The ASIC Supervisory Cost Recovery Levy Act 2017 imposes a levy on entities regulated by ASIC to recover its regulatory costs. The ASIC Supervisory Cost Recovery Regulations 2017 apply either a flat or a graduated levy to entities in each industry sub-sector regulated by ASIC. An entity will be subject to more than one levy if it falls within multiple sub-sectors, depending on the activities it undertakes during a financial year. The type of levy and the formula for calculating the amount of levy payable is different for each industry subsector. The first levy will be imposed in respect of the 2017-18 financial year, which commences on 1 July 2017.