Contents
Part 1 · Preliminary
1Name#
This instrument is the Corporations (Financial Services Compensation Scheme of Last Resort—Special Levy) Determination 2026.
2Commencement#
(1)Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
| Commencement information | ||
|---|---|---|
| Column 1 | Column 2 | Column 3 |
| Provisions | Commencement | Date/Details |
| 1. The whole of this instrument | The day this instrument commences under subsection 1069H(8) or (9) (as applicable) of the Act.However, this instrument does not commence at all if either House of Parliament passes a resolution disallowing the instrument. |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2)Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
4Definitions#
Note: Expressions have the same meaning in this instrument as in the Corporations Act 2001 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.
In this instrument:
ASIC Levy Regulations means the ASIC Supervisory Cost Recovery Levy Regulations 2017.
claims handling and settling services providers sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 72AA(1) of the ASIC Levy Regulations.
credit intermediaries sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 25(1) of the ASIC Levy Regulations.
credit providers sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 26(1) of the ASIC Levy Regulations.
custodians sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by section 31 of the ASIC Levy Regulations.
deposit product providers sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 27(1) of the ASIC Levy Regulations.
insurance product distributors sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by section 70 of the ASIC Levy Regulations.
insurance product providers sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 72(1) of the ASIC Levy Regulations.
large futures exchange participants sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 64(1) of the ASIC Levy Regulations.
large securities exchange participants sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 65(1) of the ASIC Levy Regulations.
licensed personal advice sub-sector has the same meaning as the definition of licensees that provide personal advice on relevant financial products to retail clients sub-sector.
licensees that provide only general advice to retail or wholesale clients sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by section 40 of the ASIC Levy Regulations.
licensees that provide personal advice on relevant financial products to retail clients sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 43(1) of the ASIC Levy Regulations.
licensees that provide personal advice to retail clients on only products that are not relevant financial products sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 42(1) of the ASIC Levy Regulations.
managed discretionary account providers sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 32(1) of the ASIC Levy Regulations.
margin lenders sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 23(1) of the ASIC Levy Regulations.
operators of investor directed portfolio services sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 34(1) of the ASIC Levy Regulations.
payment product providers sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 28(1) of the ASIC Levy Regulations.
responsible entities sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 35(1) of the ASIC Levy Regulations.
retail over-the-counter derivatives issuers sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 61(1) of the ASIC Levy Regulations.
risk management product providers sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 71(1) of the ASIC Levy Regulations.
securities dealers sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 67(1) of the ASIC Levy Regulations.
small and medium amount credit providers sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 24(1) of the ASIC Levy Regulations.
sub-sector has the same meaning as in the ASIC Levy Regulations.
superannuation trustees sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 36(1) of the ASIC Levy Regulations.
the Act means the Corporations Act 2001.
traditional trustee company service providers sub-sector means the sub-sector that, for the 2026-27 levy period, has the meaning given by subsection 33(1) of the ASIC Levy Regulations.
Part 2 · Special levy for 2026-27 levy period
5Special levy—imposition#
Under subsection 1069H(2) of the Act, for the purposes of paragraph 1069H(5)(a) of the Act and paragraph 9(b) of the Financial Services Compensation Scheme of Last Resort Levy Act 2023, a special levy has been specified as needing to be imposed by section 9 of that Act for the 2026-27 levy period in relation to the licensed personal advice sub-sector in accordance with this instrument.
6 Special levy—sub-sectors and total amounts#
For the purposes of paragraph 1069H(5)(b) of the Act, the amount specified in an item in the following table is the amount of special levy that needs to be imposed for the 2026-27 levy period across all members of the sub-sector specified in that item in the table.
| Item | Sub-sector | Total amount ($) |
|---|---|---|
| 1 | claims handling and settling services providers sub-sector | 1,987,880.52 |
| 2 | credit intermediaries sub-sector | 7,789,164.69 |
| 3 | credit providers sub-sector | 27,996,569.03 |
| 4 | custodians sub-sector | 1,798,062.52 |
| 5 | deposit product providers sub-sector | 6,380,499.81 |
| 6 | insurance product distributors sub-sector | 1,443,978.25 |
| 7 | insurance product providers sub-sector | 12,969,340.35 |
| 8 | large futures exchange participants sub-sector | 563,240.02 |
| 9 | large securities exchange participants sub-sector | 2,989,146.70 |
| 10 | licensees that provide only general advice to retail or wholesale clients sub-sector | 5,034,641.81 |
| 11 | licensees that provide personal advice on relevant financial products to retail clients sub-sector | 10,000,000.00 |
| 12 | licensees that provide personal advice to retail clients on only products that are not relevant financial products sub-sector | 68,517.55 |
| 13 | managed discretionary account providers sub-sector | 590,017.27 |
| 14 | margin lenders sub-sector | 8,695.28 |
| 15 | operators of investor directed portfolio services sub-sector | 797,789.10 |
| 16 | payment product providers sub-sector | 4,433,589.69 |
| 17 | responsible entities sub-sector | 40,000,000.00 |
| 18 | retail over-the-counter derivatives issuers sub-sector | 11,382,325.79 |
| 19 | risk management product providers sub-sector | 156,342.06 |
| 20 | securities dealers sub-sector | 6,226,989.10 |
| 21 | small and medium amount credit providers sub-sector | 3,371,646.26 |
| 22 | superannuation trustees sub-sector | 23,789,748.91 |
| 23 | traditional trustee company service providers sub-sector | 484,023.59 |
Note: For payment of special levy, see Part 3 of the Financial Services Compensation Scheme of Last Resort Levy (Collection) Act 2023.
Sourced from the Federal Register of Legislation at legislation.gov.au, © Commonwealth of Australia, licensed under CC BY 4.0. Compilations may have been reformatted.