Australian Securities and Investments Commission Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229 (Cth)

ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date    26 April 2021

Grant Moodie

Contents

Part 1—Preliminary

1    Name of legislative instrument

2    Commencement

3    Authority

4    Definitions

Part 2—Declaration

5    “Excluded assets” in conditions of Australian financial services licences

Part 3—Repeal

6    Repeal

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229.

2        Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at Authority

This instrument is made under subsection 926A(2) of the Corporations Act 2001.

4        Definitions

In this instrument:

Act means the Corporations Act 2001.

Part 2—Declaration

5        “Excluded assets” in conditions of Australian financial services licences

Division 3 of Part 7.6 of the Act applies to all financial services licensees as if section 912A of the Act were modified or varied by inserting after subsection (4), the following subsection:

“(4A)     For the purposes of paragraph 912A(1)(b), despite anything to the contrary in a condition of the licence (including in a definition in the licence that applies for the purposes of a condition), a right-of-use asset arising under a lease is taken not to be included in the definition of “excluded assets” in the licence.”.

Part 3—Repeal

6        Repeal

This instrument is repealed on 1 May 2026.