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ASIC proposes to extend financial services, credit and markets legislative instruments

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ASIC is seeking feedback on its proposal to extend the operation of eight self-repealing legislative instruments that will expire in 2027.

The instruments relate to different parts of the financial system, but all are approaching their expiry dates. They have been assessed by ASIC as operating effectively and efficiently and continue to form a necessary and useful part of the legislative framework.

ASIC proposes to extend the self-repeal date for each instrument, with no other changes proposed.

The instruments are:

Providing feedback                                                                    

Please provide feedback to rri.consultation@asic.gov.au by 5pm AEST, 8 September 2026.

Refer to CS 62 Proposed extension of financial services, credit and markets legislative instruments for further information.

Background

ASIC legislative instruments may include a self-repeal provision that causes the instrument to expire on a specified date. ASIC has introduced a new combined consultation process for self-repealing instruments that can be extended with no further changes. See CS 62 for further information.

ASIC Instrument 2018/313 addresses a technical limitation in the ASX 24 New Trading Platform, which does not enable market participants to input aggregate loss limits into the trading platform. The instrument exempts market participants from the relevant Futures Rules requirements on certain conditions.

ASIC Instrument 2022/301 exempts authorised representatives from notifying ASIC of the sub-authorisation of employees who provide claims handling and settling services in relation to general insurance and consumer credit insurance products.

ASIC Instrument 2022/809 provides conditional relief from requirements to give a Cash Settlement Fact Sheet or confirmation of a transaction where doing so would pose an unacceptable risk of a person experiencing family violence.

ASIC Instrument 2022/705 imposes specific financial requirements on issuers of over the counter (OTC) derivatives to retail clients. The requirements are intended to ensure retail OTC derivative issuers have sufficient financial resources to meet anticipated expenses and unexpected operating losses.

ASIC Instrument 2022/496 provides relief to avoid unnecessary duplication and administrative cost where multiple, substantially similar Product Disclosure Statements (PDSs) are issued for employer-sponsored superannuation products, permits superannuation trustees to direct members to online product dashboards instead of enclosing hard copies, and provides certainty while regulations for choice product dashboards have not been made.

ASIC Instrument 2022/497 provides relief giving issuers of certain complex products the option to provide a full PDS instead of a shorter PDS, provides superannuation trustees with flexible ways to give disclosure for accessible financial products, and allows superannuation trustees and platform operators to deliver PDSs through agents.

ASIC Instrument 2022/910 provides relief from the requirement for certain authorised representatives to give a Financial Services Guide where they deal in general insurance products or bundled consumer credit insurance products and provide claims handling and settling services.

ASIC Instrument 2022/1021 provides relief to facilitate the employee share scheme provisions in Part 7.12 of the Corporations Act.

 

ASIC is Australia’s corporate, markets and financial services regulator.