Skip to main content

CS 57 Proposed remake of Corporations Instruments 2016/841, 2016/881, and 2021/889

simple consultation – 57

Released 6 July 2026. Comments close 31 July 2026.

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

The proposed legislative instruments to be remade are:

We 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.

See Related information for copies of the draft instruments.

A consultation paper was not issued for this consultation.

Providing feedback

We invite feedback on our proposal. You should send your submission to rri.consultation@asic.gov.au by 5pm AEST on 31 July 2026.

You may choose to remain anonymous or use an alias when providing feedback. However, if you do remain anonymous we will not be able to contact you to discuss your feedback should we need to.

We will not treat your feedback as confidential unless you specifically request that we treat the whole or part of it (such as any personal or financial information) as confidential.

Please see our privacy policy for more information on how we handle personal information, your rights to seek access to and correct personal information, and your right to complain about breaches of privacy by ASIC.

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 provides for the operation of dematerialised securities through the Austraclear system by modifying the application of relevant provisions of the Corporations Act 2001 (Corporations Act) to facilitate electronic settlement and transfer without the need for physical certificates. This supports the efficient functioning of financial market infrastructure. The instrument extended the relief that was originally provided in Class Order [CO 02/281] Austraclear.

ASIC Corporations (Disclosure of Directors' Interests) Instrument 2016/881 provides modifications to the application of directors’ interest disclosure requirements under the Corporations Act to address practical implementation issues, including through alignment with relevant ASX Listing Rules. This facilitates more workable compliance with the statutory disclosure regime in a listed entity context. The instrument extended the relief that was originally provided in Class Order [CO 01/1519] Disclosure of directors' interests. The proposed draft of this instrument extends the relief to other declared financial markets who have similar disclosure requirements as the ASX under their listing rules, and adopts a market neutral approach.

ASIC Corporations (Records: Dealings on Foreign Markets) Instrument 2016/889 provides relief from record-keeping obligations under the Corporations Act and Corporations Regulations 2001 in relation to financial services licensees dealing on foreign financial markets, by modifying the operation of regulation 7.8.19. This recognises the practical differences in executing and documenting transactions on overseas markets. The instrument extended the relief that was originally provided in Class Order [CO 03/826] Market related records: Australian financial service licensees dealing on overseas markets.

Consultation feedback and ASIC’s response

Published 28 September 2026

ASIC received two submissions in response to our consultation.

One submission supported the proposed remakes and continuation of the existing relief. Another submission supported the continuation of the relief in principle but suggested that ASIC undertake a broader review of the policy rationale for the instruments and consider additional conditions. Matters raised in the submissions included:

  • incorporating the relief into the Corporations Act 2001 (Corporations Act) rather than continuing to rely on the legislative instruments
  • ASIC’s practice of remaking instruments for five years rather than a ten-year duration
  • whether additional director accountability requirements should apply under ASIC Corporations (Disclosure of Directors’ Interests) Instrument, including whether the proposed market-neutral approach should be limited to only markets explicitly determined by ASIC to have substantially equivalent disclosure requirements
  • whether additional operational resilience and business continuity safeguards should apply in relation to ASIC Corporations (Dematerialised Securities: Austraclear) Instrument, and
  • whether ASIC Corporations (Records: Dealings on Foreign Markets) Instrument should be subject to additional conditions regarding record retention and ASIC's access to records.

ASIC has decided to remake the instruments as proposed.

ASIC has considered the issues raised in the submissions and reviewed whether the policy rationale underpinning each instrument remains valid, having regard to changes in market practices, technology and the broader regulatory environment since the instruments were originally made. ASIC remains satisfied that the relief continues to operate effectively and forms a necessary and useful part of the legislative framework.

ASIC considers that the relief continues to address circumstances where the application of the Corporations Act may result in unnecessary regulatory burden or legal uncertainty, while maintaining appropriate investor protection and market integrity outcomes. The submissions did not identify evidence demonstrating that the relief is no longer required, that it has resulted in regulatory harm, or that the policy rationale underpinning the relief has materially changed.

ASIC notes the suggestion that the relief be incorporated into primary legislation. ASIC has previously raised this feedback with Treasury, and it is ultimately a matter for Government. The instruments are made under powers specifically conferred on ASIC by the Corporations Act and deal with technical matters that are appropriate for delegated legislation.

ASIC also notes the submission that the relief in ASIC Corporations (Disclosure of Directors’ Interests) Instrument should only apply to markets that ASIC has expressly determined have substantially equivalent disclosure requirements. ASIC has not adopted this suggestion. The purpose of the amendment is to ensure that the relief operates in a market-neutral manner and is not limited to a particular financial market. Restricting the relief to markets individually approved by ASIC would reintroduce market-specific distinctions and could result in different regulatory outcomes applying to companies and directors depending on the market on which their securities are quoted. This may create barriers to competition between financial markets and could result in unequal treatment as markets enter, exit or evolve over time. ASIC considers that the proposed market-neutral approach is appropriate and consistent with the policy objective of ensuring that equivalent regulatory outcomes apply across declared financial markets.

ASIC has also considered submissions proposing additional operational resilience, business continuity and record-keeping requirements. ASIC considers that these matters are addressed through the broader regulatory frameworks applicable to relevant market operators and licensees and do not warrant amendments to the relief provided by the instruments. ASIC therefore considers that the existing settings remain appropriate.

ASIC also considers that a five-year duration is appropriate because it allows the relief to be periodically reviewed to ensure it remains necessary, effective and fit for purpose.

Submissions

(non-confidential submissions)

  1. Law Council of Australia (PDF 257 KB)
  2. Michael Sanderson (PDF 86 KB)

Related information