ASIC Corporations (Amendment) Instrument 2017/1119

Administered by Department of the Treasury

Legislation au F2017L01696 Not in force Legislative Instrument

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EXPLANATORY STATEMENT for
ASIC Corporations (Amendment) Instrument

2017/1119

Prepared by the Australian Securities and Investments Commission

Corporations Act 2001

The Australian Securities and Investments Commission (ASIC) makes the ASIC Corporations (Amendment) Instrument 2017/1119 (the Instrument) under subsections 283GA(1), 601QA(1), 655A(1), 741(1), 926A(2), 992B(1), 1020F(1) and 1075A(1) of the Corporations Act 2001 (the Act).

Subsection 283GA(1) of the Act provides that ASIC may exempt a person from a provision of Chapter 2L of the Act; or declare that Chapter 2L applies to a person as if specified provisions were omitted, modified or varied.

Subsection 601QA(1) of the Act provides that ASIC may exempt a person from a provision of Chapter 5C of the Act; or declare that Chapter 5C applies to a person as if specified provisions were omitted, modified or varied.

Subsection 655A(1) of the Act provides that ASIC may exempt a person from a provision of Chapter 6 of the Act; or declare that Chapter 6 applies to a person as if specified provisions were omitted, modified or varied.

Subsection 741(1) of the Act provides that ASIC may exempt a person from a provision of Chapter 6D of the Act or declare that the Chapter applies to a person as if specified provisions were omitted, modified or varied.

Subsection 926A(2) of the Act provides that ASIC may exempt a person or a financial product or class of persons or financial products from all or specified provisions of Part 7.6 of the Act (other than Divisions 4 and 8); or declare that Part 7.6 of the Act (other than Divisions 4 and 8) applies in relation to a person or a financial product or class of persons or financial products as if specified provisions were omitted, modified or varied.

Subsection 992B(1) of the Act provides that ASIC may exempt a person or a financial product or class of persons or financial products from all or specified provisions of Part 7.8 of the Act; or declare that Part 7.8 of the Act applies in relation to a person or a financial product or class of persons or financial products as if specified provisions were omitted, modified or varied.

Subsection 1020F(1) of the Act provides that ASIC may exempt a person or a financial product or class of persons or financial products from all or specified provisions of Part 7.9 of the Act and may declare that Part 7.9 of the Act applies in relation to a person or a class of persons as if specified provisions were omitted, modified or varied.

Subsection 1075A(1) of the Act provides that ASIC may exempt specified financial products or class of financial products from all or specified provisions of Part 7.11 of the Act; or declare that Part 7.11 of the Act applies in relation to specified financial products, or a class of financial products, as if specified provisions were omitted, modified or varied.

Under subsection 33(3) of the Acts Interpretation Act 1901 (as in force as at 1 January 2005 and as applicable to the relevant powers because of section 5C of the Act), where an Act confers a power to make, grant or issue any instrument (including rules, regulations or by-laws), the power shall be construed as including a power exercisable in the like manner and subject to the like conditions (if any) to repeal, rescind, revoke, amend, or vary any such instrument.

Background

ASIC has a number of ASIC Legislative Instruments in operation. ASIC has identified that some of these have minor errors, including typographical errors and required points of clarification.

2. Purpose of the instrument

The purpose of the Instrument is to make amendments to ASIC instruments to fix identified errors.

3. Operation of the instrument

Part 1—Preliminary

Section 1 – Name of the legislative instrument

This section provides that the title of the Instrument is the ASIC Corporations (Amendment) Instrument 20171119.

Section 2 – Commencement

This section provides that the Instrument commences on the day after it is registered on the Federal Register of Legislation.

Section 3 – Authority

This section provides that the Instrument is made under subsections 283GA(1), 601QA(1), 655A(1), 741(1), 926A(2), 992B(1), 1020F(1) and 1075A(1) of the Corporations Act 2001.

Section 4 – Schedules

This section provides that each instrument that is specified in a Schedule to the instrument is amended as set out in the applicable items in the Schedule.

Section 5 – Definitions

Act is defined to mean the Corporations Act 2001

Schedule 1—Amendments

Item 1 – ASIC Corporations (Securities: NZ FASTER System) Instrument 2016/891

Item 1 modifies the ASIC Corporations (Securities: NZ FASTER System) Instrument 2016/891 at section 5 to remove a typographical error. A reference to section 1017H is omitted and replaced with section 1071H. This reflects the original intent of the instrument.

Items 2—5 – ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156

Items 2—5 modify the ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156 to remove references to section 912AE and replace them with section 912AH.

The ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156 inserted section 912AE in the Act. Another ASIC instrument, ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968) inserts a separate section 912AE. The sections apply in different circumstances. While there is no issue with their operation it is preferable to change the section numbers for ease of reference.

Item 6– ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669

Item 6 modifies the ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669. This modification omits a reference to Part 7.7.

The purpose of ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669 is to amend 14 of ASIC's legislative instruments so they have a single, consistent definition of ‘approved foreign market’. The instrument lists the chapters and parts of the Act that apply to any person who purports to rely on an applicable ASIC legislative instrument, Part 7.7 was incorrectly included in the list of chapters and parts.

4. Consultation

ASIC did not consult on the technical amendments as ASIC’s view is that none involve a change in policy.

Overview

The ASIC Corporations (Amendment) Instrument 2017/1119, enacted under the Corporations Act 2001, was introduced to rectify minor errors, including typographical errors and points of clarification, in existing Australian Securities and Investments Commission (ASIC) legislative instruments. The Australian Securities and Investments Commission, empowered by the Corporations Act, makes these amendments to ensure the legislative instruments operate correctly and accurately reflect the legislative intent. The policy objective of this instrument is to maintain the integrity and efficacy of the regulatory framework by correcting errors that could potentially lead to misinterpretation or misapplication of the law. The instrument was developed without consultation, as ASIC determined that the amendments did not involve any change in policy. The ASIC Corporations (Amendment) Instrument 2017/1119 specifically targets several ASIC instruments, correcting references and definitions to align with the intended legislative framework. For example, it corrects a typographical error in the ASIC Corporations (Securities: NZ FASTER System) Instrument 2016/891, replaces incorrect section references in the ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156, and removes an erroneous reference to Part 7.7 in the ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669. These amendments are intended to streamline and clarify the regulatory requirements, ensuring that the legislative intent is accurately conveyed and implemented.

Scope and Application

The ASIC Corporations (Amendment) Instrument 2017/1119 is an instrument made by the Australian Securities and Investments Commission (ASIC) under the Corporations Act 2001. The instrument amends various existing ASIC legislative instruments to correct minor errors, including typographical errors and points of clarification. It applies to entities and persons affected by the legislative instruments it amends, which include those in the financial services sector, particularly those involved in securities, nominee and custody services, and approved foreign markets. The instrument has a Commonwealth reach, affecting entities and transactions across Australia. There are no stated exclusions or exemptions in the instrument itself, though specific exclusions and exemptions may apply in the amended instruments. The instrument operates by amending existing legislative instruments to correct identified errors and ensure consistency and clarity in the application of the Corporations Act 2001.

Key Provisions

The ASIC Corporations (Amendment) Instrument 2017/1119 primarily amends several existing ASIC legislative instruments to correct minor errors, including typographical errors and points of clarification. Section 1 of Part 1 of the Instrument provides the name of the instrument, while Section 2 states that it commences on the day after it is registered on the Federal Register of Legislation. Section 3 specifies the authority under which the Instrument is made, and Section 4 refers to the Schedules which detail the amendments to each specified instrument. In Schedule 1, Item 1 corrects a typographical error in the ASIC Corporations (Securities: NZ FASTER System) Instrument 2016/891, changing a reference from section 1017H to section 1071H. Items 2–5 correct references to section 912AE in the ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156, replacing them with section 912AH for clarity. Item 6 corrects an error in the ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669 by omitting a reference to Part 7.7, which was incorrectly included. The Instrument imposes obligations on the parties governed by the amended legislative instruments to ensure compliance with the corrected provisions. For example, entities relying on the amended ASIC Corporations (Securities: NZ FASTER System) Instrument 2016/891 must now correctly reference section 1071H instead of 1017H to adhere to the updated requirements. Similarly, those relying on the ASIC Corporations (Nominee and Custody Services) Instrument 2016/1156 must update their references from section 912AE to section 912AH. Furthermore, entities that depend on the ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669 must no longer reference Part 7.7 as it was inaccurately included in the original instrument. There are no specific offences, penalties, or consequences outlined for breaches of the amended provisions in this Instrument. However, non-compliance with the corrected legislative instruments could potentially lead to regulatory actions under the broader Corporations Act 2001, depending on the context and the specific requirements of the amended instruments. For example, if an entity fails to adhere to the corrected references, it could potentially face enforcement actions from ASIC, which may include fines, public censure, or other regulatory measures as appropriate under the Act.

Area of Law: Corporate Law & Governance
Instrument: Legislative Instrument
Concepts: Definitions & Interpretation; Repeal & Amendment; Compliance Obligations

Interactions

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.

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