Commonwealth Coat of Arms of Australia

ASIC Supervisory Cost Recovery Levy Regulations 2017

made under the

ASIC Supervisory Cost Recovery Levy Act 2017

Compilation No. 4

Compilation date:   26 March 2019

Includes amendments up to: F2019L00390

Registered:    8 April 2019

 

About this compilation

This compilation

This is a compilation of the ASIC Supervisory Cost Recovery Levy Regulations 2017 that shows the text of the law as amended and in force on 26 March 2019 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Selfrepealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

 

 

 

Contents

Part 1—Preliminary

1 Name

3 Authority

4 Definitions

Part 2—General provisions

Division 1—Regulatory costs

5 Amounts not included in regulatory costs

5A Amounts included in regulatory costs

Division 1A—Exempt and regulated entities

5B Exempt entities

5C Regulated entities

Division 2—Amount of levy payable

Subdivision 2.1—General

6 Amount of levy

7 Levy component

8 Levy component for leviable entities that are deregistered

Subdivision 2.2—Levy components

9 Basic levy component

10 Graduated levy component

11 Prorata of entity metric

12 Rules about amounts

Part 3—Sectors, subsectors and levy components

Division 1—Corporate sector

Subdivision 1.1—General

13 Corporate sector

14 Basic levy component applies to subsectors in Subdivision 1.2

Subdivision 1.2—Subsectors to which basic levy component applies

15 Auditors of disclosing entities

16 Large proprietary companies

17 Public companies (unlisted)

18 Registered company auditors

Subdivision 1.3—Subsectors to which graduated levy component applies

19 Listed corporations

20 Registered liquidators

Division 2—Deposittaking and credit sector

Subdivision 2.1—General

21 Deposittaking and credit sector

22 Basic levy component applies to subsectors in Subdivision 2.2

Subdivision 2.2—Subsectors to which basic levy component applies

23 Margin lenders

24 Small and medium amount credit providers

Subdivision 2.3—Subsectors to which graduated levy component applies

25 Credit intermediaries

26 Credit providers

27 Deposit product providers

28 Payment product providers

Division 3—Investment management, superannuation and related services sector

Subdivision 3.1—General

29 Investment management, superannuation and related services sector

30 Basic levy component applies to subsectors in Subdivision 3.2

Subdivision 3.2—Subsectors to which basic levy component applies

31 Custodians

32 Managed discretionary account providers

33 Traditional trustee company service providers

Subdivision 3.3—Subsectors to which graduated levy component applies

34 Operators of investor directed portfolio services

35 Responsible entities

35A Operators of notified foreign passport funds and regulated former notified funds

36 Superannuation trustees

37 Wholesale trustees

Division 4—Financial advice sector

Subdivision 4.1—General

38 Financial advice sector

39 Basic levy component applies to subsectors in Subdivision 4.2

Subdivision 4.2—Subsectors to which basic levy component applies

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

41 Licensees that provide personal advice to only wholesale clients

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

Subdivision 4.3—Subsectors to which graduated levy component applies

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

Division 5—Market infrastructure and intermediaries sector

Subdivision 5.1—General

44 Market infrastructure and intermediaries sector

45 Basic levy component applies to subsectors in Subdivision 5.2

Subdivision 5.2—Subsectors to which basic levy component applies

46 Overseas market operators

47 Small securities exchange operators with selflisting function only

48 Small securities exchange operators

49 Small futures exchange operators

51 Large securities exchange operators

52 Large futures exchange operators

52A New specialised market operators

52B Established specialised market operators

53 Exempt market operators

54 Tier 1 clearing and settlement facility operators

55 Tier 2 clearing and settlement facility operators

56 Tier 3 clearing and settlement facility operators

57 Tier 4 clearing and settlement facility operators

58 Exempt CS facility operators

59 Australian derivative trade repository operators

61 Retail overthecounter derivatives issuers

62 Wholesale electricity dealers

62A Benchmark administrators

Subdivision 5.3—Subsectors to which graduated levy component applies

62B Credit rating agencies

63 Corporate advisors

64 Large futures exchange participants

65 Large securities exchange participants

66 Overthecounter traders

67 Securities dealers

Division 6—Insurance sector

Subdivision 6.1—General

68 Insurance sector

69 Basic levy component applies to subsectors in Subdivision 6.2

Subdivision 6.2—Subsectors to which basic levy component applies

70 Insurance product distributors

71 Risk management product providers

Subdivision 6.3—Subsectors to which graduated levy component applies

72 Insurance product providers

Division 7—Large institutions sector

Subdivision 7.1—General

72A Large institutions sector

Subdivision 7.2—Subsectors to which basic levy component applies

72B Entities subject to close and continuous monitoring

Part 4—Miscellaneous

73 Annual determination

Part 5—Application and transitional provisions

Division 1—Application provisions relating to the ASIC Supervisory Cost Recovery Levy Amendment (Enhancements) Regulations 2018

74 Application of amendments—Schedules 1, 2, 3, 5, 6, 9, 11 and 13 to the ASIC Supervisory Cost Recovery Levy Amendment (Enhancements) Regulations 2018

75 Application of amendments—Schedules 4, 7, 8, 10 and 12 to the ASIC Supervisory Cost Recovery Levy Amendment (Enhancements) Regulations 2018

Schedule 1—List of subsectors

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Part 1Preliminary

 

1  Name

  This instrument is the ASIC Supervisory Cost Recovery Levy Regulations 2017.

3  Authority

  This instrument is made under the ASIC Supervisory Cost Recovery Levy Act 2017.

4  Definitions

Note: A number of expressions used in this instrument are defined in the Act, including the following:

(a) ASIC;

(b) leviable entity.

 (1) In this instrument:

Act means the ASIC Supervisory Cost Recovery Levy Act 2017.

amount of credit has the same meaning as in subsection 3(2) of the National Credit Code.

annual determination means the legislative instrument made for a financial year by ASIC under section 73.

Australian credit licence has the same meaning as in the National Consumer Credit Protection Act 2009.

Australian member:

 (a) in relation to a notified foreign passport fund—has the same meaning as in the Corporations Act 2001; and

 (b) in relation to a regulated former notified fund—means a person who either:

 (i) holds an interest in the fund that was acquired in this jurisdiction (within the meaning of the Corporations Act 2001); or

 (ii) is ordinarily resident in this jurisdiction (within the meaning of the Corporations Act 2001) and holds an interest in the fund.

basic banking product has the same meaning as in section 910A of the Corporations Act 2001.

credit has the same meaning as in the National Consumer Credit Protection Act 2009.

credit activity has the same meaning as in the National Consumer Credit Protection Act 2009.

credit contract has the same meaning as in the National Consumer Credit Protection Act 2009.

credit provider has the same meaning as in the National Consumer Credit Protection Act 2009.

deal has the same meaning as dealing in section 761A of the Corporations Act 2001.

entity metric: a leviable entity’s entity metric for a subsector for a financial year is the amount worked out for the entity under a provision of Part 3 that specifies an amount to be the entity’s entity metric for the subsector for the financial year.

Note: See also section 12.

financial year means a period of 12 months starting on 1 July.

graduated levy component for a subsector for a financial year has the meaning given by section 10.

large futures exchange has the meaning given by subsection 52(3).

large securities exchange has the meaning given by subsection 51(3).

lot means a single futures contract with predefined terms and values.

medium amount credit contract has the same meaning as in the National Consumer Credit Protection Act 2009.

minimum levy component for a subsector for a financial year means the minimum levy component specified in Part 3 for the subsector.

National Credit Code has the same meaning as in the National Consumer Credit Protection Act 2009.

operator:

 (a) in relation to a notified foreign passport fund—has the same meaning as in the Corporations Act 2001; and

 (b) in relation to a regulated former notified fund:

 (i) if the fund is a regulated CIS—has the same meaning as in the Passport Rules for this jurisdiction; and

 (ii) if the fund is no longer a regulated CIS—the entity or entities in control of the fund.

overseas market has the meaning given by subsection 46(3).

overthecounter, in relation to a financial product, means a financial product that cannot be traded on:

 (a) a large futures exchange; or

 (b) a large securities exchange; or

 (c) a market licensed under subsection 795B(2) of the Corporations Act 2001 that operates as an exchange; or

 (d) a small futures exchange; or

 (e) a small securities exchange; or

 (f) a small securities (selflisting) exchange.

participant has the same meaning as in section 761A of the Corporations Act 2001.

registrable superannuation entity has the same meaning as in the Superannuation Industry (Supervision) Act 1993.

regulated CIS has the same meaning as in Chapter 8A of the Corporations Act 2001.

regulated former notified fund means a fund described in paragraph 5C(2)(b) or (c).

relevant financial products has the same meaning as in section 910A of the Corporations Act 2001.

small amount credit contract has the same meaning as in the National Consumer Credit Protection Act 2009.

small futures exchange has the meaning given by subsection 49(3).

small securities exchange has the meaning given by subsection 48(3).

small securities (selflisting) exchange has the meaning given by subsection 47(3).

specialised market has the meaning given by subsection 52A(4).

subsector means a group of one or more entities each of which meets the criteria specified in a provision of Part 3 for an entity to form part of the subsector.

Note 1: Within each such provision, the name of the subsector is identified in bold italics.

