ASIC Corporations (Amendment and Repeal) Instrument 2026/564

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Explanatory Statement

 

ASIC Corporations (Amendment and Repeal) Instrument 2026/564

This is the Explanatory Statement for ASIC Corporations (Amendment and Repeal) Instrument 2026/564 (Instrument).

The Explanatory Statement is approved by the Australian Securities and Investments Commission (ASIC).

Summary

  1.              ASIC Corporations (Platforms—IDPSs and IDPS-like Schemes) Instrument 2026/395 (Platforms Instrument) consolidates and replaces relief and associated requirements previously contained in:
    1.      ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668; and
    2.      ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 (together, Superseded Instruments).
  2.              The Instrument repeals the Superseded Instruments because they are superseded by the Platforms Instrument.
  3.              The Instrument also amends the following ASIC legislative instruments (Updated Instruments) to replace references to the Superseded Instruments with references to the Platforms Instrument and to make related consequential amendments:
    1.      ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968;
    2.      ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156;
    3.      ASIC Corporations (Financial Requirements for CSF Intermediaries) Instrument 2017/339;
    4.      ASIC (Fees—Complexity Criteria) Instrument 2018/578;
    5.      ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547;
    6.       ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778;
    7.      ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497;
    8.      ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705;
    9.        ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647;
    10.        ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648; and
    11.      ASIC Corporations (IDPS—Relevant Interests) Instrument 2026/100.

Purpose of the instrument

  1.              The purpose of the Instrument is to make amendments consequential to the Platforms Instrument and to repeal the Superseded Instruments.

Consultation

  1.              On 3 September 2025, ASIC published Report 813 Regulatory simplification (REP 813), which included a draft simplified platforms instrument and a summary table of proposed changes to the Superseded Instruments. Consultation closed on 15 October 2025.
  2.              On 19 May 2026, ASIC published Report 830 Regulatory simplification progress report (REP 830), which summarised stakeholder feedback on REP 813 and ASIC's response. Submissions that commented on the proposed simplification and consolidation of the Superseded Instruments supported the proposal.
  3.              ASIC did not consult separately on this Instrument because it makes consequential amendments to ASIC legislative instruments and repeals instruments that are superseded by the Platforms Instrument.

Operation of the instrument

  1.              Section 2 of the Instrument provides that the Instrument commences on the day after it is registered on the Federal Register of Legislation.
  2.              Section 4 of the Instrument provides that each instrument specified in a Schedule is amended or repealed as set out in the applicable items in the Schedule, and that any other item in a Schedule has effect according to its terms.

