{"id":"F2024L01414","name":"ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2024/821","slug":"asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2024-821","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":105428,"registerId":"commonwealth-F2024L01414-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2024/821","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2024/821\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 ASIC’s regulatory costs.........................................4\n\n7 Attribution of ASIC’s regulatory costs to each sub-sector...............4\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2024/821.\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 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.\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 2023-24 financial year.\n\n6 ASIC’s regulatory costs\n\nASIC’s regulatory costs for the financial year are $328,108,436.\n\n7 Attribution of ASIC’s regulatory costs to each sub-sector\n\nColumn 3 of the table specifies the extent to which ASIC’s regulatory costs are attributable to the sub-sector specified in column 2 of the table.\n\n| Column 1 | Column 2 | Column 3 |\n| -------- | ------------------------------------------------------------------------------------------------------------------ | ---------------------------------------------------------------------- |\n| Item | Sub-sectors | Extent to which regulatory costs are attributable to thesub-sector ($) |\n| 1 | Auditors of disclosing entities | 7,096,900.00 |\n| 2 | Australian derivative trade repository operators | 255,427.00 |\n| 2A | Benchmark administrators | 91,091.00 |\n| 2B | Claims handling and settling services providers | 6,903,067.00 |\n| 3 | Corporate advisors | 1,893,516 |\n| 4 | Credit intermediaries | 2,891,763 |\n| 5 | Credit providers | 31,324,600 |\n| 6 | Credit rating agencies | 41,479 |\n| 7 | Custodians | 636,143 |\n| 8 | Deposit product providers | 4,355,132 |\n| 8A | Established specialised market operators | 472,403 |\n| 9 | Exempt CS facility operators | 11,522 |\n| 10 | Exempt market operators | 11,522 |\n| 11 | Insurance product distributors | 842,495 |\n| 12 | Insurance product providers | 11,255,306 |\n| 13 | Large futures exchange operators | 1,188,008 |\n| 14 | Large futures exchange participants | 850,794 |\n| 15 | Large proprietary companies | 10,312,687 |\n| 16 | Large securities exchange operators | 5,344,210 |\n| 17 | Large securities exchange participants | 19,092,934 |\n| 18 | Licensees that provide only general advice to retail clients or wholesale clients | 2,798,274 |\n| 19 | Licensees that provide personal advice on relevant financial products to retail clients | 45,013,593 |\n| 20 | Licensees that provide personal advice to only wholesale clients | 1,616,129 |\n| 21 | Licensees that provide personal advice to retail clients on only products that are not relevant financial products | 90,901 |\n| 22 | Listed corporations | 57,418,413 |\n| 23 | Managed discretionary account providers | 961,795 |\n| 24 | Margin lenders | 4,517 |\n| 24A | New specialised market operators | 12,716 |\n| 25 | Operators of investor directed portfolio services | 131,556 |\n| 25A | Operators of notified foreign passport funds and regulated former notified funds | 5,295 |\n| 26 | Overseas market operators | 443,598 |\n| 27 | Over-the-counter traders | 5,074,859 |\n| 28 | Payment product providers | 5,240,526 |\n| 29 | Public companies (unlisted) | 4,148,116 |\n| 30 | Registered company auditors | 3,132,214 |\n| 31 | Registered liquidators | 7,481,213 |\n| 32 | Responsible entities | 28,114,632 |\n| 33 | Retail over-the-counter derivatives issuers | 16,239,386 |\n| 34 | Risk management product providers | 100,282 |\n| 35 | Securities dealers | 5,168,704 |\n| 36 | Small and medium amount credit providers | 7,103,088 |\n| 38 | Small futures exchange operators | 63,438 |\n| 39 | Small securities exchange operators | 533,062 |\n| 40 | Small securities exchange operators with self-listing function only | 0 |\n| 41 | Superannuation trustees | 26,428,308 |\n| 42 | Tier 1 clearing and settlement facility operators | 3,340,833 |\n| 43 | Tier 2 clearing and settlement facility operators | 91,881 |\n| 44 | Tier 3 clearing and settlement facility operators | 28,411 |\n| 45 | Tier 4 clearing and settlement facility operators | 0 |\n| 46 | Traditional trustee company service providers | 493,685 |\n| 47 | Wholesale electricity dealers | 200,956 |\n| 48 | Wholesale trustees | 1,757,056 |","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument does not change the statutory scope of ASIC’s powers or redefine regulated activities; it sets a yearly determination: the applicable financial year (s5), a total regulatory cost figure (s6), and the allocation of that total across listed sub-sectors (s7). It operates within the existing framework of the Supervisory Cost Recovery Levy Act and the ASIC Act (see s3 and s4) rather than expanding or narrowing scope beyond that statutory framework."