The levies payable by industry sectors to recover ASIC’s FY 2019-20 regulatory costs have now been published.
Levy invoices will be issued shortly.
Examples are:
Listed corporations: Minimum levy of $4,000, plus $0.32 per $10,000 of market capitalisation above $5m. The maximum levy is $838,931 for entities with a market capitalisation of $20bn or more
Unlisted public companies: Flat levy $332
Deposit-taking and credit sector
Credit providers (including small amount credit providers): Minimum levy of $2,000 plus $0.51 per $10,000 of credit provided above $100 million (for other than small and medium amount credit contracts)
Small and medium amount credit providers: $15.14 per $10,000 of credit provided under small and medium amount credit contracts
Credit intermediaries: Minimum levy of $1,000, plus $61.76 per credit representative
Financial advice sector
Licensees that provide personal advice to retail clients on relevant financial products: Minimum levy of $1,500 plus $2,426 per adviser
Licensees that provide personal advice to retail clients on products that are not relevant financial products: $2,064
Licensees that provide general advice only: Flat levy $2,081
Licensees that provide personal advice to wholesale clients only: Flat levy $29
Insurance sector
Insurance product providers: Minimum levy of $20,000 plus $3.76 per $10,000 of revenue above the $5m threshold
Insurance product distributors: Flat levy $1,196
Risk management product providers: $4,535
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