Note 2: For a list of subsectors, see Schedule 1.

subsector population, in relation to a subsector, for a financial year, means the number of entities specified by ASIC in an annual determination to be the number of entities that form part of the subsector at any time in the financial year.

subsector regulatory costs, in relation to a subsector, for a financial year, means the Australian dollar amount specified by ASIC in a determination made under subsection 10(2) of the Act to be the extent to which ASIC’s regulatory costs for the financial year are attributable to the subsector.

supervisory college means a college of regulators established for a credit rating agency:

 (a) that has significant cross border operations; and

 (b) that has affiliates or branches in more than one country; and

 (c) whose credit ratings are relied on by investors and other users of credit ratings in more than one country.

unregistered managed investment scheme is a managed investment scheme that is not:

 (a) a registered scheme; or

 (b) a notified foreign passport fund; or

 (c) a regulated former notified fund.

 (2) Other expressions used in this instrument that are defined in section 9 or 761A of the Corporations Act 2001 have the same meaning as they have in those sections.

Part 2General provisions

Division 1Regulatory costs

5  Amounts not included in regulatory costs

  For the purposes of paragraph 10(4)(c) of the Act, the following amounts must not be included in the amount of ASIC’s regulatory costs for a financial year:

 (a) the cost of operating the Superannuation Complaints Tribunal (as established under the Superannuation (Resolution of Complaints) Act 1993);

 (b) the cost of operating the Companies Auditors Disciplinary Board (as established under the Australian Securities and Investments Commission Act 2001);

 (c) the cost of operating a committee convened under section 4045 of Schedule 2 to the Corporations Act 2001;

 (d) the cost of operating and maintaining a public register kept by ASIC under the Corporations Act 2001;

 (e) the cost of regulating approved SMSF auditors (within the meaning of the Superannuation Industry (Supervision) Act 1993);

 (f) the cost of preliminary investigations and reports by liquidators into the failure of a company with few or no assets;

 (g) if the financial year commences before 1 July 2019, the costs associated with achieving the outcome described in Budget Paper No. 2, Budget Measures 201617, Part 2, topic headed “Australian Securities and Investments Commission—improving outcomes in financial services”.

5A  Amounts included in regulatory costs

  For the purposes of paragraph 10(5)(e) of the Act, the amount of ASIC’s regulatory costs for a financial year may include an amount of ASIC’s operating costs for a financial year before the 201718 financial year that:

 (a) ASIC is eligible to recover in the 201718 financial year, and later financial years, under item 29 of Schedule 1 to the ASIC Supervisory Cost Recovery Levy (Consequential Amendments) Act 2017; and

 (b) ASIC has not previously recovered under that item; and

 (c) do not relate to amounts covered by subsection 10(4) of the Act.

Division 1AExempt and regulated entities

5B  Exempt entities

  For the purposes of the definition of exempt entity in section 7 of the Act, the class of persons who, on 30 June in the 201718 financial year or a later financial year, are entities registered under the Australian Charities and Notforprofits Commission Act 2012 is prescribed for that financial year.

5C  Regulated entities

 (1) For the purposes of paragraph (h) of the definition of regulated entity in section 7 of the Act, the class of persons:

 (a) who are persons regulated by ASIC in respect of whom ASIC may exercise a power conferred under section 11 or 12A of the Australian Securities and Investments Commission Act 2001; and

 (b) none of whom would, apart from this section, be leviable entities;

is prescribed.

 (2) For the purposes of paragraph (h) of the definition of regulated entity in section 7 of the Act, the following classes of persons are prescribed:

 (a) the operators of notified foreign passport funds;

 (b) the operators of regulated CIS that:

 (i) have been removed as notified foreign passport funds under Division 2 of Part 8A.7 of the Corporations Act 2001; and

 (ii) still have protected members for the purposes of regulation 8A.7.20 of the Corporations Regulations 2001;

 (c) the operators of funds that:

 (i) have ceased to be regulated CIS; and

 (ii) have been removed as notified foreign passport funds under Division 2 of Part 8A.7 of the Corporations Act 2001; and

 (iii) still have protected members for the purposes of regulation 8A.7.20 of the Corporations Regulations 2001.

Division 2Amount of levy payable

Subdivision 2.1General

6  Amount of levy

  The amount of levy payable by a leviable entity for a financial year is the sum of each levy component the entity has for the financial year.

7  Levy component

When an entity has a levy component

 (1) A leviable entity has a levy component for a financial year in respect of each subsector of which the entity forms part at any time in the financial year.

Amount of a levy component

 (2) The amount of a leviable entity’s levy component for a financial year in respect of a subsector is:

 (a) if a provision of Part 3 provides that the basic levy component applies to the subsector for the financial year—the basic levy component for the entity for the subsector for the financial year; or

 (b) otherwise—the amount of the levy component worked out for the entity and the subsector under Part 3.

Note: For the basic levy component, see section 9.

8  Levy component for leviable entities that are deregistered

  However, the amount of levy payable by a leviable entity for a financial year is nil if:

 (a) the entity is required to lodge a return relating to the financial year with ASIC under section 11 of the ASIC Supervisory Cost Recovery Levy (Collection) Act 2017; and

 (b) before the end of the day on which the return is required to be lodged:

 (i) the entity is deregistered under Part 5A.1 of the Corporations Act 2001; or

 (ii) ASIC publishes a notice regarding the proposed deregistration of the entity under section 601AA or 601AB of that Act; and

 (c) the entity’s registration has not been reinstated before the end of that day.

Subdivision 2.2Levy components

9  Basic levy component

 (1) The basic levy component for a leviable entity for a subsector for a financial year is the amount worked out using the formula:

where:

basic rate entity metric means:

 (a) unless paragraph (b) applies—the entity’s entity metric for the subsector for the financial year; or

 (b) if no provision in Part 3 specifies an amount to be the entity metric for the subsector for the financial year—1.

subsector metric means the number specified by ASIC in an annual determination to be the sum of the amounts of basic rate entity metric for all leviable entities that form part of the subsector for the financial year.

subsector regulatory costs means the subsector regulatory costs in relation to the subsector for the financial year.

 (2) However, if a component of the formula is nil or a negative amount, the amount of the basic levy component is nil.

10  Graduated levy component

 (1) The graduated levy component for a leviable entity for a subsector for a financial year is the amount worked out using the formula:

where:

graduated entity metric means:

 (a) unless paragraph (b) applies—the entity’s entity metric for the subsector for the financial year; or

 (b) if a provision of Part 3 specifies a minimum levy threshold for the subsector for the financial year—the difference between the entity’s entity metric for the subsector for the financial year and the minimum levy threshold.

minimum levy component means the minimum levy component for the subsector for the financial year.

subsector metric means the number specified by ASIC in an annual determination to be the sum of the amounts of graduated entity metric for all leviable entities that form part of the subsector for the financial year.

subsector population means the subsector population in relation to the subsector for the financial year.

subsector regulatory costs means the subsector regulatory costs in relation to the subsector for the financial year.

 (2) However, if a component of the formula is nil or a negative amount, the amount of the graduated levy component is nil.

11  Prorata of entity metric

 (1) This section applies to a leviable entity for a financial year if:

 (a) a provision of Part 3 (the prorata provision) that applies to the entity provides that there is a prorata of the entity metric for a subsector for a financial year; and

 (b) the number of counted days for the entity for the financial year under the prorata provision is less than the number of days in the financial year.

 (2) The entity metric for the leviable entity is to be reduced by multiplying it by the following fraction:

where:

counted days means the number of days counted for the entity under the prorata provision.

12  Rules about amounts

 (1) An amount worked out under this Division must be rounded to the nearest whole dollar (rounding 50 cents upwards).

 (2) If an entity metric worked out under this instrument is not a whole number, the entity metric must be rounded to the nearest whole number (rounding 0.5 upwards).

 (3) If an entity metric is an amount worked out in Australian dollars, the amount of the entity metric is instead the number of dollars in the amount.

 (4) If a minimum levy threshold is an amount in Australian dollars, the amount of the threshold is instead the number of dollars in the amount.

Part 3Sectors, subsectors and levy components

Division 1Corporate sector

Subdivision 1.1General

13  Corporate sector

 (1) Each section in Subdivisions 1.2 and 1.3 specifies criteria for identifying one or more leviable entities that form part of the subsector mentioned in the section.

 (2) The subsectors for which criteria are specified in this Division are in the corporate sector.

 (3) A leviable entity may form part of 2 or more subsectors in the corporate sector.

14  Basic levy component applies to subsectors in Subdivision 1.2

  The basic levy component applies to each subsector specified in a section of Subdivision 1.2.

Note: For the basic levy component, see section 9.

Subdivision 1.2Subsectors to which basic levy component applies

15  Auditors of disclosing entities

 (1) A leviable entity forms part of the auditors of disclosing entities subsector in a financial year if, at any time in the financial year, the entity is, or has consented to be, an audit entity for a disclosing entity with quoted securities.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is the total of the fees paid or payable to the entity in the financial year for the auditing and review of financial reports that relate to:

 (a) a disclosing entity with quoted securities; or

 (b) an entity controlled by a disclosing entity with quoted securities.

 (3) For the purposes of paragraph (2)(b), the question of whether a disclosing entity controls another entity is to be decided in accordance with the accounting standard AASB 10 Consolidated Financial Statements.

