45 | Tier 4 clearing and settlement facility operators | 1,067 |\n| 46 | Traditional trustee company service providers | 91,406 |\n| 47 | Wholesale electricity dealers | 72,040 |\n| 48 | Wholesale trustees | 3,964,687 |\n\n\n \n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument does not change which activities or entities fall within the statutory levy framework; it is an annual determination that applies existing statutory definitions (see section 4) to the 2021–22 financial year (section 5), declares a total regulatory cost (section 6) and attributes that total across listed sub‑sectors (section 7). It therefore implements the Act’s charging framework rather than expanding or narrowing its statutory scope."},"complexity_factors":["Simple numerical determination of total regulatory costs (section 6) and a schedule allocating dollar amounts to many sub‑sectors (section 7).","Interplay with enabling statutes: instrument made under s.12A(6) of the Australian Securities and Investments Commission Act 2001 for purposes of s.10(2) of the ASIC Supervisory Cost Recovery Levy Act 2017 (section 3), so legal effect depends on those Acts.","Commutations in commencement and potential retrospective effect: special commencement/disallowance rules and retrospective application are flagged (section 2; note referencing subsection 10(8) of the Act and section 11 of the Act).","Granularity and enumeration risk: many narrowly defined sub‑sectors and zero/near‑zero entries increase administrative mapping between entities and sub‑sectors (section 7 table).","Instrument specifies attributions to sub‑sectors but does not set per‑entity levy rates or collection mechanics — those occur under the primary Act, so further calculation and allocation work remains (compare sections 6–7 with the authority in section 3).","Limited discretionary content: figures are fixed numbers rather than formulas, reducing interpretive complexity but creating dependence on underlying allocation methodology not set out in this instrument."],"plain_english_summary":"This instrument fixes ASIC’s total regulatory cost for the 2021–22 year ($313,308,684) and assigns specific dollar amounts of that cost to a long list of financial‑services sub‑sectors. It affects businesses and entities in those listed sub‑sectors because the dollar attributions inform the levies later imposed under the ASIC Supervisory Cost Recovery Levy Act. The instrument also contains commencement rules that can create retrospective effect."},"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":"The instrument performs exactly the function intended by the ASIC Supervisory Cost Recovery Levy Act 2017: an annual determination of regulatory costs and their attribution to sub-sectors. It has not expanded beyond this narrow, technical purpose."},"complexity_factors":["Very short instrument: only 7 substantive sections plus definitions","Minimal defined terms: only 2 definitions in section 4, with most terms imported by reference from the parent Act","Simple structure: preliminary matters, then a single determination with one table","No nested exceptions or conditional logic — just straightforward cost allocations","Single cross-reference mechanism (subsection 10(2) of the ASIC Supervisory Cost Recovery Levy Act 2017) for the determination's legal basis","Retrospective application handled by a simple note rather than complex transitional provisions"],"plain_english_summary":"This instrument records ASIC’s total regulatory bill for 2021–22 at $313.3 million and allocates that cost across 48 financial-sector sub‑categories (eg, banks, superannuation trustees, listed companies, insurers, advisers, exchanges), identifying who must pay under the ASIC Supervisory Cost Recovery Levy framework. It matters because industry — not general taxpayers — funds ASIC’s supervision, and the determination can apply retrospectively to ensure continuous cost recovery."}},"importantCases":[],"_links":{"self":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2022-889","history":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2022-889/history","analysis":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2022-889/analysis","conflicts":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2022-889/conflicts","importantCases":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2022-889/important-cases","documents":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2022-889/documents"}}