14Amount of special levy—total levy exceeds the sub‑sector levy cap

14 Amount of special levy—total levy exceeds the sub‑sector levy cap

(1) The amount of levy imposed by subsection 8(3) on a person: (a) for a levy period and a sub‑sector; and (b) because the following have come into force for the levy period and the sub‑sector: (i) a revised claims, fees and costs estimate; (ii) a determination under section 1069H of the Corporations Act 2001 (the Minister’s determination); is the amount worked out in accordance with a method prescribed by the regulations for the purposes of this subsection. Objectives for working out amounts of special levy (2) The objectives are that the total amount of levy imposed by subsection 8(3) across all members of the sub‑sector for the levy period: (a) does not exceed the total amount specified, under paragraph 1069H(4)(b) of the Corporations Act 2001, in the Minister’s determination; and (b) does not cause the scheme levy cap to be exceeded. Regulations (3) Before the Governor‑General makes regulations for the purposes of subsection (1), the Minister must be satisfied that the regulations are consistent with the objectives stated in subsection (2). (4) Without limiting subsection (1), the method prescribed by the regulations for a levy period and a sub‑sector may have regard to: (a) the revised claims, fees and costs estimate for the levy period and the sub‑sector; and (b) the Minister’s determination; and (c) one or more determinations by ASIC under regulations made for the purposes of section 9 of the ASIC Supervisory Cost Recovery Levy Act 2017.