ASIC is seeking feedback on its proposal to remake a legislative instrument relating to ‘qualified accountants’.

ASIC has assessed that the ASIC Corporations (Qualified Accountant) Instrument 2016/786, which is due to expire on 1 October 2026, continues to form a necessary and useful part of the legislative framework.

We propose to remake this instrument for ten years, with minor amendments to ensure clarity and consistency. The effect of the instrument will remain unchanged when remade.

Providing feedback

ASIC invites feedback on this proposal from industry and interested stakeholders. Submissions should be sent to rri.consultation@asic.gov.au by 5 pm AEST 12 August 2026.

Refer to CS 58 Proposed remake of qualified accountant legislative instrument.

Background

ASIC Instrument 2016/786 sets out which professional bodies have members that can be recognised as ‘qualified accountants’ under the Corporations Act 2001 (Corporations Act). A qualified accountant is someone who belongs to a professional body that ASIC has approved under section 88B(2) of the Corporations Act. 

Qualified accountants are able to give a certificate to allow a person to be regarded as a wholesale client or sophisticated investor for the purposes of sections 708(8)(c) and 761G(7)(c) of the Corporations Act.

This instrument extended the relief that was provided in Class Order [CO 01/1256] Qualified accountant.

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