ASIC has remade a legislative instrument declaring which members of professional bodies are recognised as ‘qualified accountants’.
ASIC Corporations (Qualified Accountant) Instrument 2026/734 made under section 88B(2) of the Corporations Act 2001 (Corporations Act), sets out which members of professional bodies are recognised as qualified accountants for the purposes of issuing certificates that allow a person to be treated as a wholesale client or sophisticated investor.
The new instrument continues the arrangements previously set out in ASIC Corporations (Qualified Accountant) Instrument 2016/786, with minor updates to the drafting style and the names of foreign professional bodies.
ASIC consulted on the proposed remake on 15 July 2026 and received two submissions. Details regarding these submissions and ASIC’s response are available at CS 58 Proposed remake of qualified accountant legislative instrument.
Background
ASIC Instrument 2026/734 sets out which professional bodies have members that can be recognised as ‘qualified accountants’ under the 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.
ASIC Instrument 2016/786, which was due to sunset on 1 October 2026, extended the declaration that was previously made under ASIC Class Order [CO 01/1256] Qualified accountant.