Cost Recovery Implementation Statement: Key terms

This is a list of the key terms used in the Cost Recovery Implementation Statement.

Term	Meaning in CRIS
AFS licence	An Australian financial services licence under section 913B of the Corporations Act that authorises a person who carries on a financial services business to provide financial services Note: This is a definition in section 9.
AFS licensee	A person who holds an AFS licence under section 913B of the Corporations Act
allowance for capital expenditure	A figure equal to ASIC’s departmental capital budget and equity injection appropriations to develop infrastructure to support new regulatory responsibilities
auditors of disclosing entities	Authorised audit companies and audit firms that audit disclosing entities with quoted securities
Australian derivative trade repository operators	Has the meaning given in regulation 59 of the Cost Recovery Levy Regulations
Australian market licence	An Australian market licence under section 795B of the Corporations Act that authorises a person to operate a financial market
benchmark administrator licence	A benchmark administrator licence under section 908BC(1) of the Corporations Act that authorises a person to administer a significant financial benchmark
benchmark administrator licensee	The holder of a benchmark administrator licence
CADB	Companies Auditors Disciplinary Board
claims handling and settling services providers	Has the meaning given in regulation 72AA of the Cost Recovery Levy Regulations
corporate advisers	Has the meaning given in regulation 63 of the Cost Recovery Levy Regulations
Corporations Act	Corporations Act 2001, including regulations made for the purposes of that Act
Cost Recovery Policy	Australian Government Cost Recovery Policy
Cost Recovery Levy Act	ASIC Supervisory Cost Recovery Levy Act 2017
Cost Recovery Levy Regulations	ASIC Supervisory Cost Recovery Levy Regulations 2017
credit licence	An Australian credit licence under section 35 of the National Credit Act that authorises a licensee to engage in particular credit activities
credit licensee	A person who holds an Australian credit licence under section 35 of the National Credit Act
credit provider	Has the meaning given in section 5 of the National Credit Act
credit rating agencies	Has the meaning given in regulation 60 of the Cost Recovery Levy Regulations
CRIS	Cost Recovery Implementation Statement
CS facility	A clearing and settlement facility as defined in section 768A of the Corporations Act
CS facility licence	An Australian CS facility licence under section 824B that authorises a person to operate a CS facility in Australia
CS facility operator	An entity that operates a CS facility under a CS facility licence
CSF	Crowd-sourced funding
CSF intermediary	An AFS licensee whose licence expressly authorises the licensee to provide a crowd-funding service Note: See section 738C of the Corporations Act.
CSF regime	The statutory regime for crowd-sourced funding in Part 6D.3A of the Corporations Act regulating CSF offers
custodian	A person with primary contractual responsibility to an AFS licensee to act as, or directly or indirectly engage, an asset holder
deposit product	Has the meaning given in s761A(1)(i) of the Corporations Act
deposit product provider	Australian deposit-taking institutions (i.e. banks, credit unions and building societies) that provide deposit products to consumers, such as deposit accounts, certificates of deposit, and foreign currency deposits
ESA	ASIC Enforcement Special Account
equity injection appropriation	Funds provided by the Australian Government to ASIC to enable investment in assets (e.g. capital expenditure)
exempt CS facility operators	Market infrastructure providers that hold an exemption from the requirement to hold a CS facility licence
exempt market operators	Market infrastructure providers that hold an exemption from the requirement to hold a market licence
fees for service	Fees charged to recover our costs for services provided
fees-for-service activities	ASIC activities for which we will charge a fee. These can be broadly categorised as: licensing application or variation services registration application services compliance review of documents lodged with ASIC requests for changes to market operating rules assessing applications for relief
Fees Regulations	Corporations (Fees) Regulations 2001
financial advisers register	A register maintained by ASIC of individuals who are authorised to provide personal advice to retail clients on investments, superannuation and life insurance
financial product advice	A recommendation or a statement of opinion, or a report of either of these things, that: is intended to influence a person or persons in making a decision about a particular financial product or class of financial product, or an interest in a particular financial product or class of financial product, or could reasonably be regarded as being intended to have such an influence. This does not include anything in an exempt document or statement Note: This is a definition in section 9 of the Corporations Act.
flat levy	The flat levy formula apportions our regulatory costs equally between entities in the same subsector where there is no relevant business activity metric
FTE staff	Full-time equivalent staff
FYE	Full-year equivalent
general advice	Financial product advice that is not personal advice Note: This is a definition in section 9 of the Corporations Act.