 (4) In this section:

prescribed financial market has the same meaning as in the Corporations Act 2001.

quoted, in relation to securities, means quoted on a prescribed financial market.

securities has the meaning given by subsection 92(3) of the Corporations Act 2001 for the purposes of Chapters 6 to 6CA of that Act (disregarding Chapter 6C of that Act).

16  Large proprietary companies

  A leviable entity forms part of the large proprietary companies subsector in a financial year if, at any time in the financial year, the entity is a large proprietary company.

17  Public companies (unlisted)

  A leviable entity forms part of the public companies (unlisted) subsector in a financial year if, at any time in the financial year, the entity is a public company that is not listed.

18  Registered company auditors

  A leviable entity forms part of the registered company auditors subsector in a financial year if, at any time in the financial year, the entity is a registered company auditor.

Subdivision 1.3Subsectors to which graduated levy component applies

19  Listed corporations

 (1) A leviable entity forms part of the listed corporations subsector in a financial year if, at any time in the financial year, the entity is a listed corporation.

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) if the entity’s market capitalisation for the financial year (as worked out under subsection (5)) is less than the maximum levy threshold—the entity’s market capitalisation for the financial year; or

 (b) if the entity’s market capitalisation for the financial year (as worked out under subsection (5)) equals or exceeds the maximum levy threshold—the maximum levy threshold.

 (4) However:

 (a) there is a prorata of the entity metric; and

 (b) for the purposes of section 11, the number of counted days is the number of days in the financial year on which the leviable entity was a listed corporation.

 (5) A leviable entity’s market capitalisation for a financial year is worked out by:

 (a) if the entity is listed on a financial market at the end of the financial year—multiplying:

 (i) the price for the entity’s main class of securities at the time the financial market closes on the last trading day on or before 30 June of the financial year; by

 (ii) the number of securities in that class at that relevant time; or

 (b) if the entity is not listed on a financial market at the end of the financial year—multiplying:

 (i) the last price for the entity’s main class of securities on the day before the entity stops being listed on the financial market; by

 (ii) the number of securities in that class at that relevant time.

 (5A) However, if the leviable entity is an exempt foreign entity under the listing rules of the Australian Stock Exchange Limited, disregard the number of securities of the entity that were not held in Australia, at the relevant time mentioned in paragraph (5)(a) or (5)(b) (whichever is applicable), for the purposes of working out:

 (a) the main class of securities mentioned in subparagraph (5)(a)(i) or (5)(b)(i); and

 (b) the number of securities mentioned in subparagraph (5)(a)(ii) or (5)(b)(ii).

 (6) The maximum levy threshold for the subsector is $20,000,000,000.

 (7) The minimum levy component for the subsector is $4,000.

 (8) The minimum levy threshold for the subsector is $5,000,000.

 (9) In this section:

securities has the meaning given by subsection 92(3) of the Corporations Act 2001 for the purposes of Chapters 6 to 6CA of that Act (disregarding Chapter 6C of that Act).

20  Registered liquidators

 (1) A leviable entity forms part of the registered liquidators subsector in a financial year if, at any time in the financial year, the entity is a registered liquidator.

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) The leviable entity’s entity metric for the subsector for the financial year is the sum of:

 (a) the number of the following appointments under Chapter 5 of the Corporations Act 2001 accepted by the entity in the financial year:

 (i) an appointment as a controller;

 (ii) an appointment as a liquidator;

 (iii) an appointment as a managing controller;

 (iv) an appointment as a receiver;

 (v) an appointment as a receiver and manager;

 (vi) an appointment as a scheme manager;

 (vii) an appointment as a voluntary administrator;

 (viii) an appointment as an administrator of a deed of company arrangement; and

 (b) the number of appointments of the kind mentioned in subparagraph (a)(i) to (viii) that were accepted in an earlier financial year and that the entity is still acting in at the start of the financial year for which the levy component is to be calculated; and

 (c) the number of the following events that are published on the publication website maintained by ASIC under regulation 5.6.75 of the Corporations Regulations 2001 for the entity in the financial year:

 (i) notice of meetings;

 (ii) notice of disclaimer of property;

 (iii) notice to submit particulars of debt or claims;

 (iv) notice to creditors to submit formal proof;

 (v) notice of intention to declare dividend; and

 (d) the number of the following documents lodged with ASIC by the entity in the financial year:

 (i) a notice of the outcome of a proposal to pass a resolution without a meeting (however, if more than one proposal to pass a resolution without a meeting in relation to the same administration is decided on the same day, count the proposals as a single lodgement);

 (ii) an executed deed of company arrangement (however, if the deed involves more than one company under external administration, count the deed as a single lodgement).

 (4) The minimum levy component for the subsector is $2,500.

Division 2Deposittaking and credit sector

Subdivision 2.1General

21  Deposittaking and credit sector

 (1) Each section in Subdivisions 2.2 and 2.3 specifies criteria for identifying one or more leviable entities that form part of the subsector mentioned in the section.

 (2) The subsectors for which criteria are specified in this Division are in the deposittaking and credit sector.

 (3) A leviable entity may form part of 2 or more subsectors in the deposittaking and credit sector.

22  Basic levy component applies to subsectors in Subdivision 2.2

  The basic levy component applies to each subsector specified in a section of Subdivision 2.2.

Note: For the basic levy component, see section 9.

Subdivision 2.2Subsectors to which basic levy component applies

23  Margin lenders

 (1) A leviable entity forms part of the margin lenders subsector in a financial year if, at any time in the financial year, the entity holds an Australian financial services licence that authorises the holder to deal in a financial product by issuing margin lending facilities.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is the number of days in the financial year on which the entity holds a licence of the kind mentioned in subsection (1).

24  Small and medium amount credit providers

 (1) A leviable entity forms part of the small and medium amount credit providers subsector in a financial year if, at any time in the financial year, the entity:

 (a) holds an Australian credit licence that authorises the holder to engage in credit activities as a credit provider; and

 (b) provides credit under a small amount credit contract or a medium amount credit contract.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is the gross amount of credit provided by the entity in the financial year under small amount credit contracts or medium amount credit contracts.

Subdivision 2.3Subsectors to which graduated levy component applies

25  Credit intermediaries

 (1) A leviable entity forms part of the credit intermediaries subsector in a financial year if, at any time in the financial year, the entity holds an Australian credit licence that authorises the entity to engage in credit activities other than as a credit provider.

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) The leviable entity’s entity metric for the subsector for the financial year is the number of credit representatives (within the meaning of the National Consumer Credit Protection Act 2009) the entity has at the end of the financial year.

 (4) However:

 (a) there is a prorata of the entity metric; and

 (b) for the purposes of section 11, the number of counted days is the number of days in the financial year on which the leviable entity holds a licence of the kind mentioned in subsection (1).

 (5) The minimum levy component for the subsector is $1,000.

26  Credit providers

 (1) A leviable entity forms part of the credit providers subsector in a financial year if, at any time in the financial year, the entity holds an Australian credit licence that authorises the holder to engage in credit activities as a credit provider.

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) if the entity’s entity metric for the subsector for the financial year exceeds the minimum levy threshold—the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) The leviable entity’s entity metric for the subsector for the financial year is the gross amount of credit provided by the entity in the financial year under credit contracts (other than small amount credit contracts or medium amount credit contracts).

 (4) The minimum levy component for the subsector is $2,000.

 (5) The minimum levy threshold for the subsector is $100,000,000.

27  Deposit product providers

 (1) A leviable entity forms part of the deposit product providers subsector in a financial year if, at any time in the financial year, the entity holds an Australian financial services licence that authorises the holder to deal in a financial product by issuing deposit products.

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) if the entity’s entity metric for the subsector for the financial year exceeds the minimum levy threshold—the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) The leviable entity’s entity metric for the subsector for the financial year is the total value of deposits held at the end of the financial year in deposit products issued by the entity (whether the deposit product was issued in the financial year or an earlier financial year).

 (4) However:

 (a) there is a prorata of the entity metric; and

 (b) for the purposes of section 11, the number of counted days is the number of days in the financial year on which the leviable entity holds a licence of the kind mentioned in subsection (1).

 (5) The minimum levy component for the subsector is $2,000.

 (6) The minimum levy threshold for the subsector is $10,000,000.

28  Payment product providers

 (1) A leviable entity forms part of the payment product providers subsector in a financial year if, at any time in the financial year, the entity holds an Australian financial services licence that authorises the holder to deal in a financial product through which, or through the acquisition of which, noncash payments can be made.

Note: For noncash payments, see section 763D of the Corporations Act 2001.

Levy component—financial year starting on 1 July 2017

 (2) The basic levy component applies in respect of the subsector for the financial year starting on 1 July 2017.

Note: For the basic levy component, see section 9.

Entity metric—financial year starting on 1 July 2017

 (3) The leviable entity’s entity metric for the subsector for the financial year starting on 1 July 2017 is the number of days in the financial year on which the entity holds a licence of the kind mentioned in subsection (1).

Levy component—financial year starting on or after 1 July 2018

 (4) The amount of a leviable entity’s levy component in respect of the subsector for a financial year starting on or after 1 July 2018 is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric—financial year starting on or after 1 July 2018

 (5) The leviable entity’s entity metric for the subsector for a financial year starting on or after 1 July 2018 is the gross revenue received in the financial year by the entity in connection with noncash payment products issued by the entity less expenses incurred in the financial year from dealing in noncash payment facilities.

