ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229
made under subsection 926A(2) of the Corporations Act 2001.
Compilation No. 1
Compilation date: 27/03/2026
Includes amendments: F2026L00368
About this compilation
This compilation
This is a compilation of the ASIC Corporations (Licence Conditions – Treatment of Lease Assets) Instrument 2021/229 that shows the text of the law as amended and in force on 27/03/2026 (compilation date).
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au).
Application, saving and transitional provisions
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register.
Self‑repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
Part 1—Preliminary
1 Name of legislative instrument
3 Authority
4 Definitions
Part 2—Declaration
5 “Excluded assets" in conditions of Australian financial services licences
Part 3—Repeal
6 Repeal
Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Part 1—Preliminary
1 Name of legislative instrument
This is the ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229.
3 Authority
This instrument is made under subsection 926A(2) of the Corporations Act 2001.
3A Simplified outline of this instrument
This instrument modifies the Act so that a right-of-use asset under a lease is not treated as an excluded asset for the purposes of an Australian financial services licensee’s general duty to comply with its Australian financial services licence conditions, including financial resource requirements. |
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:
“Adequate resources to provide financial services—excluded assets
(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 2031.
Endnotes
Endnote 1—About the endnotes
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Abbreviation key—Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.
If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.
Endnote 2—Abbreviation key
ad = added or inserted | orig = original |
am = amended | p = page(s) |
amdt = amendment | para = paragraph(s)/subparagraph(s) |
C[x] = Compilation No. x | /sub‑subparagraph(s) |
ch = Chapter(s) | pres = present |
cl = clause(s) | prev = previous |
cont. = continued | (prev…) = previously |
def = definition(s) | pt = Part(s) |
Dict = Dictionary | r = regulation(s)/Court rule(s) |
disallowed = disallowed by Parliament | reloc = relocated |
div = Division(s) | renum = renumbered |
exp = expires/expired or ceases/ceased to have | rep = repealed |
effect | rs = repealed and substituted |
gaz = gazette | s = section(s)/subsection(s) |
LA = Legislation Act 2003 | /rule(s)/subrule(s)/order(s)/suborder(s) |
LIA = Legislative Instruments Act 2003 | sch = Schedule(s) |
(md not incorp) = misdescribed amendment | SLI = Select Legislative Instrument |
cannot be given effect | SR = Statutory Rules |
mod = modified/modification | sub ch = Sub‑Chapter(s) |
No. = Number(s) | sub div = Subdivision(s) |
Ord = Ordinance | sub pt = Subpart(s) |
| underlining = whole or part not |
| commenced or to be commenced |
Endnote 3—Legislation history
Name | Registration | Commencement | Application, saving and transitional provisions |
ASIC Corporations (Licence Conditions – Treatment of Lease Assets) Instrument 2021/229 | 28 April 2021 (see F2021L00500)
| 29 April 2021 | - |
ASIC Corporations (Amendment) Instrument 2026/123 | 26 March 2026 (see F2026L00368) | 27 April 2026 |
|
Endnote 4—Amendment history
Provision affected | How affected |
Section 2 Section 3A Section 5 | rep. s48D LA ad. 2026/123 am. 2026/123 |
Section 6 | am. 2026/123 |