Released 15 July 2026. Comments close 12 August 2026.
ASIC is seeking feedback on its proposal to remake a legislative instrument relating to members of specified professional bodies that can be declared ‘qualified accountants’.
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 2001 (Corporations Act).
ASIC Corporations (Qualified Accountant) Instrument 2016/786 is due to sunset on 1 October 2026.
We have assessed that this instrument is operating effectively and continues to form a necessary and useful part of the legislative framework.
We propose to remake this instrument for a period of 10 years, with minor amendments to ensure the instrument is up-to-date and in line with ASIC’s current drafting style. Under the proposal, the effect of the instrument will remain unchanged when remade.
Providing feedback
We invite feedback on our proposal from industry and interested stakeholders. You should send your submission to rri.consultation@asic.gov.au by 5 pm AEST on Wednesday 12 August 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.
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Background
Under the Legislation Act 2003, all legislative instruments automatically sunset after 10 years, unless ASIC takes action to preserve them.
ASIC Instrument 2016/786 provides classes of members of specified professional bodies that can be declared ‘qualified accountants’ under the Corporations Act. A qualified accountant is a member of a professional body that is approved by ASIC under section 88B(2) of the Corporations Act.
Under section 708(8)(c) of the Corporations Act, a body does not need to provide a disclosure document for an offer of its securities, if it appears from a certificate given by a qualified accountant that the person to whom the offer is made meets the prescribed net asset or gross income levels. The certificate must be given no more than six months before the offer is made.
Under section 761G(7)(c) of the Corporations Act, certain financial products and financial services are provided to a person as a wholesale client where a certificate is given by a qualified accountant to a person that meets the prescribed net asset or gross income levels. The certificate must be given no more than six months before that financial product or financial service is provided.
ASIC Instrument 2016/786 extended the relief that was originally provided in Class Order [CO 01/1256] Qualified accountant.
Related information
- ASIC proposes to remake qualified accountant legislative instrument
- ASIC Corporations (Qualified Accountant) Instrument 2016/786
- Superseded Class Order [CO 01/1256] Qualified accountant