 (6) The minimum levy component for the subsector is $2,000.

Division 3Investment management, superannuation and related services sector

Subdivision 3.1General

29  Investment management, superannuation and related services sector

 (1) Each section in Subdivisions 3.2 and 3.3 specifies criteria for identifying one or more leviable entities that form part of the subsector mentioned in the section.

 (2) The subsectors for which criteria are specified in this Division are in the investment management, superannuation and related services sector.

 (3) A leviable entity may form part of 2 or more subsectors in the investment management, superannuation and related services sector.

30  Basic levy component applies to subsectors in Subdivision 3.2

  The basic levy component applies to each subsector specified in a section of Subdivision 3.2.

Note: For the basic levy component, see section 9.

Subdivision 3.2Subsectors to which basic levy component applies

31  Custodians

  A leviable entity forms part of the custodians subsector in a financial year if, at any time in the financial year, the entity holds an Australian financial services licence that authorises the holder to provide a custodial or depository service.

32  Managed discretionary account providers

 (1) A leviable entity forms part of the managed discretionary account providers subsector in a financial year if, at any time in the financial year, the entity holds an Australian financial services licence that authorises the holder to deal in a financial product by issuing financial products in respect of:

 (a) interests in managed investment schemes limited to MDA services (within the meaning of the ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968); or

 (b) miscellaneous financial investment products limited to MDA services;

whether or not the licence also authorises the holder to deal in other financial products.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is the number of days in the financial year on which the entity holds a licence of the kind mentioned in subsection (1).

33  Traditional trustee company service providers

 (1) A leviable entity forms part of the traditional trustee company service providers subsector in a financial year if, at any time in the financial year, the entity holds an Australian financial services licence that authorises the holder to provide traditional trustee company services.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is the number of days in the financial year on which the entity holds a licence of the kind mentioned in subsection (1).

Subdivision 3.3Subsectors to which graduated levy component applies

34  Operators of investor directed portfolio services

 (1) A leviable entity forms part of the operators of investor directed portfolio services subsector in a financial year if, at any time in the financial year, the entity holds an Australian financial services licence that authorises the holder to operate an IDPS (within the meaning of section 21 of ASIC Class Order [CO 13/763]).

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for a financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) The leviable entity’s entity metric for the subsector for the financial year is the sum of the following amounts:

 (a) the amount of gross revenue received from IDPS activities undertaken under the entity’s licence in the financial year;

 (b) any amount (to the extent that it is not covered under paragraph (a)) paid or payable in the financial year from the IDPS for the performance of obligations imposed on an entity as an operator of the IDPS (even if those obligations are performed by another entity).

 (4) Revenue is to be calculated for the purposes of this section in accordance with accounting standards in force at the relevant time (even if the standard does not otherwise apply to the financial year or some or all of the entities concerned).

 (5) The minimum levy component for the subsector is $10,000.

35  Responsible entities

 (1) A leviable entity forms part of the responsible entities subsector in a financial year if, at any time in the financial year, the entity holds an Australian financial services licence that authorises the holder to operate a registered scheme.

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) if the entity’s entity metric for the subsector for the financial year exceeds the minimum levy threshold—the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) The leviable entity’s entity metric for the subsector for the financial year is the total value of assets in all registered schemes operated by the entity at the end of the financial year, disregarding:

 (a) any assets that are an interest in another registered scheme operated by the entity; and

 (b) if the entity also forms part of the wholesale trustees subsector in the financial year—any assets that are an interest in an unregistered managed investment scheme issued by the entity.

 (4) However:

 (a) there is a prorata of the entity metric; and

 (b) for the purposes of section 11, the number of counted days is the number of days in the financial year on which the leviable entity holds a licence of the kind mentioned in subsection (1).

 (5) The minimum levy component for the subsector is $7,000.

 (6) The minimum levy threshold for the subsector is $10,000,000.

35A  Operators of notified foreign passport funds and regulated former notified funds

 (1) A leviable entity forms part of the operators of notified foreign passport funds and regulated former notified funds subsector in a financial year if, at any time in the financial year, the entity is the operator of:

 (a) a notified foreign passport fund; or

 (b) regulated former notified fund.

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) If the leviable entity is the operator of a notified foreign fund, the leviable entity’s entity metric for the subsector for the financial year is the total value of Australian assets in all notified foreign passport funds operated by the entity at the end of the financial year, disregarding:

 (a) any assets that are an interest in another notified foreign passport fund operated by the entity; and

 (b) any assets that are an interest in a regulated former notified fund operated by the entity; and

 (c) if the entity also forms part of the wholesale trustees subsector—any assets that are an interest in an unregistered managed investment scheme issued by the entity.

 (4) If the leviable entity is the operator of a regulated former notified fund, the leviable entity’s entity metric for the subsector for the financial year is the total value of Australian assets in all regulated former notified funds at the end of the financial year, disregarding:

 (a) any assets that are an interest in another regulated former notified fund operated by the entity; and

 (b) any assets that are an interest in a notified foreign passport fund operated by the entity; and

 (c) if the entity also forms part of the wholesale trustees subsector—any assets that are an interest in an unregistered managed investment scheme issued by the entity.

 (5) For the purposes of this section:

redemption price of an interest in a notified foreign passport fund or regulated former notified fund at a particular time is the amount that would be the redemption price for the interest at that time under subsection 50(1) of the Passport Rules for this jurisdiction if that subsection applied to the operator in relation to the fund, assuming that:

 (a) the member who holds the interest makes a request, immediately before that time, for a redemption of the interest; and

 (b) the amount is calculated using a valuation of the assets of the fund at that time; and

 (c) redemption fees and transaction costs associated with redemption are ignored.

total value of Australian assets in a notified foreign passport fund or regulated former notified fund at a particular time is an amount equal to the sum of what would be the redemption prices of all interests in the fund held by Australian members of the fund at that time, if those interests were redeemed at that time.

 (6) However:

 (a) there is a prorata of the entity metric for the subsector for the financial year; and

 (b) for the purposes of section 11, the number of counted days is the number of days in the financial year on which the leviable entity is:

 (i) if the leviable entity is an operator of a notified foreign passport fund—the operator of the fund; or

 (ii) if the leviable entity is an operator of a regulated former notified fund—the operator of the fund as a notified foreign passport fund or a regulated former notified fund.

 (7) The minimum levy component for the subsector is $1,000.

36  Superannuation trustees

 (1) A leviable entity forms part of the superannuation trustees subsector in a financial year if, at any time in the financial year, the entity is an RSE licensee (within the meaning of the Superannuation Industry (Supervision) Act 1993).

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) if the entity’s entity metric for the subsector for the financial year exceeds the minimum levy threshold—the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) The leviable entity’s entity metric for the subsector for the financial year is the total value of assets in all registrable superannuation entities operated by the entity at the end of the financial year, disregarding:

 (a) any assets that are an interest in another registrable superannuation entity operated by the entity; and

 (b) any assets that are employer sponsored receivables.

 (4) However:

 (a) there is a prorata of the entity metric; and

 (b) for the purposes of section 11, the number of counted days is the number of days in the financial year on which the leviable entity was an RSE licensee.

 (5) The minimum levy component for the subsector is $18,000.

 (6) The minimum levy threshold for the subsector is $250,000,000.

37  Wholesale trustees

 (1) A leviable entity forms part of the wholesale trustees subsector in a financial year if, at any time in the financial year, the entity holds an Australia financial services licence that authorises the holder to deal in a financial product by issuing interests in, or arranging for the issue of interests in, a managed investment scheme to wholesale clients.

Levy component—financial year starting on 1 July 2017

 (2) The basic levy component applies in respect of the subsector for the financial year starting on 1 July 2017.

Note: For the basic levy component, see section 9.

Entity metric—financial year starting on 1 July 2017

 (3) The leviable entity’s entity metric for the subsector for the financial year starting on 1 July 2017 is the number of days in the financial year on which the entity holds a licence of a kind mentioned in subsection (1).

Levy component—financial year starting on or after 1 July 2018

 (4) The amount of a leviable entity’s levy component in respect of the subsector for a financial year starting on or after 1 July 2018 is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric—financial year starting on or after 1 July 2018

 (5) The leviable entity’s entity metric for the subsector for a financial year starting on or after 1 July 2018 is the total value of assets at the end of the financial year in all unregistered managed investment schemes issued by the entity, disregarding:

 (a) any assets that are an interest in another unregistered managed investment scheme issued by the entity; and

 (b) if the entity also forms part of the responsible entities subsector in the financial year—any assets that are an interest in a registered scheme operated by the entity; and

 (c) if the entity also forms part of the operators of notified foreign passport funds and regulated former passport funds subsector in the financial year—any assets that are an interest in a notified foreign passport fund or a regulated former notified fund issued by the entity.

 (6) However:

 (a) there is a prorata of the entity metric for the subsector for a financial year starting on or after 1 July 2018; and

 (b) for the purposes of section 11, the number of counted days is the number of days in the financial year on which the leviable entity holds a licence of the kind mentioned in subsection (1).

 (7) The minimum levy component for the subsector is $1,000.

Division 4Financial advice sector

Subdivision 4.1General

38  Financial advice sector

 (1) Each section in Subdivisions 4.2 and 4.3 specifies criteria for identifying one or more leviable entities that form part of the subsector mentioned in the section.

