Commonwealth Numbered Regulations

ASIC SUPERVISORY COST RECOVERY LEVY REGULATIONS 2017 (F2017L00805) - REG 43

             (1)  A leviable entity forms part of the licensees that provide personal advice on relevant financial products to retail clients sub-sector 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 sub-sector for a financial year is the sum of:

                     (a)  the minimum levy component for the sub-sector; and

                     (b)  the graduated levy component for the entity for the sub-sector.

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

Entity metric

             (3)  The leviable entity's entity metric for the sub-sector 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 sub-sector (see section 64), the large securities exchange participants sub-sector (see section 65) or the securities dealer sub-sector (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 pro-rata 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 sub-sector is $1,500.