},"complexity_factors":["Cross-references to two external Acts (ASIC Act 2001 and ASIC Supervisory Cost Recovery Levy Act 2017) so readers must consult other statutes to see full effect (see s3, s4).","Large attribution table (s7) with many narrowly defined sub-sectors requiring firms to map themselves to the correct category.","Potential retrospective application and special timing/disallowance rules create legal-timing complexity (see s2 and notes).","Delegated decision-making: instrument is a delegate’s determination but does not show underlying calculation methodology (instrument header, s3, s7).","Instrument is mechanically simple but operationally interacts with levy collection rules that are outside the instrument, requiring cross-document interpretation."],"plain_english_summary":"This instrument fixes ASIC’s 2023–24 regulatory cost at $328,108,436 and allocates that total across named financial‑services sub‑sectors via a dollar table. It doesn’t set firm‑level levy rates or collect payments itself but supplies the cost shares used under the Supervisory Cost Recovery Levy Act to impose levies on entities in those sub‑sectors. It commences after registration, subject to timing rules in the supervising Act."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This 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 industry sub-sectors. The scope remains tightly constrained to this cost-recovery mechanism."},"complexity_factors":["Very short instrument (7 substantive sections)","Only 2 defined terms in the interpretation section (Act, and a standard 'definitions follow the Act' clause)","Single table with straightforward attribution of dollar amounts to sub-sectors","No nested exceptions or conditional logic — just a direct cost allocation","Cross-references limited to the enabling Act (ASIC Supervisory Cost Recovery Levy Act 2017) for commencement mechanics","No operative provisions creating rights or obligations — purely declaratory of costs already incurred"],"plain_english_summary":"This is a technical instrument that sets out how much Australia's corporate regulator (ASIC) spent on regulating different parts of the financial services industry during the 2023-24 financial year, and which industry sectors must pay for those costs.\n\n**What it does:**\n- Declares that ASIC's total regulatory costs for 2023-24 were **$328.1 million**\n- Splits this bill across **48 different industry sub-sectors** — from big banks and stockbrokers to small credit providers and auditors\n- Each sector pays according to how much regulatory attention they required\n\n**Who it affects:**\n- **Financial services businesses** that hold an Australian Financial Services Licence (AFSL) or Australian Credit Licence (ACL)\n- **Listed companies** (paying the biggest share at $57.4 million)\n- **Superannuation trustees** ($26.4 million)\n- **Credit providers** ($31.3 million)\n- **Financial advisers** — those giving personal advice to retail clients pay the largest adviser share ($45 million)\n- **Smaller players** like margin lenders ($4,517) and some exchange operators ($0)\n\n**Why it matters:**\nThis determines the **levy bills** that regulated businesses will receive. Unlike general taxation, this is a \"user pays\" system where the industry sectors that ASIC spends time supervising bear the direct cost of that supervision. If you're a financial adviser giving personal advice to mum-and-dad investors, your sector is being charged $45 million for the year — which translates to actual levy amounts per licensee once divided up."}},"importantCases":[],"_links":{"self":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2024-821","history":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2024-821/history","analysis":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2024-821/analysis","conflicts":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2024-821/conflicts","importantCases":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2024-821/important-cases","documents":"/api/acts/asic-supervisory-cost-recovery-levy-regulatory-costs-instrument-2024-821/documents"}}