{"id":"F2023L01473","name":"ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2023/777","slug":"asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2023-777","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":442164,"registerId":"F2023L01473-fast-fetch-1775957242665","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 2023/777","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 2023/777\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](#_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 2023/777.\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 2022–23 financial year.\n\n6 ASIC’s regulatory costs\n\nASIC’s regulatory costs for the financial year are $349,531,836.\n\n7 Attribution of ASIC’s regulatory costs to each sub-sector\n\nColumn 3 of the table specifies the extent to which ASIC’s regulatory costs are attributable to the sub-sector specified in column 2 of the table.\n\n \n\n| Column 1 | Column 2 | Column 3 |\n| --- | --- | --- |\n| Item | Sub-sectors | Extent to which regulatory costs are attributable to the   sub-sector ($) |\n| 1 | Auditors of disclosing entities | 4,574,259 |\n| 2 | Australian derivative trade repository operators | 211,030 |\n| 2A | Benchmark administrators | 134,362 |\n| 2B | Claims handling and settling services providers | 5,544,973 |\n| 3 | Corporate advisors | 2,606,419 |\n| 4 | Credit intermediaries | 4,267,575 |\n| 5 | Credit providers | 30,569,305 |\n| 6 | Credit rating agencies | 74,804 |\n| 7 | Custodians | 141,333 |\n| 8 | Deposit product providers | 9,793,089 |\n| 8A | Established specialised market operators | 604,442 |\n| 9 | Exempt CS facility operators | 28,795 |\n| 10 | Exempt market operators | 12,888 |\n| 11 | Insurance product distributors | 3,009,849 |\n| 12 | Insurance product providers | 27,548,548 |\n| 13 | Large futures exchange operators | 1,138,410 |\n| 14 | Large futures exchange participants | 5,829,105 |\n| 15 | Large proprietary companies | 8,773,758 |\n| 16 | Large securities exchange operators | 6,984,161 |\n| 17 | Large securities exchange participants | 16,451,973 |\n| 18 | Licensees that provide only general advice to retail clients or wholesale clients | 2,252,926 |\n| 19 | Licensees that provide personal advice on relevant financial products to retail clients | 47,593,147 |\n| 20 | Licensees that provide personal advice to only wholesale clients | 176,202 |\n| 21 | Licensees that provide personal advice to retail clients on only products that are not relevant financial products | 96,425 |\n| 22 | Listed corporations | 42,999,175 |\n| 23 | Managed discretionary account providers | 367,979 |\n| 24 | Margin lenders | 0 |\n| 24A | New specialised market operators | 7,942 |\n| 25 | Operators of investor directed portfolio services | 0 |\n| 25A | Operators of notified foreign passport funds and regulated former notified funds | 0 |\n| 26 | Overseas market operators | 447,545 |\n| 27 | Over-the-counter traders | 13,842,313 |\n| 28 | Payment product providers | 4,144,878 |\n| 29 | Public companies (unlisted) | 3,460,331 |\n| 30 | Registered company auditors | 1,479,402 |\n| 31 | Registered liquidators | 5,063,018 |\n| 32 | Responsible entities | 35,008,557 |\n| 33 | Retail over-the-counter derivatives issuers | 12,534,371 |\n| 34 | Risk management product providers | 367,809 |\n| 35 | Securities dealers | 4,037,020 |\n| 36 | Small and medium amount credit providers | 8,394,578 |\n| 38 | Small futures exchange operators | 51,354 |\n| 39 | Small securities exchange operators | 703,220 |\n| 40 | Small securities exchange operators with self-listing function only | 0 |\n| 41 | Superannuation trustees | 29,603,269 |\n| 42 | Tier 1 clearing and settlement facility operators | 4,602,493 |\n| 43 | Tier 2 clearing and settlement facility operators | 105,056 |\n| 44 | Tier 3 clearing and settlement facility operators | 29,588 |\n| 45 | Tier 4 clearing and settlement facility operators | 0 |\n| 46 | Traditional trustee company service providers | 105,580 |\n| 47 | Wholesale electricity dealers | 148,187 |\n| 48 | Wholesale trustees | 3,610,393 |\n\n\n \n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":false,"description":"This instrument does not alter the legal scope of who may be subject to the supervisory cost recovery levy. It is a financial determination for the 2022–23 year (see s.5–7): it sets the total regulatory cost ($349,531,836) and attributes dollar amounts to listed sub‑sectors. It does not expand or remove categories of entities covered under the underlying Levy Act, only allocates costs among those established categories."},"complexity_factors":["Large number of distinct sub‑sectors (48 table items) requiring granular allocations increases administrative complexity for both ASIC and payers.","Statutory cross‑references to the ASIC Act (subsection 12A(6)) and the ASIC Supervisory Cost Recovery Levy Act 2017 (subsection 10(2) and section 11) create dependency on external legal triggers and disallowance/timing rules.","Provision for retrospective effect (note to s.2 referencing subsection 10(8) of the Levy Act) adds legal and compliance risk for affected entities.","No methodological formula or working in the instrument for how the total or each attribution was calculated — opacity can produce disputes or requests for re‑explanation.","Delegated decision‑making (instrument made by a delegate) concentrates discretion over attribution and timing.","Mix of zero, very small and very large dollar attributions introduces practical issues for billing, rounding and proportional treatments across categories.","Interplay with levy collection mechanics and potential exemptions in the Levy Act means payers must cross‑check multiple instruments and statutory provisions to determine actual payable amounts."],"plain_english_summary":"This instrument fixes ASIC’s regulatory cost for 2022–23 at $349,531,836 and allocates that total in dollars across the specified financial sub‑sectors. It is made under the ASIC Act and the ASIC Supervisory Cost Recovery Levy Act 2017 and yields the table that determines which classes of businesses will be charged what amount. Businesses in the listed sub‑sectors therefore face the levy burden set out here; the instrument can take effect retrospectively and rests on delegated attribution decisions."},"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 industry sub-sectors. The scope remains tightly constrained to this yearly cost-setting exercise."},"complexity_factors":["Very short instrument (only 7 substantive sections)","Minimal defined terms (only 2 definitions in section 4, incorporating definitions from parent Act)","Simple structure: preliminary matters, then a single table allocating dollar amounts","No nested exceptions or conditional logic — just straightforward cost attribution","Single cross-reference to parent legislation (ASIC Supervisory Cost Recovery Levy Act 2017) for commencement mechanics","No operative provisions beyond stating the total cost and listing the sub-sector allocations"],"plain_english_summary":"This determination fixes ASIC’s total cost recovery for 2022–23 at $349.5 million and allocates that sum across 48 financial services sub‑sectors, so regulated entities (banks, credit providers, insurers, stockbrokers/exchanges, super funds, financial advisers, auditors, liquidators, etc.) pay levies reflecting the regulatory attention they require.\n\nIt matters because it is essentially ASIC’s bill to industry — the payment mechanism for funding supervision and signalling where ASIC focuses its resources (e.g., financial advice and listed companies)."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2023-777","history":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2023-777/history","analysis":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2023-777/analysis","conflicts":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2023-777/conflicts","importantCases":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2023-777/important-cases","documents":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2023-777/documents"}}