 (2) The subsectors for which criteria are specified in this Division are in the financial advice sector.

 (3) A leviable entity may form part of 2 or more subsectors in the financial advice sector.

39  Basic levy component applies to subsectors in Subdivision 4.2

  The basic levy component applies to each subsector specified in a section of Subdivision 4.2.

Note: For the basic levy component, see section 9.

Subdivision 4.2Subsectors to which basic levy component applies

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

  A leviable entity forms part of the licensees that provide only general advice to retail or wholesale clients subsector in a financial year if:

 (a) the entity holds, at any time in the financial year, an Australian financial services licence; and

 (b) the licence authorises the holder to provide financial product advice that is only general advice.

41  Licensees that provide personal advice to only wholesale clients

  A leviable entity forms part of the licensees that provide personal advice to only wholesale clients subsector in a financial year if the entity holds, at any time in the financial year, an Australian financial services licence that authorises the holder to provide financial product advice to only wholesale clients.

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

 (1) A leviable entity forms part of the licensees that provide personal advice to retail clients on only products that are not relevant financial products subsector in a financial year if:

 (a) the entity holds, at any time in the financial year, an Australian financial services licence; and

 (b) the licence authorises the holder to provide financial product advice (including a class of product advice) to retail clients, on only one or more of the following products:

 (i) basic banking products;

 (ii) general insurance products;

 (iii) consumer credit insurance (within the meaning of section 910A of the Corporations Act 2001).

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is the number of days in the financial year on which the entity holds a licence of the kind mentioned in subsection (1).

Subdivision 4.3Subsectors to which graduated levy component applies

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

 (1) A leviable entity forms part of the licensees that provide personal advice on relevant financial products to retail clients subsector in a financial year if:

 (a) the entity holds, at any time in the financial year, an Australian financial services licence; and

 (b) the licence authorises the holder to provide financial product advice (including a class of product advice) on relevant financial products to retail clients.

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for a financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) The leviable entity’s entity metric for the subsector for the financial year is the number of relevant providers (within the meaning of section 910A of the Corporations Act 2001) that:

 (a) are registered on the Register of Relevant Providers (within the meaning of section 910A of that Act) at the end of the financial year; and

 (b) are authorised to provide personal advice to retail clients on behalf of the entity.

 (4) For the purposes of working out the number of relevant providers under subsection (3) for an entity that also forms part of the large futures exchange participants subsector (see section 64), the large securities exchange participants subsector (see section 65) or the securities dealer subsector (see section 67) at any time in the financial year, disregard relevant providers that only provide the following kinds of advice:

 (a) advice on financial products that are admitted to quotation;

 (b) advice on financial products that are traded on a prescribed foreign financial market (within the meaning of subregulation 7.7A.12D(2) of the Corporations Regulations 2001);

 (c) advice on basic banking products.

 (5) However:

 (a) there is a prorata of the entity metric; and

 (b) for the purposes of section 11, the number of counted days is the number of days in the financial year on which the leviable entity holds a licence of the kind mentioned in subsection (1).

 (6) The minimum levy component for the subsector is $1,500.

Division 5Market infrastructure and intermediaries sector

Subdivision 5.1General

44  Market infrastructure and intermediaries sector

 (1) Each section in Subdivisions 5.2 and 5.3 specifies criteria for identifying one or more leviable entities that form part of the subsector mentioned in the section.

 (2) The subsectors for which criteria are specified in this Division are in the market infrastructure and intermediaries sector.

 (3) A leviable entity may form part of 2 or more subsectors in the market infrastructure and intermediaries sector unless otherwise specified in this Division.

45  Basic levy component applies to subsectors in Subdivision 5.2

  The basic levy component applies to each subsector specified in a section of Subdivision 5.2.

Note: For the basic levy component, see section 9.

Subdivision 5.2Subsectors to which basic levy component applies

46  Overseas market operators

 (1) A leviable entity forms part of the overseas market operators subsector in a financial year if, at any time in the financial year, the entity operates an overseas market.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the market; or

 (b) if the entity operated 2 or more overseas markets in the financial year—the sum of the days worked out under paragraph (a) for each of those markets.

 (3) A licensed market is an overseas market if the market is licensed under subsection 795B(2) of the Corporations Act 2001.

47  Small securities exchange operators with selflisting function only

 (1) A leviable entity forms part of the small securities exchange operators with selflisting function only subsector in a financial year if, at any time in the financial year, the entity is the operator of a small securities (selflisting) exchange.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the exchange; or

 (b) if the entity operated 2 or more small securities (selflisting) exchanges in the financial year—the sum of the days worked out under paragraph (a) for each of those exchanges.

 (3) A licensed market is a small securities (selflisting) exchange, in relation to a financial year, if:

 (a) the market is not an overseas market; and

 (b) only ordinary shares of the market operator can be traded on the market; and

 (c) less than 10 million transactions in ordinary shares of the market operator are entered into on the market in the financial year.

48  Small securities exchange operators

 (1) A leviable entity forms part of the small securities exchange operators subsector in a financial year if, at any time in the financial year, the entity is the operator of a small securities exchange.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the exchange; or

 (b) if the entity operated 2 or more small securities exchanges in the financial year—the sum of the days worked out under paragraph (a) for each of those exchanges.

 (3) A licensed market is a small securities exchange, in relation to a financial year, if:

 (a) less than 10 million transactions in securities are entered into on the market in the financial year; and

 (aa) the market is a prescribed financial market; and

 (b) the market is not:

 (i) an overseas market; or

 (ii) a small securities (selflisting) exchange.

 (4) For the purposes of paragraph (3)(a), securities has the meaning given by section 761A of the Corporations Act 2001 for the purposes of Chapter 7 of that Act (disregarding Part 7.11 of that Chapter).

49  Small futures exchange operators

 (1) A leviable entity forms part of the small futures exchange operators subsector in a financial year if, at any time in the financial year, the entity is the operator of a small futures exchange.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the exchange; or

 (b) if the entity operated 2 or more small futures exchanges in the financial year—the sum of the days worked out under paragraph (a) for each of those exchanges.

 (3) A licensed market is a small futures exchange, in relation to a financial year, if:

 (a) less than 10 million transactions in futures contracts are entered into on the market in the financial year; and

 (b) the market is not:

 (i) an overseas market; or

 (ii) a small securities (selflisting) exchange; or

 (iii) a small securities exchange.

51  Large securities exchange operators

 (1) A leviable entity forms part of the large securities exchange operators subsector in a financial year if, at any time in the financial year, the entity is the operator of a large securities exchange.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the total value of all transactions that:

 (i) are entered into on, or reported to, the large securities exchange operated by the entity in the financial year; and

 (ii) are within the operating rules of the exchange; and

 (iii) are not invalid or cancelled; or

 (b) if the entity operated 2 or more large securities exchanges in the financial year—the sum of the amounts worked out under paragraph (a) for each of those exchanges.

 (3) A licensed market is a large securities exchange, in relation to a financial year, if:

 (a) 10 million or more transactions in securities are entered into on the market in the financial year; and

 (b) the market is not an overseas market.

 (4) For the purposes of paragraph (3)(a), securities has the meaning given by section 761A of the Corporations Act 2001 for the purposes of Chapter 7 of that Act (disregarding Part 7.11 of that Chapter).

52  Large futures exchange operators

 (1) A leviable entity forms part of the large futures exchange operators subsector in a financial year if, at any time in the financial year, the entity is the operator of a large futures exchange.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the exchange; or

 (b) if the entity operated 2 or more large futures exchanges in the financial year—the sum of the days worked out under paragraph (a) for each of those exchanges.

 (3) A licensed market is a large futures exchange, in relation to a financial year, if:

 (a) 10 million or more futures transactions are entered into on the market in the financial year; and

 (b) the market is not:

 (i) an overseas market; or

 (ii) a large securities exchange.

52A  New specialised market operators

 (1) A leviable entity forms part of the new specialised market operators subsector in a financial year if:

 (a) the entity was first granted an Australian market licence to operate a specialised market in that financial year or the previous 2 financial years; and

 (b) the entity had not held an Australian market licence at any time before the entity was first was granted the licence mentioned in paragraph (a); and

 (c) the specialised market had not been operated by any entity in Australia or outside Australia before the entity was first granted an Australian market licence to operate the specialised market; and

 (d) at any time in the financial year, the entity is the operator of the specialised market.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is the number of days in the financial year on which the entity operated the specialised market.

 (3) For the purposes of subsection (2), if the entity was first granted an Australian market licence to operate a specialised market in the financial year before the previous financial year, disregard the days between:

 (a) the day that is 24 months after the day on which the entity was first granted an Australian market licence to operate the specialised market; and

 (b) 30 June of the financial year mentioned in paragraph (1)(d).

 (4) A licensed market is a specialised market, in relation to a financial year, if:

 (a) the market is licensed under subsection 795B(1) of the Corporations Act 2001 in the financial year; and

 (b) the market is not:

 (i) an overseas market; or

 (ii) a small securities (selflisting) exchange; or

 (iii) a small securities exchange; or

 (iv) a small futures exchange; or

 (v) a large securities exchange; or

 (vi) a large futures exchange.

