ASIC Corporations (Amendment) Instrument 2026/116

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Legislation au F2026L00366 In force Legislative Instrument

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Explanatory Statement

 

ASIC Corporations (Amendment) Instrument 2026/116

This is the Explanatory Statement for ASIC Corporations (Amendment) Instrument 2026/116 (Amending Instrument).

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

Summary

  1.              The Amending Instrument amends the following ASIC instruments to replace references to ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 (Instrument 2015/1115) with a reference to ASIC Corporations (Miscellaneous Technical Relief) Instrument 2026/115 (Instrument 2026/115):
  1.        ASIC Corporations (School Enrolment Deposits) Instrument 2016/812;
  2.       ASIC Corporations (Serviced Apartment and Like Schemes) Instrument 2016/869;
  3.        ASIC Corporations (Property Rental Schemes) Instrument 2016/870;
  4.       ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968;
  5.        ASIC Corporations (Factoring Arrangements) Instrument 2017/794;
  6.         ASIC Corporations (Mortgage Offset Accounts) Instrument 2017/795;
  7.       ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849;
  8.       ASIC Corporations (Mortgage Investment Schemes) Instrument 2017/857; and
  9.         ASIC Corporations (Group Purchasing Bodies) Instrument 2018/751,

(together, the Amended Instruments).

Purpose of the instrument

  1.              Instrument 2026/115 makes technical and machinery changes to provisions in the Corporations Act 2001 (Act) relating to:
    1.        those who are exempt from the requirement to hold an Australian financial services (AFS) licence, to extend the operation of those provisions to all persons exempted by ASIC from the requirement to hold an AFS licence, irrespective of the power used to grant the exemption; and
    2.       the lodgement or publishing of supplementary or replacement documents under Chapter 6, Chapter 6D and Part 7.9 of the Act, to extend the operation of those provisions so that references to the original document in an ASIC instrument includes any supplementary or replacement documents lodged or published after the original.
  2.              Instrument 2026/115 remakes relief previously provided under Instrument 2015/1115, with only minor changes for style and clarity.
  3.              Each of the Amended Instruments contains one or more references, in a note or notes, to Instrument 2015/1115. The purpose of the Amending Instrument is to omit each of the references to Instrument 2015/1115 and replace it with a reference to Instrument 2026/115.

Consultation

  1.              ASIC did not consult on the proposed amendments to the Amended Instruments, given the minor and mechanical nature of the proposed changes.

Operation of the instrument

Part 1 – Preliminary

  1.              Section 1 of the Instrument specifies the title of the Instrument.
  2.              Section 2 of the Instrument specifies that the Instrument commences on the day after it is registered on the Federal Register of Legislation.
  3.              Section 3 of the Instrument specifies that it is made under subsection 926A(2) of the Act.
  4.              Section 4 of the Amending Instrument provides that each instrument specified in the Schedule (i.e. the Amended Instruments) is amended as set out in the applicable items in the Schedule.

Schedule 1 - Amendments

  1.          Each of the items of the Schedule to the Amending Instrument amends a reference, in a note in an Amended Instrument, by omitting “ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115”, and substituting “ASIC Corporations (Miscellaneous Technical Relief) Instrument 2026/115”.

Legislative instrument and primary legislation 

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

Duration of the instrument

  1.          The Amending Instrument will be repealed under section 48A of the Legislation Act 2003.

Legislative authority

  1.          The Amending Instrument is a disallowable instrument made under subsection 926A(2) of the Act. Paragraph 926A(2)(a) of the Act provides that ASIC may exempt a person or class of persons from all or specified provisions to which this section applies.
  2.          Each of the notes in the Amended Instruments modified by the Amending Instrument relates to an exemption made by ASIC under subsection 926A(2) of the Act.
  3.          Under subsection 33(3) of the Acts Interpretation Act 1901 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.

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) Instrument 2026/116

Overview

1. ASIC Corporations (Miscellaneous Technical Relief) Instrument 2026/115 (Instrument 2026/115) repeals, and continues the relief previously available under, ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 (Instrument 2015/1115).

