ASIC Corporations (Amendment) Instrument 2026/186

Administered by Department of the Treasury

Legislation au F2026L00330 In force Legislative Instrument

Legislation content

 

 

Explanatory Statement

 

ASIC Corporations (Amending) Instrument 2026/186

This is the Explanatory Statement for ASIC Corporations (Amending) Instrument 2026/186 (Instrument).

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

Summary

  1.              The Instrument amends:
    1.           ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669; and
    2.           ASIC Corporations (Offers of CHESS Depository Interests) Instrument 2025/180

(each, an Updated Instrument) to omit references to certain expired legislative instruments and substitute with references to the replacement legislative instrument.

Purpose of the instrument

  1.              The following legislative instruments were scheduled to expire on 1 April 2026 under the Legislation Act 2003:
    1.           ASIC Corporations (Consents to Statements) Instrument 2016/72;
    2.           ASIC Corporations (Minimum Bid Price) Instrument 2015/1068; and
    3.           ASIC Corporations (Sale Offers That Do Not Need Disclosure) Instrument 2016/80,

(each, a Sunsetting Instrument).

  1.              ASIC determined that the relief in each Sunsetting Instrument was operating effectively and efficiently and continued to form a necessary and useful part of the legislative framework.
  2.              ASIC has remade the relief in each Sunsetting Instrument (on largely the same terms) and repealed each Sunsetting Instrument (rather than leave it to expire/sunset) in:
    1.           ASIC Corporations (Consents to Statements) Instrument 2026/89;
    2.           ASIC Corporations (Minimum Bid Price) Instrument 2026/101; and
    3.           ASIC Corporations (Sale Offers That Do Not Need Disclosure) Instrument 2026/94;

(each, a New Instrument).

  1.              This Instrument amends each Updated Instrument, to replace each reference to a Sunsetting Instrument with the corresponding New Instrument.

Consultation

  1.              On 24 November 2025, ASIC published CS 36 Proposed remake of relief for fundraising and mergers and acquisitions (CS 36).
  2.              On 24 November 2025, ASIC also published an accompanying news item (ASIC proposes to remake relief for fundraising and mergers and acquisitions). 
  3.              ASIC brought CS 36 to the attention of its external stakeholders through the Corporate Finance Update published November 2025.
  4.              ASIC did not receive any submissions about the New Instruments in response to CS 36 (which closed 19 December 2025).

Operation of the instrument

  1.          The Instrument commences on the later of:
    1.           the day after it is registered on the Federal Register of Legislation; and
    2.           1 April 2026.
  2.          Schedule 1 of the Instrument sets out the specific amendments to each Updated Instrument.
  3.          Specifically, the Instrument amends:
    1.           ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669 to:
      1.                    repeal paragraphs (l) and (m) of the definition of applicable ASIC legislative instrument in section 4; and 
      2.                    substitute:

(l) ASIC Corporations (Minimum Bid Price) Instrument 2026/101;

(m) ASIC Corporations (Consents to Statements) Instrument 2026/89.

  1.           ASIC Corporations (Offers of CHESS Depository Interests) Instrument 2025/180 to:
    1.       omit “ASIC Corporations (Sale Offers That Do Not Need Disclosure) Instrument 2016/80” from paragraph 6(c) (notional paragraph 703AA(g) of the Corporations Act 2001); and
    2.       substitute “ASIC Corporations (Sale Offers that Do Not Need Disclosure) Instrument 2026/94”.

