ASIC has remade three legislative instruments for a further five years, continuing relief that supports the efficient operation of Australia's financial markets.
The instruments simplify compliance, support the Austraclear settlement system, and reduce regulatory burden.
The following legislative instruments, which were due to sunset in October 2026, are:
- ASIC Corporations (Dematerialised Securities: Austraclear) Instrument 2016/841
- ASIC Corporations (Disclosure of Directors' Interests) Instrument 2016/881
- ASIC Corporations (Records: Dealings on Foreign Markets) Instrument 2016/889.
Consultation
ASIC consulted on the three legislative instruments in CS 57 Proposed remake of Corporations Instruments 2016/841, 2016/881, and 2016/889. ASIC found the instruments remain effective and a necessary and useful part of the legislative framework.
Following consultation, each instrument will continue for five years, with minor amendments to improve clarity and simplify drafting. ASIC has:
- simplified ASIC Corporations (Dematerialised Securities: Austraclear) Instrument 2026/754 while maintaining the existing relief
- adopted a market-neutral approach in ASIC Corporations (Disclosure of Directors' Interests) Instrument 2026/758 so that the relief applies to public companies listed on any declared financial market with equivalent disclosure requirements; and
- simplified ASIC Corporations (Records: Dealings on Foreign Markets) Instrument 2026/755 without changing the substantive operation of the relief.
The relief itself has not changed materially.
ASIC received two submissions. For more information about the feedback received and ASIC's responses, see the Feedback in CS 57.
Background
Under the Legislation Act 2003, all legislative instruments automatically sunset after 10 years, unless ASIC takes action to preserve them.
ASIC Corporations (Dematerialised Securities: Austraclear) Instrument 2016/841 allows dematerialised securities to be issued, transferred and settled electronically through the Austraclear system, without the need for paper certificates. This supports efficient financial market operations. It continues relief previously provided under Class Order [CO 03/826].
ASIC Corporations (Disclosure of Directors' Interests) Instrument 2016/881 makes it easier for directors of listed entities to comply with their disclosure obligations by aligning certain requirements with market listing rules, including ASX Listing Rules. It continues relief previously provided under Class Order [CO 01/1519]. The proposed update would extend this relief to other licensed financial markets with similar disclosure requirements, adopting a market-neutral approach.
ASIC Corporations (Records: Dealings on Foreign Markets) Instrument 2016/889 simplifies record-keeping requirements for financial services licensees when they trade on overseas financial markets. It recognises that transactions on foreign markets may be executed and documented differently from those in Australia. It continues relief previously provided under Class Order [CO 02/281].
Austraclear is Australia’s central securities depository and electronic settlement system for the wholesale debt market. It is operated by Austraclear Limited, as a wholly-owned subsidiary of ASX Limited, and is licensed as a clearing and settlement facility under the Corporations Act 2001.