graduated levy	A levy based on the graduated levy component formula, where all entities in a subsector must pay: a minimum levy, and an additional variable component, based on each entity’s share of relevant activity within the subsector
IDPS	An investor directed portfolio service as defined in ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 or any instrument that amends or replaces that instrument
IDPS operator	An entity that operates an IDPS
insurance product distributors	Has the meaning given in regulation 70 of the Cost Recovery Levy Regulations
insurance product providers	Has the meaning given in regulation 72 of the Cost Recovery Levy Regulations
IT	Information technology
large proprietary companies	Has the meaning given in regulation 16 of the Cost Recovery Levy Regulations
listed corporations	Has the meaning given in regulation 22 of the Cost Recovery Levy Regulations
managed investment scheme	Has the meaning given in section 9 of the Corporations Act
margin lenders	Has the meaning given in regulation 23 of the Cost Recovery Levy Regulations
market licensee	The holder of an Australian market licence Note: This is a definition in section 9 of the Corporations Act.
market participants	A participant of a financial market Note: Participant has the meaning given by s767A(4) and (5) of the Corporations Act.
market surveillance system	ASIC’s system for surveilling financial markets
MDA	Managed discretionary account
medium amount credit contract	Has the meaning given in section 204 of the National Credit Code (Schedule 1 to the National Credit Act)
National Credit Act	National Consumer Credit Protection Act 2009
own-source revenue	Revenue generated from sources such as sub-leasing office space to other agencies, publishing royalties and the recovery of court-awarded costs
OTC	Over the counter
OTC traders	Has the meaning given in regulation 66 of the Cost Recovery Levy Regulations
payment product providers	Has the meaning given in regulation 28 of the Cost Recovery Levy Regulations
personal advice	Financial product advice given or directed to a person (including by electronic means) in circumstances where: the person giving the advice has considered one or more of the person’s objectives, financial situation and needs, or a reasonable person might expect the person giving the advice to have considered one or more of these matters Note: This is a definition in section 9 of the Corporations Act.
reg 20 (for example)	A regulation of the Cost Recovery Levy Regulations (in this example numbered 20), unless otherwise specified
registered company auditors	Has the meaning given in regulation 18 of the Cost Recovery Levy Regulations
registered liquidator	A person registered by ASIC under section 20-30 of Schedule 2 to the Corporations Act
registered scheme	A managed investment scheme that is registered under section 601EB of the Corporations Act
registrable superannuation entity	Has the meaning given in the SIS Act
relevant financial product	A financial product other than a basic banking product, general insurance product, consumer credit insurance, or a combination of any of these products Note: See section 922C of the Corporations Act
responsible entity	A responsible entity of a registered scheme as defined in section 9 of the Corporations Act
retail client	A client as defined in section 761G and 761GA of the Corporations Act and Division 2 of Part 7.1 of the Corporations Regulations
retail OTC derivatives issuers	Has the meaning given in regulation 61 of the Cost Recovery Levy Regulations
risk management product providers	Has the meaning given in regulation 71 of the Cost Recovery Levy Regulations
RSE licensee	A registrable superannuation entity licensee – has the meaning given in section 10 of the SIS Act
securities dealers	Has the meaning given in regulation 67 of the Cost Recovery Levy Regulations
SIS Act	Superannuation Industry (Supervision) Act 1993
small amount credit contract	Has the meaning given in section 5 of the National Credit Act
small proprietary companies	Has the meaning given in section 45A(2) of the Corporations Act
superannuation fund	Has the meaning given in section 10(1) of the SIS Act
superannuation trustee	A person or group of persons licensed by APRA under section 29D of the SIS Act to operate a registrable superannuation entity (e.g. superannuation fund) (also known as an ‘RSE licensee’)
supervisory college	Supervisory colleges were established to facilitate the exchange of information between the supervisors of internationally active credit rating agencies, to foster more effective supervision of these agencies
Tier 1 CS facility	Has the meaning given in regulation 54 of the Cost Recovery Levy Regulations
Tier 2 CS facility	Has the meaning given in regulation 55 of the Cost Recovery Levy Regulations
Tier 3 CS facility	Has the meaning given in regulation 56 of the Cost Recovery Levy Regulations
Tier 4 CS facility	Has the meaning given in regulation 57 of the Cost Recovery Levy Regulations
traditional trustee company services	Has the meaning given in section 601RAC(1) of the Corporations Act, and includes: performing estate management functions (as defined in section 601RAC(2)) preparing a will, a trust instrument, a power of attorney or an agency arrangement applying for probate of a will, applying for grant of letters of administration, or electing to administer a deceased estate establishing and operating common funds, and any other services prescribed by the regulations for the purpose of section 601RAC(1)
unlisted public companies	Has the meaning given in regulation 17 of the Cost Recovery Levy Regulations
wholesale client	A client who is not a retail client as defined in section 761G of the Corporations Act and Division 2 of Part 7.1 of the Corporations Regulations
wholesale electricity dealers	Has the meaning given in regulation 62 of the Cost Recovery Levy Regulations
wholesale trustee	Has the meaning given in regulation 37 of the Cost Recovery Levy Regulations