Schedule 1 – Amendments

  1.          Items 1 to 6 amend ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968. The amendments update notional provisions and definitions relating to IDPSs and IDPS-like schemes so that they refer to the Platforms Instrument and to relevant notional provisions inserted by the Platforms Instrument. The definition of ‘quarterly report’ in relation to an IDPS and IDPS-like scheme is retained for transitional purposes. This means quarterly reports prepared under the Superseded Instruments are still recognised while an IDPS operator or responsible entity of an IDPS-like scheme is relying on the transitional reporting relief in Part 6 of the Platforms Instrument. A similar change is also made to the definition of ‘annual investor statement’, to ensure annual investor statements prepared under the Superseded Instruments are still recognised for the purposes of the transitional reporting relief.
  2.          Items 7 to 10 amend ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156. The amendments update definitions of IDPS and IDPS-like scheme in section 4 and notional subsection 912AH(10) of the Corporations Act 2001 so that they refer to the Platforms Instrument.
  3.          Item 11 amends ASIC Corporations (Financial Requirements for CSF Intermediaries) Instrument 2017/339 to replace a reference to ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669 with a reference to the Platforms Instrument.
  4.          Item 12 amends ASIC (Fees—Complexity Criteria) Instrument 2018/578 to update a reference to interests in an IDPS or IDPS-like scheme so that those expressions are defined by reference to the Platforms Instrument.
  5.          Item 13 amends ASIC Corporations (Share and Interest Purchase Plans) Instrument 2019/547 by replacing the definition of IDPS and IDPS-like scheme with separate definitions that refer to the Platforms Instrument.
  6.          Item 14 amends ASIC Corporations (Hardship Withdrawals Relief) Instrument 2020/778 to replace a reference to ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668 with a reference to the Platforms Instrument.
  7.          Items 15 to 23 amend ASIC Corporations (Shorter PDS and Delivery of Accessible Financial Products Disclosure by Platform Operators and Superannuation Trustees) Instrument 2022/497. The amendments update definitions and notional cross-references so that they refer to the Platforms Instrument and to relevant notional provisions inserted by the Platforms Instrument, including notional subsections 912ADB(2) and 601FBA(2).
  8.          Item 24 amends ASIC Corporations (Financial Requirements for Issuers of Retail OTC Derivatives) Instrument 2022/705 to update the definition of IDPS so that it refers to the Platforms Instrument.
  9.          Item 25 amends ASIC Corporations (Financial Requirements for Responsible Entities, IDPS Operators and Corporate Directors of Retail CCIVs) Instrument 2023/647 to update the definition of IDPS so that it refers to the Platforms Instrument.
  10.          Item 26 amends ASIC Corporations (Financial Requirements for Custodial or Depository Service Providers) Instrument 2023/648 to update the definition of IDPS so that it refers to the Platforms Instrument.
  11.          Items 27 and 28 amend ASIC Corporations (IDPS—Relevant Interests) Instrument 2026/100 to replace a notional cross-reference to subsection 912AD(42) with a reference to notional subsection 912ADG(1), and to update the related note.

Schedule 2 – Repeals

  1.          Item 1 of Schedule 2 repeals ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668. Item 2 of Schedule 2 repeals ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.

Legislative instrument and primary legislation 

  1.          The subject matter implemented by the Instrument is appropriate for a legislative instrument rather than primary legislation because the Instrument amends and repeals legislative instruments made by ASIC.

Duration of the instrument

  1.          The Instrument will be automatically repealed by section 48A of the Legislation Act 2003.

Incorporation by reference

  1.          The Instrument incorporates by reference ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668 and ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669, as in force immediately before the repeal of those instruments, for the purposes of the definitions of ‘annual investor statement’ and ‘quarterly report’ inserted into notional subsection 912AG(4) of the Corporations Act 2001 by items 2 and 5 of Schedule 1.
  2.          The versions of those instruments that were in force immediately before their repeal are available for free on the Federal Register of Legislation.

Legislative authority

  1.          The Instrument is made under subsections 341(1), 601QA(1), 655A(1), 673(1), 741(1), 926A(2), 951B(1), 992B(1) and 1020F(1) of the Corporations Act 2001 and subsection 5A(4) of the Corporations (Fees) Act 2001.
  2.          The Instrument is a disallowable legislative instrument.

Statement of Compatibility with Human Rights 

  1.          The Explanatory Statement for a disallowable legislative instrument must contain a Statement of Compatibility with Human Rights under subsection 9(1) of the Human Rights (Parliamentary Scrutiny) Act 2011. A Statement of Compatibility with Human Rights is in the Attachment.

Attachment

Statement of Compatibility with Human Rights

 

This Statement of Compatibility with Human Rights is prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.  

ASIC Corporations (Amendment and Repeal) Instrument 2026/564

Overview

1. This instrument makes consequential amendments to ASIC legislative instruments as a result of ASIC Corporations (Platforms—IDPSs and IDPS-like Schemes) Instrument 2026/395 replacing ASIC Corporations (Investor Directed Portfolio Services Provided Through a Registered Managed Investment Scheme) Instrument 2023/668 and ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669. It also repeals those superseded instruments.

Assessment of human rights implications

2. This instrument does not engage any of the applicable rights or freedoms.

Conclusion

3. This instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.

 

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.