Federal Register of Legislation - Australian Government

Primary content

Other as made
This instrument specifies the Australian Securities and Investments Commission’s regulatory costs and their attribution to each industry sub-sector for the 2020-21 financial year.
Administered by: Treasury
Registered 16 Nov 2021
Tabling HistoryDate
Tabled HR22-Nov-2021
Tabled Senate22-Nov-2021
Table of contents.

Commonwealth Coat of Arms and ASIC logo

ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2021/0938

I, Richard Goldman, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date    15 November 2021

 

 

 

 

 

Richard Goldman

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC (Supervisory Cost Recovery Levy—Regulatory Costs) Instrument 2021/0938.

2        Commencement and date of effect

(1)     This instrument commences on the day after it is registered on the Federal Register of Legislation.

 Note:   The register may be accessed at www.legislation.gov.au.

(2)     This instrument takes effect as follows:

(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;

(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.

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.

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.

3        Authority

This 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.

4        Definitions

In this instrument:

(a)     Act means the ASIC Supervisory Cost Recovery Levy Act 2017;

(b)     unless the contrary intention appears, an expression that:

(i)    is used, but not defined, in this instrument; and

(ii)   is defined in the Act;

has the same meaning in this instrument as in the Act.


Part 2—Determination

5        Applicable financial year

This determination applies to the 2020–21 financial year.

6        ASIC’s regulatory costs

ASIC’s regulatory costs for the financial year are $314,092,158.

7        Attribution of ASIC’s regulatory costs to each sub-sector

Column 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.

 

Column 1

Column 2

Column 3

Item

Sub-sectors

Extent to which regulatory costs are attributable to the
sub-sector ($)

1

Auditors of disclosing entities

7,822,930

2

Australian derivative trade repository operators

127,212

2A

Benchmark administrators

424,035

3

Corporate advisors

1,664,640

4

Credit intermediaries

11,361,967

5

Credit providers

33,057,339

6

Credit rating agencies

55,767

7

Custodians

311,256

8

Deposit product providers

7,521,038

8A

Established specialised market operators

685,469

9

Exempt CS facility operators

3,587

10

Exempt market operators

68,440

11

Insurance product distributors

3,010,547

12

Insurance product providers

24,594,548

13

Large futures exchange operators

1,426,999

14

Large futures exchange participants

3,624,160

15

Large proprietary companies

7,925,280

16

Large securities exchange operators

4,600,607

17

Large securities exchange participants

19,941,999

18

Licensees that provide only general advice to retail clients or wholesale clients 

602,613

19

Licensees that provide personal advice on relevant financial products to retail clients

25,759,149

20

Licensees that provide personal advice to only wholesale clients

84,651

21

Licensees that provide personal advice to retail clients on only products that are not relevant financial products

189,817

22

Listed corporations

58,247,190

23

Managed discretionary account providers

2,417,914

24

Margin lenders

70,357

24A

New specialised market operators

3,736

25

Operators of investor directed portfolio services

953,013

25A

Operators of notified foreign passport funds and regulated former notified funds

6,736

26

Overseas market operators

440,880

27

Over-the-counter traders

8,725,354

28

Payment product providers

2,405,649

29

Public companies (unlisted)

2,973,021

30

Registered company auditors

1,806,632

31

Registered liquidators

5,124,833

32

Responsible entities

25,203,601

33

Retail over-the-counter derivatives issuers

10,558,671

34

Risk management product providers

118,762

35

Securities dealers

1,944,910

36

Small and medium amount credit providers

4,897,428

38

Small futures exchange operators

639,776

39

Small securities exchange operators

570,028

40

Small securities exchange operators with self-listing function only

934

41

Superannuation trustees

26,947,964

42

Tier 1 clearing and settlement facility operators

1,599,620

43

Tier 2 clearing and settlement facility operators

171,301

44

Tier 3 clearing and settlement facility operators

26,015

45

Tier 4 clearing and settlement facility operators

934

46

Traditional trustee company service providers

277,883

47

Wholesale electricity dealers

86,709

48

Wholesale trustees

3,008,257