2. ASIC Corporations (Amendment) Instrument 2026/116 (Amending Instrument) amends various legislative instruments which refer to Instrument 2015/1115 by omitting these references and substituting a reference to Instrument 2026/115.

Assessment of human rights implications

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

Conclusion

4. 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.

 

Overview

The ASIC Corporations (Amendment) Instrument 2026/116 was enacted to address the need for updating references within various ASIC instruments. The Australian Securities and Investments Commission (ASIC) developed this amending instrument to replace references to the ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 with references to the ASIC Corporations (Miscellaneous Technical Relief) Instrument 2026/115. This change was made to ensure consistency and accuracy across the legislative instruments, which include regulations related to school enrolment deposits, serviced apartment and like schemes, property rental schemes, and more. The instrument was deemed minor and mechanical, thus ASIC did not undertake consultation on these amendments. The legislative instrument was introduced under the authority of the Corporations Act 2001 and is appropriate for such use, given it amends other legislative instruments made by ASIC. The instrument is compatible with human rights as outlined in the Human Rights (Parliamentary Scrutiny) Act 2011, with no applicable rights or freedoms engaged.

Scope and Application

The ASIC Corporations (Amendment) Instrument 2026/116 amends several existing instruments to update references from the ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 to the ASIC Corporations (Miscellaneous Technical Relief) Instrument 2026/115. This includes the ASIC Corporations (School Enrolment Deposits) Instrument 2016/812, ASIC Corporations (Serviced Apartment and Like Schemes) Instrument 2016/869, ASIC Corporations (Property Rental Schemes) Instrument 2016/870, ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968, ASIC Corporations (Factoring Arrangements) Instrument 2017/794, ASIC Corporations (Mortgage Offset Accounts) Instrument 2017/795, ASIC Corporations (Wholesale Equity Scheme Trustees) Instrument 2017/849, ASIC Corporations (Mortgage Investment Schemes) Instrument 2017/857, and ASIC Corporations (Group Purchasing Bodies) Instrument 2018/751. The purpose of this amendment is to ensure consistency and update references within these legislative instruments to reflect the most current relief instrument. The Amending Instrument applies to any person or entity previously exempted by ASIC from holding an Australian Financial Services (AFS) licence, extending the provisions to all such exemptions irrespective of the power used to grant them. The Amending Instrument operates nationally and is applicable to all entities subject to the Corporations Act 2001 across Australia. There are no specific exclusions noted within the scope of the Amending Instrument, though it does not engage any applicable rights or freedoms and is deemed compatible with human rights as per the Statement of Compatibility with Human Rights.

Key Provisions

The ASIC Corporations (Amendment) Instrument 2026/116 (Amending Instrument) primarily serves to update references in several ASIC instruments to ensure consistency and accuracy. This is achieved by replacing references to the ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 with references to the ASIC Corporations (Miscellaneous Technical Relief) Instrument 2026/115 in nine different instruments. The main operative sections, such as sections 1, 2, and 4, specify the title, commencement, and the scope of the amendments respectively. Each amendment is detailed in Schedule 1, which lists the specific references to be changed in each of the affected instruments. The Amending Instrument imposes a straightforward obligation on the entities it governs. These entities must ensure that their notes or references to Instrument 2015/1115 are updated to reflect Instrument 2026/115. The obligation is to maintain accurate and current references in their instruments, ensuring compliance with the legislative requirements. The Instrument provides a clear and direct mandate for updating references without imposing additional substantive obligations. In terms of consequences for non-compliance, the Amending Instrument does not explicitly detail offences, penalties, or civil/criminal consequences for failing to update the references. However, it is reasonable to infer that non-compliance with such amendments could result in the affected instruments being considered invalid or ineffective for the purposes of compliance with the Corporations Act 2001. This could potentially lead to regulatory scrutiny or enforcement actions against entities that fail to adhere to the updated references. The primary focus of the Instrument appears to be ensuring legislative coherence rather than imposing punitive measures for non-compliance.

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Corporate Law & Governance
Instrument
Legislative Instrument
Concepts
Definitions & Interpretation
Repeal & Amendment
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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.