52B  Established specialised market operators

 (1) A leviable entity forms part of the established specialised market operators subsector in a financial year if:

 (a) at any time in the financial year the entity is the operator of a specialised market; and

 (b) one or more of the following apply:

 (i) the entity was first granted an Australian market licence to operate the specialised market in a financial year before the previous financial year;

 (ii) the specialised market had been operated by any entity in Australia or outside Australia before the entity was first granted an Australian market licence to operate the specialised market;

 (iii) the entity held an Australian market licence before the entity was first was granted an Australian market licence to operate the specialised market.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the specialised market; or

 (b) if the entity operated 2 or more such specialised markets in the financial year—the sum of the days worked out under paragraph (a) for each of those markets.

 (3) For the purposes of paragraph (2)(a), if the entity was first granted an Australian market licence to operate a specialised market in the financial year before the previous financial year and subparagraphs (1)(b)(ii) and (iii) do not apply to the entity, disregard the days between:

 (a) 1 July of the financial year mentioned in paragraph (1)(a); and

 (b) the day that is 24 months after the day on which the entity was first granted an Australian market licence to operate the specialised market.

53  Exempt market operators

 (1) A leviable entity forms part of the exempt market operators subsector in a financial year if, at any time in the financial year, the entity is the operator of a financial market that is exempt from the operation of the whole of Part 7.2 of the Corporations Act 2001 (other than because of an exemption granted to a class of financial market under section 791C of that Act).

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the market; or

 (b) if the entity operated 2 or more exempt markets in the financial year—the sum of the days worked out under paragraph (a) for each of those markets.

54  Tier 1 clearing and settlement facility operators

 (1) A leviable entity forms part of the Tier 1 clearing and settlement facility operators subsector in a financial year if, at any time in the financial year, the entity holds an Australian CS facility licence that was granted in relation to a clearing and settlement facility that:

 (a) is systemically important in Australia; and

 (b) has a strong connection to the Australian financial system.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the facility; or

 (b) if the entity operated 2 or more clearing and settlement facilities of the kind mentioned in subsection (1) in the financial yearthe sum of the days worked out under paragraph (a) for each of those facilities.

55  Tier 2 clearing and settlement facility operators

 (1) A leviable entity forms part of the Tier 2 clearing and settlement facility operators subsector in a financial year if, at any time in the financial year, the entity holds an Australian CS facility licence that was granted under subsection 824B(2) of the Corporations Act 2001 in relation to a clearing and settlement facility that:

 (a) is systemically important in Australia; and

 (b) has no strong connection to the Australian financial system.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the facility; or

 (b) if the entity operated 2 or more clearing and settlement facilities of the kind mentioned in subsection (1) in the financial year—the sum of the days worked out under paragraph (a) for each of those facilities.

56  Tier 3 clearing and settlement facility operators

 (1) A leviable entity forms part of the Tier 3 clearing and settlement facility operators subsector in a financial year if, at any time in the financial year, the entity holds an Australian CS facility licence that was granted in relation to a clearing and settlement facility that:

 (a) is not systemically important in Australia; and

 (b) has no strong connection to the Australian financial system.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the facility; or

 (b) if the entity operated 2 or more clearing and settlement facilities of the kind mentioned in subsection (1) in the financial year—the sum of the days worked out under paragraph (a) for each of those facilities.

57  Tier 4 clearing and settlement facility operators

 (1) A leviable entity forms part of the Tier 4 clearing and settlement facility operators subsector in a financial year if, at any time in the financial year, the entity holds an Australian CS facility licence that authorises the entity to operate a clearing and settlement facility for the sole purpose of clearing and settling trades in the entity’s own shares.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the facility; or

 (b) if the entity operated 2 or more clearing and settlement facilities of the kind mentioned in subsection (1) in the financial year—the sum of the days worked out under paragraph (a) for each of those facilities.

58  Exempt CS facility operators

 (1) A leviable entity forms part of the exempt CS facility operators subsector in a financial year if, at any time in the financial year, the entity is the operator of a clearing and settlement facility that is exempt from the operation of the whole of Part 7.3 of the Corporations Act 2001.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the facility; or

 (b) if the entity operated 2 or more clearing and settlement facilities of the kind mentioned in subsection (1) in the financial year—the sum of the days worked out under paragraph (a) for each of those facilities.

59  Australian derivative trade repository operators

 (1) A leviable entity forms part of the Australian derivative trade repository operators subsector in a financial year if, at any time in the financial year, the entity operates a licensed derivative trade repository.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity operated the repository; or

 (b) if the entity operated 2 or more licensed derivative trade repositories in the financial year—the sum of the days worked out under paragraph (a) for each of those facilities.

61  Retail overthecounter derivatives issuers

 (1) A leviable entity forms part of the retail overthecounter derivatives issuers subsector in a financial year if:

 (a) the entity holds, at any time in the financial year, an Australian financial services licence that authorises the holder to provide both of the following financial services to retail clients:

 (i) dealing in a financial product by issuing derivatives;

 (ii) making a market for derivatives; and

 (b) the entity is not a body regulated by APRA.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is the number of days in the financial year on which the entity holds a licence of the kind mentioned in subsection (1).

62  Wholesale electricity dealers

  A leviable entity forms part of the wholesale electricity dealers subsector in a financial year if, at any time in the financial year:

 (a) the entity incurs liabilities as part of the ordinary business operations of the entity in dealing in, or making a market in, overthecounter derivatives that relate to the wholesale price of electricity; and

 (b) the entity is not:

 (i) a body regulated by APRA; or

 (ii) a participant in a financial market.

62A  Benchmark administrators

 (1) A leviable entity forms part of the benchmark administrators subsector in a financial year if, at any time in the financial year, the entity holds a benchmark administrator licence to administer a financial benchmark.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is:

 (a) unless paragraph (b) applies—the number of days in the financial year on which the entity administered the financial benchmark specified in the benchmark administrator licence; or

 (b) if the entity administered 2 or more financial benchmarks specified in the benchmark administrator licence in the financial year—the sum of the days worked out under paragraph (a) for each of those financial benchmarks.

Subdivision 5.3Subsectors to which graduated levy component applies

62B  Credit rating agencies

 (1) A leviable entity forms part of the credit rating agencies subsector in a financial year if, at any time in the financial year, the entity holds an Australian financial services licence that authorises the holder to provide general advice by issuing a credit rating.

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) The leviable entity’s entity metric for the subsector for the financial year is the number of days in the financial year on which:

 (a) the entity holds a licence of the kind mentioned in subsection (1); and

 (b) there is a supervisory college for the entity.

 (4) The minimum levy component for the subsector is $2,000.

63  Corporate advisors

 (1) A leviable entity forms part of the corporate advisors subsector in a financial year if, at any time in the financial year:

 (a) the entity:

 (i) holds an Australian financial services licence; or

 (ii) is exempt from the requirement to hold such a licence under paragraph 911A(2)(l) or subsection 926A(2) of the Corporations Act 2001 (other than because of an exemption under the ASIC Corporations (Foreign Financial Services Providers—Limited Connection) Instrument 2017/182); and

 (b) the entity, or an authorised representative of the entity, provides or holds out that it provides, one or more of the financial services mentioned in subsection (2).

 (2) For the purposes of paragraph (1)(b), the financial services are:

 (a) financial product advice provided in Australia to a wholesale client in the course of advising on any of the following:

 (i) takeover bids or merger proposals;

 (ii) the structure, pricing, acquisition or disposal of assets or enterprises;

 (iii) raising or reducing capital through the issue or acquisition of equities or debt; and

 (b) dealing in a financial product in Australia by underwriting the issue, acquisition or sale of the product.

Levy component

 (3) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) if the entity’s entity metric for the subsector for the financial year exceeds the minimum levy threshold—the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (4) The leviable entity’s entity metric for the subsector for the financial year is the total gross revenue made in the financial year by the entity, and the authorised representative of the entity, from providing the financial services mentioned in subsection (2).

 (5) The minimum levy component for the subsector is $1,000.

 (6) The minimum levy threshold for the subsector is $100,000.

64  Large futures exchange participants

 (1) A leviable entity forms part of the large futures exchange participants subsector in a financial year if, at any time in the financial year, the entity is a participant in a large futures exchange.

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) 10% of the graduated levy component for the entity for the subsector; and

 (c) 90% of the graduated levy component for the entity for the subsector.

Entity metric (messages)

 (3) The leviable entity’s entity metric for the subsector for the financial year is the number of messages that:

 (a) are sent by the entity in the financial year to a large futures exchange; and

 (b) are reported by the operator of the large futures exchange to ASIC’s Market Surveillance System; and

 (c) are recognised by ASIC’s Market Surveillance System as orders or executed transactions.

 (3A) For the purposes of subsection (3), 2 or more reports that relate to the same message, and contain the same information, are counted as one message.

Entity metric (lots)

 (4) However, in working out the graduated levy component for the purposes of paragraph (2)(c), the leviable entity’s entity metric for the subsector for the financial year is instead the number of lots that:

 (a) are executed on, or reported to, a large futures exchange by the entity in the financial year; and

 (b) are reported by the operator of the large futures exchange to ASIC’s Market Surveillance System; and

 (c) are recognised by ASIC’s Market Surveillance System as executed lots.

 (5) For the purposes of subsection (4), 2 or more reports that relate to the same lot, and contain the same information, are counted as one lot.

