Corporations (Financial Services Compensation Scheme of Last Resort—First Levy Period Cost Estimates) Determination 2024
The Compensation Scheme of Last Resort Limited, operator of the financial services compensation scheme of last resort, makes the following determination.
Dated 14 March 2024
Compensation Scheme of Last Resort Limited
Operator of the Financial Services Compensation Scheme of Last Resort
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Definitions
Part 2—Estimates of cost for first levy period
5 Credit intermediaries sub-sector
6 Credit providers sub-sector
7 Licensed personal advice sub-sector
8 Securities dealers sub-sector
Part 1—Preliminary
1 Name
This instrument is the Corporations (Financial Services Compensation Scheme of Last Resort—First Levy Period Cost Estimates) Determination 2024.
2 Commencement
(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 after this instrument is registered. |
|
Note: This table relates only to the provisions of this instrument as originally made.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.
3 Authority
This instrument is made under the Corporations Act 2001.
4 Definitions
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:
credit intermediaries sub-sector has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Regulations 2023.
credit providers sub-sector has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Regulations 2023.
licensed personal advice sub-sector has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Regulations 2023.
securities dealers sub-sector has the same meaning as in the Financial Services Compensation Scheme of Last Resort Levy Regulations 2023.
the Act means the Corporations Act 2001.
Part 2—Estimates of cost for first levy period
5 Credit intermediaries sub-sector
Under subsection 1069M(1) of the Act, for the first levy period and the credit intermediaries sub-sector, the determined estimate is $757,893.66, being the sum of the following specified amounts:
(a) for the purposes of paragraph 1069M(1)(a) of the Act, the amount of $93,167.27;
(b) for the purposes of paragraph 1069M(1)(b) of the Act, the amount of $664,726.39, comprising the following amounts:
(i) $85,658.57 (see subparagraph 1069M(1)(b)(i) of the Act);
(ii) $416,666.67 (see subparagraph 1069M(1)(b)(ii) of the Act);
(iii) $162,401.15 (see subparagraph 1069M(1)(b)(iii) of the Act).
6 Credit providers sub-sector
Under subsection 1069M(1) of the Act, for the first levy period and the credit providers sub-sector, the determined estimate is $739,717.37, being the sum of the following specified amounts:
(a) for the purposes of paragraph 1069M(1)(a) of the Act, the amount of $3,604.89;
(b) for the purposes of paragraph 1069M(1)(b) of the Act, the amount of $736,112.48, comprising the following amounts:
(i) $154,517.41 (see subparagraph 1069M(1)(b)(i) of the Act);
(ii) $416,666.67 (see subparagraph 1069M(1)(b)(ii) of the Act);
(iii) $164,928.40 (see subparagraph 1069M(1)(b)(iii) of the Act).
7 Licensed personal advice sub-sector
Under subsection 1069M(1) of the Act, for the first levy period and the licensed personal advice sub-sector, the determined estimate is $2,426,309.43, being the sum of the following specified amounts:
(a) for the purposes of paragraph 1069M(1)(a) of the Act, the amount of $422,307.05;
(b) for the purposes of paragraph 1069M(1)(b) of the Act, the amount of $2,004,002.38, comprising the following amounts:
(i) $247,747.42 (see subparagraph 1069M(1)(b)(i) of the Act);
(ii) $416,666.67 (see subparagraph 1069M(1)(b)(ii) of the Act);
(iii) $1,339,588.29 (see subparagraph 1069M(1)(b)(iii) of the Act).
8 Securities dealers sub-sector
Under subsection 1069M(1) of the Act, for the first levy period and the securities dealers sub-sector, the determined estimate is $922,563.77, being the sum of the following specified amounts:
(a) for the purposes of paragraph 1069M(1)(a) of the Act, the amount of $196,904.31;
(b) for the purposes of paragraph 1069M(1)(b) of the Act, the amount of $725,659.46, comprising the following amounts:
(i) $139,432.86 (see subparagraph 1069M(1)(b)(i) of the Act);
(ii) $416,666.67 (see subparagraph 1069M(1)(b)(ii) of the Act);
(iii) $169,559.93 (see subparagraph 1069M(1)(b)(iii) of the Act).