Commonwealth Consolidated Acts

FINANCIAL SERVICES COMPENSATION SCHEME OF LAST RESORT LEVY ACT 2023 - SECT 12

  (1)   The amount of levy imposed by subsection   8(1) on a person for a levy period and a sub - sector is the amount worked out in accordance with a method prescribed by the regulations for the purposes of this subsection.

Objectives for working out amounts of annual levy

  (2)   The objectives are that the total amount of levy imposed by subsection   8(1) across all members of a sub - sector for a levy period:

  (a)   does not exceed the initial claims, fees and costs estimate for the levy period and the sub - sector; and

  (b)   does not cause the sub - sector levy cap for the levy period and the sub - sector to be exceeded; and

  (c)   does not cause the scheme levy cap to be exceeded.

Regulations

  (3)   Before the Governor - General makes regulations for the purposes of subsection   (1), the Minister must be satisfied that the regulations are consistent with the objectives stated in subsection   (2).

  (4)   Without limiting subsection   (1), the method prescribed by the regulations for a levy period and a sub - sector may have regard to:

  (a)   the initial claims, fees and costs estimate for the levy period and the sub - sector; and

  (b)   one or more determinations by ASIC under regulations made for the purposes of section   9 of the ASIC Supervisory Cost Recovery Levy Act 2017 .