 (6) The minimum levy component for the subsector is $9,000.

65  Large securities exchange participants

 (1) A leviable entity forms part of the large securities exchange participants subsector in a financial year if, at any time in the financial year, the entity is a participant in a large securities exchange.

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) 10% of the graduated levy component for the entity for the subsector; and

 (c) 90% of the graduated levy component for the entity for the subsector.

Entity metric (messages)

 (3) The leviable entity’s entity metric for the subsector for the financial year is the number of messages that:

 (a) are sent by the entity in the financial year to a large securities exchange; and

 (b) are reported by the operator of the large securities exchange to ASIC’s Market Surveillance System; and

 (c) are recognised by ASIC’s Market Surveillance System as orders or executed transactions.

 (3A) For the purposes of subsection (3), 2 or more reports that relate to the same message, and contain the same information, are counted as one message.

Entity metric (transactions)

 (4) However, in working out the graduated levy component for the purposes of paragraph (2)(c), the leviable entity’s entity metric for the subsector for the financial year is instead the number of transactions that:

 (a) are executed on, or reported to, a large securities exchange by the entity in the financial year; and

 (b) are reported by the operator of the large securities exchange to ASIC’s Market Surveillance System; and

 (c) are recognised by ASIC’s Market Surveillance System as executed transactions.

 (5) For the purposes of subsection (4), 2 or more reports that relate to the same transaction, and contain the same information, are counted as one transaction.

 (6) The minimum levy component for the subsector is $9,000.

66  Overthecounter traders

 (1) A leviable entity forms part of the overthecounter traders subsector in a financial year if, at any time in the financial year, the entity:

 (a) holds an Australian financial services licence or is exempt from the requirement to hold such a licence under paragraph 911A(2)(l) or subsection 926A(2) of the Corporations Act 2001 (other than because of an exemption under the ASIC Corporations (Foreign Financial Services Providers—Limited Connection) Instrument 2017/182); and

 (b) deals in, or holds out that it deals in, overthecounter financial products by:

 (i) acquiring overthecounter financial products from professional investors; or

 (ii) disposing of overthecounter financial products to professional investors; or

 (iii) issuing overthecounter financial products to professional investors; and

 (c) either:

 (i) forms part of the corporate advisors subsector (see section 63); or

 (ii) is a related body corporate of an entity that forms part of the corporate advisors subsector.

 (1A) However, a leviable entity does not form part of the overthecounter traders subsector in a financial year if, at all times in the financial year that the entity deals in (or holds out that it deals in) overthecounter financial products, the entity so deals (or so holds out) only in its capacity as an entity that forms part of one or more of the following subsectors:

 (a) the responsible entities subsector (see section 35);

 (b) the superannuation trustees subsector (see section 36);

 (c) the wholesale trustees subsector (see section 37).

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) The leviable entity’s entity metric for the subsector for the financial year is the number of persons who:

 (a) ordinarily act on behalf of the entity or an authorised representative of the entity in the financial year; and

 (b) in so acting have, at any time in the financial year, carried out one or more of the following activities in relation to dealing in an overthecounter financial product with a professional investor:

 (i) determining the terms on which the entity is willing to deal;

 (ii) making or accepting an offer or an invitation to deal;

 (iii) managing the financial risk arising from dealing in the financial product.

 (4) In counting persons for the purposes of subsection (3):

 (a) count a person engaged on a parttime basis as an appropriate fraction of a person engaged on a fulltime basis; and

 (b) count a person engaged for only a part of the year as an appropriate fraction of a person engaged for the whole of the year; and

 (c) if the entity is exempt from the requirement to hold an Australian financial services licence as mentioned in paragraph (1)(a)—disregard a person who satisfies both of the following:

 (i) the person carried out the activity at a place outside Australia;

 (ii) the person carried out the activity in relation to a professional investor that was outside Australia.

 (5) The minimum levy component for the subsector is $1,000.

67  Securities dealers

 (1) A leviable entity forms part of the securities dealers subsector in a financial year if:

 (a) the entity holds, at any time in the financial year, an Australian financial services licence that authorises the holder to deal in securities; and

 (b) the entity is not, at any time in the financial year, a participant in a large futures exchange or a large securities exchange; and

 (c) more than $250,000 in transactions for the entity are executed on, or reported to, a large securities exchange in the financial year.

Levy component

 (2) The amount of a leviable entity’s levy component in respect of the subsector for a financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (3) The leviable entity’s entity metric for the subsector for the financial year is the total value of transactions in securities (as measured by the buy price plus the sale price of securities) that:

 (a) are executed for the entity on, or reported for the entity to, a large securities exchange in the financial year; and

 (b) are reported by the operator of the large securities exchange to ASIC’s Market Surveillance System; and

 (c) are recognised by ASIC’s Market Surveillance System as executed transactions.

 (3A) For the purposes of subsection (3), 2 or more reports that relate to the same transaction, and contain the same information, are counted as one transaction.

 (4) The minimum levy component for the subsector is $1,000.

 (5) In this section:

securities has the meaning given by section 761A of the Corporations Act 2001 for the purposes of Chapter 7 of that Act (disregarding Part 7.11 of that Chapter).

Division 6Insurance sector

Subdivision 6.1General

68  Insurance sector

 (1) Each section in Subdivisions 6.2 and 6.3 specifies criteria for identifying one or more leviable entities that form part of the subsector mentioned in the section.

 (2) The subsectors for which criteria are specified in this Division are in the insurance sector.

 (3) A leviable entity may form part of 2 or more subsectors in the insurance sector unless otherwise specified in this Division.

69  Basic levy component applies to subsectors in Subdivision 6.2

  The basic levy component applies to each subsector specified in a section of Subdivision 6.2.

Note: For the basic levy component, see section 9.

Subdivision 6.2Subsectors to which basic levy component applies

70  Insurance product distributors

  A leviable entity forms part of the insurance product distributors subsector in a financial year if:

 (a) the entity holds, at any time in the financial year, an Australian financial services licence that authorises the holder to deal in general insurance, life risk insurance products or investment life insurance products; and

 (b) the entity does not form part of the insurance product providers subsector (see section 72) in the financial year.

71  Risk management product providers

 (1) A leviable entity forms part of the risk management product providers subsector in a financial year if, at any time in the financial year, the entity holds an Australian financial services licence that authorises the holder to deal in a product for managing financial risks that is not a financial product specified in section 764A of the Corporations Act 2001.

Entity metric

 (2) The leviable entity’s entity metric for the subsector for the financial year is the number of days in the financial year on which the entity holds a licence of the kind mentioned in subsection (1).

Subdivision 6.3Subsectors to which graduated levy component applies

72  Insurance product providers

 (1) A leviable entity forms part of the insurance product providers subsector in a financial year if:

 (a) the entity holds, at any time in the financial year, an Australian financial services licence that authorises the holder to deal in:

 (i) a general insurance product; or

 (ii) a life risk insurance product; or

 (iii) an investment life insurance product; and

 (b) either or both of the following applies:

 (i) the entity is a body of the kind mentioned in paragraph 3(2)(c) or (e) of the Australian Prudential Regulation Authority Act 1998;

 (ii) the entity has entered into an arrangement covered by subsection (2).

 (2) This subsection covers an arrangement if:

 (a) the arrangement is an intermediary authorisation (within the meaning of paragraph 911A(2)(b) of the Corporations Act 2001); and

 (b) the product provider mentioned in that paragraph does not hold an Australian financial services licence; and

 (c) the product provider:

 (i) is authorised by APRA to carry on an insurance business under section 12 of the Insurance Act 1973; or

 (ii) is authorised, or is a subsidiary of a body authorised, by APRA to be a nonoperating holding company of a general insurer under section 18 of the Insurance Act 1973; or

 (iii) is registered as a life company under the Life Insurance Act 1995; or

 (iv) is registered, or is a subsidiary of a body registered, as a nonoperating holding company of a life company under the Life Insurance Act 1995.

Levy components

 (3) The amount of a leviable entity’s levy component in respect of the subsector for the financial year is the sum of:

 (a) the minimum levy component for the subsector; and

 (b) if the entity’s entity metric for the subsector for the financial year exceeds the minimum levy threshold—the graduated levy component for the entity for the subsector.

Note: For the graduated levy component, see section 10.

Entity metric

 (4) The leviable entity’s entity metric for the subsector for the financial year is the sum of:

 (a) to the extent subparagraph (1)(a)(i) applies:

 (i) the gross amount of premiums written in Australia and received in the financial year by the entity, while it carries on a general insurance business (less any reinsurance expenses incurred in the financial year); and

 (ii) the gross amount of premiums written in Australia and received in the financial year by a product provider mentioned in subsection (2), under offers covered by the entity’s Australian financial services licence, and while the product provider carries on a general insurance business (less any reinsurance expenses incurred in the financial year); and

 (b) to the extent subparagraph (1)(a)(ii) or (iii) applies:

 (i) the net amount of revenue received by the entity in the financial year for life insurance products (less any reinsurance expenses incurred in the financial year); and

 (ii) the net amount of revenue received by a product provider mentioned in subsection (2) in the financial year for life insurance products, under offers covered by the entity’s Australian financial services licence (less any reinsurance expenses incurred in the financial year).

 (5) The minimum levy component for the subsector is $20,000.