Duration of the instrument

  1.          The Instrument will be automatically repealed by s48A of the Legislation Act.

Legislative authority

  1.          ASIC makes this Instrument under subsections 283GA(1), 601QA(1), 655A(1), 741(1), 926A(2), 992B(1), 1020F(1) and 1100K(2) of the Corporations Act 2001.
  2.          Subsection 283GA(1) provides that ASIC may:
    1.           exempt a person from a provision of Chapter 2L; or
    2.           declare that Chapter 2L applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.
  3.          Subsection 601QA(1) provides that ASIC may:
    1.           exempt a person from a provision of Chapter 5C; or
    2.           declare that Chapter 5C applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.
  4.          Subsection 655A(1) provides that ASIC may:
    1.           exempt a person from a provision of Chapter 6; or
    2.           declare that Chapter 6 applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.
  5.          Subsection 655A(2) provides that in deciding whether to give the exemption or declaration in subsection 655A(1), ASIC must consider the purposes of Ch 6 set out in section 602.
  6.          The amendment to ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669 does not alter the effect of the instrument and therefore does not engage the purpose of Chapter 6 as set out in section 602.
  7.          Subsection 741(1) provides that ASIC may:
    1.           exempt a person from a provision of Chapter 6D; or
    2.           declare that Chapter 6D applies to a person as if specified provisions were omitted, modified or varied as specified in the declaration.
  8.          Subsection 926A(2) provides that ASIC may:
    1.           exempt a person or class or persons from all or specified provisions of Part 7.6 (other than Divisions 4 and 8); or
    2.           exempt a financial product or class of financial products from all or specified provisions of Part 7.6 (other than Divisions 4 and 8); or
    3.           declare that provisions of Part 7.6 (other than Divisions 4 and 8) apply in relation to a person or a financial product, or a class of persons or financial products, as if specified provisions were omitted, modified or varied as specified in the declaration.
  9.          Subsection 992B(1) provides that ASIC may:
    1.           exempt a person or class of persons from all or specified provisions of Part 7.8; or
    2.           exempt a financial product or a class of financial products from all or specified provisions of Part 7.8; or
    3.           declare that Part 7.8 applies in relation to a person or a financial product, or a class of persons or financial products, as if specified provisions of Part 7.8 were omitted, modified or varied as specified in the declaration.
  10.          Subsection 1020F(1) provides that ASIC may:
    1.           exempt a person or class of persons from all or specified provisions of Part 7.9; or
    2.           exempt a financial product or a class of financial products from all or specified provisions of Part 7.9; or
    3.           declare that Part 7.9 applies in relation to a person or a financial product, or a class of persons or financial products, as if specified provisions were omitted, modified or varied as specified in the declaration.
  11.          Subsection 1100K(2) provides that ASIC may, by legislative instrument, determine one or more foreign financial markets for the purposes of section 1100K.
  12.          Under subsection 33(3) of the Acts Interpretation Act 1901, where an Act confers a power to make, grant or issue any instrument of a legislative or administrative character (including rules, regulations or by-laws), the power is to 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.
  13.          The Instrument is disallowable under section 42 of the Legislation Act .

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 (Amending) Instrument 2026/186

Overview

  1.               This instrument amends ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669 and ASIC Corporations (Offers of CHESS Depository Interests) Instrument 2025/180 to omit references to certain expired legislative instruments and substitute with references to the replacement legislative 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.

 

Overview

The ASIC Corporations (Amending) Instrument 2026/186, enacted by the Australian Securities and Investments Commission (ASIC) under the Corporations Act 2001, aims to address the impending expiration of three legislative instruments by updating references to these instruments in two other instruments. Specifically, the Instrument updates references in the ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669 and the ASIC Corporations (Offers of CHESS Depository Interests) Instrument 2025/180 to reflect the new legislative instruments that have replaced the expired ones. The Instrument was introduced to ensure continuity in the regulatory framework for corporations, maintaining the effective and efficient operation of relief provisions that were previously set to expire. This amendment was deemed necessary to prevent any disruption in the application of these provisions, thereby upholding the integrity and stability of the legislative regime governing corporate activities in Australia.

Scope and Application

The ASIC Corporations (Amending) Instrument 2026/186 is a legislative instrument made by the Australian Securities and Investments Commission (ASIC) that amends two existing instruments to update references to expired legislative instruments. The amended instruments are the ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669 and the ASIC Corporations (Offers of CHESS Depository Interests) Instrument 2025/180. This amendment ensures that the updated instruments continue to refer to the relevant and current legislative instruments, maintaining the integrity and effectiveness of the legislative framework. The instrument applies to entities and individuals who are subject to the provisions of the Corporations Act 2001, particularly those involved in the securities and financial markets. Geographically, it applies across Australia, given ASIC's national jurisdiction. The instrument does not specify any exclusions, exemptions, or thresholds, but it does extend its application through the substitution of references in the updated instruments. The instrument commences on the later of the day after it is registered on the Federal Register of Legislation or 1 April 2026, and it will be automatically repealed by section 48A of the Legislation Act.

Key Provisions

The ASIC Corporations (Amending) Instrument 2026/186 primarily aims to update specific legislative instruments by replacing references to expired instruments with those of their replacements. Section 1 of the Instrument amends the ASIC Corporations (Definition of Approved Foreign Market) Instrument 2017/669 by repealing certain paragraphs and substituting new references. Similarly, Section 2 of the Instrument modifies the ASIC Corporations (Offers of CHESS Depository Interests) Instrument 2025/180, replacing a reference to an expired instrument with a new one. These amendments ensure that the legislative framework remains current and functional. The obligations imposed by this Instrument on the parties it governs include the necessity to comply with the updated references in the legislative instruments. This means that entities subject to these instruments must adhere to the new references as if they were part of the original legislation. This requirement ensures that the updated legislative instruments continue to operate effectively and efficiently within the existing legal framework. Breach of the provisions in this Instrument may not directly result in specific offences or penalties under the stated sections. However, failure to comply with the updated references in the legislative instruments could lead to regulatory scrutiny and potential enforcement actions by ASIC. While the Instrument itself does not stipulate maximum penalties, non-compliance with the referenced legislative instruments may result in civil or criminal consequences, including fines and other sanctions as prescribed under the Corporations Act 2001 and other relevant legislation. It is important for entities governed by these instruments to stay updated with the changes and ensure compliance to avoid any adverse regulatory consequences.

Legal classification tags

Area of Law
Corporate Law & Governance
Instrument
Instrument
Concepts
Repeal & Amendment
Regulatory Standards
Consultation Requirements

Interactions

Authorises

All Versions

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.