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ASIC seeks feedback on remaking financial market relief instruments

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ASIC is seeking feedback on its proposal to remake three legislative instruments which provide relief related to financial market operations.

The proposed legislative instruments, which are due to sunset on 1 October this year, are:

We have assessed that the legislative instruments are operating effectively and continue to form a necessary and useful part of the legislative framework.

ASIC proposes to remake the legislative instruments for a period of five years, with minor amendments to simplify the instruments and improve clarity. Where appropriate, amendments have also been made to adopt market-neutral language.

The effect of these instruments will remain largely unchanged when remade.

Providing feedback

Feedback to the proposal should be sent to rri.consultation@asic.gov.au by 5pm AEST on 31 July 2026.

Refer to CS 57 Proposed remake of Corporations Instruments 2016/841, 2016/881, and 2021/889 for further details.

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, settled and transferred electronically through the Austraclear system, without using physical certificates. It does this by modifying how certain provisions of the Corporations Act 2001 (Corporations Act) apply. This supports efficient financial market infrastructure. It extends relief originally provided under Class Order [CO 02/281] Austraclear.

ASIC Corporations (Disclosure of Directors' Interests) Instrument 2016/881 modifies the directors’ interest disclosure requirements in the Corporations Act to address practical implementation issues, including aligning them with ASX Listing Rules. This makes compliance more workable for listed entities. It extends relief originally provided under Class Order [CO 01/1519] Disclosure of directors' interests. The proposed draft extends this relief to other declared financial markets with similar listing rule requirements, adopting a market neutral approach.

ASIC Corporations (Records: Dealings on Foreign Markets) Instrument 2016/889 provides relief from certain record-keeping obligations under the Corporations Act and Corporations Regulations 2001 for licensees dealing on foreign financial markets. It modifies regulation 7.8.19 to reflect practical differences in executing and documenting transactions overseas. It extends relief originally provided under Class Order [CO 03/826] Market related records: Australian financial service licensees dealing on overseas markets.

 

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