 (6) The minimum levy threshold for the subsector is $5,000,000.

Division 7Large institutions sector

Subdivision 7.1General

72A  Large institutions sector

 (1) Each section in Subdivision 7.2 specifies criteria for identifying one or more leviable entities that form part of the subsector mentioned in the section.

 (2) The subsectors for which criteria are specified in this Division are in the large institutions sector.

Subdivision 7.2Subsectors to which basic levy component applies

72B  Entities subject to close and continuous monitoring

 (1) A leviable entity forms part of the entities subject to close and continuous monitoring subsector in the financial years beginning on 1 July 2018 and 1 July 2019 if:

 (a) the total value of deposits held on 1 July 2018 in deposit products issued by the entity is at least $100,000,000,000; or

 (b) there are at least 1,000 relevant providers (within the meaning of section 910A of the Corporations Act 2001) that are, on 1 July 2018:

 (i) registered on the Register of Relevant Providers (within the meaning of section 910A of that Act); and

 (ii) authorised to provide personal advice to retail clients on behalf of the entity.

Levy component

 (2) The basic levy component applies to the subsector for the financial years beginning on 1 July 2018 and 1 July 2019.

Note: For the basic levy component, see section 9.

Part 4Miscellaneous

 

73  Annual determination

  ASIC may, by legislative instrument, make an annual determination for a financial year specifying matters required or permitted by these regulations to be specified by ASIC in an annual determination.

Part 5Application and transitional provisions

Division 1Application provisions relating to the ASIC Supervisory Cost Recovery Levy Amendment (Enhancements) Regulations 2018

74  Application of amendments—Schedules 1, 2, 3, 5, 6, 9, 11 and 13 to the ASIC Supervisory Cost Recovery Levy Amendment (Enhancements) Regulations 2018

  The amendments to this instrument made by Schedules 1, 2, 3, 5, 6, 9, 11 and 13 to the ASIC Supervisory Cost Recovery Levy Amendment (Enhancements) Regulations 2018 apply in relation to the 201718 financial year and later financial years.

75  Application of amendments—Schedules 4, 7, 8, 10 and 12 to the ASIC Supervisory Cost Recovery Levy Amendment (Enhancements) Regulations 2018

  The amendments to this instrument made by Schedules 4, 7, 8, 10 and 12 to the ASIC Supervisory Cost Recovery Levy Amendment (Enhancements) Regulations 2018 apply in relation to the 201819 financial year and later financial years.

Schedule 1List of subsectors

Note: See section 4 (definition of subsector)

 

 

List of subsectors

Item

Subsectors

Provisions

1

Auditors of disclosing entities

section 15

2

Australian derivative trade repository operators

section 59

2A

Benchmark administrators

section 62A

3

Corporate advisors

section 63

4

Credit intermediaries

section 25

5

Credit providers

section 26

6

Credit rating agencies

section 62B

7

Custodians

section 31

8

Deposit product providers

section 27

8AA

Entities subject to close and continuous monitoring

section 72B

8A

Established specialised market operators

section 52B

9

Exempt CS facility operators

section 58

10

Exempt market operators

section 53

11

Insurance product distributors

section 70

12

Insurance product providers

section 72

13

Large futures exchange operators

section 52

14

Large futures exchange participants

section 64

15

Large proprietary companies

section 16

16

Large securities exchange operators

section 51

17

Large securities exchange participants

section 65

18

Licensees that provide only general advice to retail or wholesale clients

section 40

19

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

section 43

20

Licensees that provide personal advice to only wholesale clients

section 41

21

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

section 42

22

Listed corporations

section 19

23

Managed discretionary account providers

section 32

24

Margin lenders

section 23

24A

New specialised market operators

section 52A

25

Operators of investor directed portfolio services

section 34

25A

Operators of notified foreign passport funds and regulated former notified funds

section 35A

26

Overseas market operators

section 46

27

Overthecounter traders

section 66

28

Payment product providers

section 28

29

Public companies (unlisted)

section 17

30

Registered company auditors

section 18

31

Registered liquidators

section 20

32

Responsible entities

section 35

33

Retail overthecounter derivatives issuers

section 61

34

Risk management product providers

section 71

35

Securities dealers

section 67

36

Small and medium amount credit providers

section 24

38

Small futures exchange operators

section 49

39

Small securities exchange operators

section 48

40

Small securities exchange operators with selflisting function only

section 47

41

Superannuation trustees

section 36

42

Tier 1 clearing and settlement facility operators

section 54

43

Tier 2 clearing and settlement facility operators

section 55

44

Tier 3 clearing and settlement facility operators

section 56

45

Tier 4 clearing and settlement facility operators

section 57

46

Traditional trustee company service providers

section 33

47

Wholesale electricity dealers

section 62

48

Wholesale trustees

section 37

 

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.

 

Endnote 2—Abbreviation key

 

ad = added or inserted

o = order(s)

am = amended

Ord = Ordinance

amdt = amendment

orig = original

c = clause(s)

par = paragraph(s)/subparagraph(s)

C[x] = Compilation No. x

    /subsubparagraph(s)

Ch = Chapter(s)

pres = present

def = definition(s)

prev = previous

Dict = Dictionary

(prev…) = previously

disallowed = disallowed by Parliament

Pt = Part(s)

Div = Division(s)

r = regulation(s)/rule(s)

ed = editorial change

reloc = relocated

exp = expires/expired or ceases/ceased to have

renum = renumbered

    effect

rep = repealed

F = Federal Register of Legislation

rs = repealed and substituted

gaz = gazette

s = section(s)/subsection(s)

LA = Legislation Act 2003

Sch = Schedule(s)

LIA = Legislative Instruments Act 2003

Sdiv = Subdivision(s)

(md) = misdescribed amendment can be given

SLI = Select Legislative Instrument

    effect

SR = Statutory Rules

(md not incorp) = misdescribed amendment

SubCh = SubChapter(s)

    cannot be given effect

SubPt = Subpart(s)

mod = modified/modification

underlining = whole or part not

No. = Number(s)

    commenced or to be commenced

 

Endnote 3—Legislation history

 

Name

Registration

Commencement

Application, saving and transitional provisions

ASIC Supervisory Cost Recovery Levy Regulations 2017

29 June 2017 (F2017L00805)

1 July 2017 (s 2(1) item 1)

 

Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Regulations 2018

24 Apr 2018 (F2018L00515)

Sch 3 (item 1): awaiting commencement (s 2(1) item 10)

ASIC Supervisory Cost Recovery Levy Amendment (Enhancements) Regulations 2018

29 June 2018 (F2018L00963)

Sch 1–3, 5, 6, 9, 11, 13 and 14: 30 June 2018 (s 2(1) items 2, 4, 6, 8, 10)
Sch 4, 7, 8, 10 and 12: 1 July 2018 (s 2(1) items 3, 5, 7, 9)

Corporations Amendment (Asia Region Funds Passport) Regulations 2018

20 Aug 2018 (F2018L01144)

Sch 2 (items 1–12): 18 Sept 2018 (s 2(1) item 2)

Treasury Laws Amendment (ASIC Cost Recovery and Fees) Regulations 2019

25 Mar 2019 (F2019L00390)

Sch 1: 26 Mar 2019 (s 2(1) item 2)

 

Endnote 4—Amendment history

 

Provision affected

How affected

Part 1

 

s 2.....................

rep LA s 48D

s 4.....................

am F2018L00963; F2018L01144

Part 2

 

Division 1

 

s 5.....................

am F2018L00515

s 5A....................

ad F2018L00963

Division 1A

 

Division 1A...............

ad F2018L00963

s 5B....................

ad F2018L00963

s 5C....................

ad F2018L00963

 

am F2018L01144

Part 3

 

Division 1

 

Subdivision 1.2

 

s 15....................

am F2018L01144

Subdivision 1.3

 

s 19....................

am F2018L00963; F2018L01144

Division 2

 

Subdivision 2.2

 

s 24....................

am F2018L00963

Subdivision 2.3

 

s 26....................

am F2018L00963

Division 3

 

Subdivision 3.3

 

s 35....................

am F2018L00963

s 35A...................

ad F2018L01144

 

ed C3

s 36....................

am F2018L00963

s 37....................

am F2018L00963; F2018L01144

Division 5

 

Subdivision 5.2

 

s 48....................

am F2018L00963; F2018L01144

s 50....................

rep F2018L00963

s 51....................

am F2018L01144

s 52A...................

ad F2018L00963

s 52B...................

ad F2018L00963

s 60....................

rep F2018L00963

s 61....................

am F2018L00963

s 62....................

am F2018L00963

s 62A...................

ad F2018L00963

Subdivision 5.3

 

s 62B...................

ad F2018L00963

s 64....................

am F2018L00963

s 65....................

am F2018L00963

s 66....................

am F2018L00963

s 67....................

am F2018L00963; F2018L01144; F2019L00390

Division 7

 

Division 7................

ad F2019L00390

Subdivision 7.1

 

s 72A...................

ad F2019L00390

Subdivision 7.2

 

s 72B...................

ad F2019L00390

Part 5

 

Part 5...................

ad F2018L00963

Division 1

 

s 74....................

ad F2018L00963

s 75....................

ad F2018L00963

Schedule 1

 

Schedule 1................

am F2018L00963; F2018L01144; F2019L00390