ASIC Corporations (Registration of Relevant Providers) Instrument 2023/490

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Legislation au F2023L00797 Not in force Legislative Instrument

Legislation content

ASIC Corporations (Registration of Relevant Providers) Instrument 2023/490

made under paragraph 926A(2)(a) of the Corporations Act 2001.

Compilation No. 2 

Compilation date: 24/01/2024

Includes amendments up to: F2024L00094

About this compilation

This compilation

This is a compilation of the ASIC Corporations (Registration of Relevant Providers) Instrument 2023/490 that shows the text of the law as amended and in force on 24 January 2024 (the 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. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

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. For more information on any modifications, see the Register for the compiled law.

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If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.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—Exemption

5 Deferral of requirement for relevant providers to be registered

6 Where exemption is not available

Part 3—Repeal

7 Repeal

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Instrument history

Endnote 4—Amendment history

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Registration of Relevant Providers) Instrument 2023/490.

3 Authority

This instrument is made under paragraph 926A(2)(a) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

relevant provider has the meaning given by section 910A of the Act.

Part 2—Exemption

5 Deferral of requirement for relevant providers to be registered

(1) A relevant provider does not have to comply with section 921Y of the Act until 16 February 2024.

(2) A financial services licensee does not have to comply with section 921Z of the Act in relation to a relevant provider until 16 February 2024.

6 Where exemption is not available

(1) Subsection 5(1) does not apply to a relevant provider if an order of a kind specified in paragraph 921L(1)(b) or (c) of the Act is in force against the relevant provider.

(2) Subsection 5(2) does not apply to a financial services licensee in relation to a relevant provider if an order or a kind specified in paragraph 921L(1)(b) or (c) of the Act is in force against the relevant provider.

Part 3—Repeal

7 Repeal

This instrument is repealed at the start of 16 February 2024.

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—Instrument history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Instrument history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the instrument history and amendment history.

The instrument 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

par = paragraph(s)/subparagraph(s)

amdt = amendment

/sub‑subparagraph(s)

c = clause(s)

pres = present

C[x] = Compilation No. x

prev = previous

Ch = Chapter(s)

(prev…) = previously

def = definition(s)

Pt = Part(s)

Dict = Dictionary

r = regulation(s)/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

F = Federal Register of Legislation

s = section(s)/subsection(s)

gaz = gazette

Sch = Schedule(s)

LA = Legislation Act 2003

Sdiv = Subdivision(s)

LIA = Legislative Instruments Act 2003

SLI = Select Legislative Instrument

(md not incorp) = misdescribed amendment

SR = Statutory Rules

cannot be given effect

Sub‑Ch = Sub‑Chapter(s)

mod = modified/modification

SubPt = Subpart(s)

No. = Number(s)

underlining = whole or part not

o = order(s)

commenced or to be commenced

Ord = Ordinance

 

 

Endnote 3—Instrument history

Name

Registration

Commencement

Application, saving and transitional provisions

2023/490

 

19/6/2023 (see F2023L00797)

20/6/2023

 

2023/730

18/9/2023 (see F2023L01255)

19/9/2023

-

2024/23

23/1/2024 (see F2024L00094)

24/1/2024

-

 

 

 

 

 

 

 

 

 

Endnote 4—Amendment history

Provision affected

How affected

s 2

rep.s48D LA

s 5

am. 2023/730 and 2024/23

S 7

am. 2023/730 and 2024/23

 

 

 

 

 

 

 

Overview

The ASIC Corporations (Registration of Relevant Providers) Instrument 2023/490 was enacted to address the need for a temporary deferral in the registration requirements for relevant providers under the Corporations Act 2001. This legislative instrument, made under the authority of the Corporations Act 2001, provides a temporary exemption from the mandatory registration process for relevant providers, thereby easing the administrative burden temporarily on these entities. The policy objective is to provide flexibility to relevant providers and financial services licensees while ensuring that necessary oversight and regulation remain intact. This instrument was created by the Australian Securities and Investments Commission (ASIC) and came into effect on 20 June 2023, with a scheduled repeal date of 16 February 2024. The instrument defers the compliance deadline for relevant providers and financial services licensees regarding registration requirements until 16 February 2024, except in cases where specific orders are in force against the relevant provider. This measure aims to balance the need for regulatory compliance with the practical challenges faced by industry participants, ensuring that the transition to new regulatory standards is managed effectively. The endnotes provide further details on the amendment history and instrument details, ensuring transparency and accessibility for stakeholders.

Scope and Application

The ASIC Corporations (Registration of Relevant Providers) Instrument 2023/490 applies to relevant providers and financial services licensees as defined in the Corporations Act 2001. This legislative instrument defers the requirement for these entities to comply with specific registration provisions until 16 February 2024, thereby providing a temporary exemption from the registration mandate. However, this exemption does not apply if there is an existing order in force against the relevant provider as specified in paragraphs 921L(1)(b) or (c) of the Act. The instrument is a Commonwealth legislative instrument and its provisions can be extended or restricted through subordinate legislation, though this specific instrument does not explicitly detail such provisions. The instrument is repealed as of the commencement date of 16 February 2024, aligning with the deferred compliance deadline.

Key Provisions

The ASIC Corporations (Registration of Relevant Providers) Instrument 2023/490, made under section 926A(2)(a) of the Corporations Act 2001, outlines specific provisions related to the registration of relevant providers. This instrument is primarily focused on deferring the requirement for relevant providers to be registered under certain conditions, as specified in section 5(1) and 5(2). According to these sections, a relevant provider is exempt from the registration requirement until 16 February 2024, unless an order specified in section 921L(1)(b) or (c) of the Act is in force against them. Similarly, financial services licensees are also exempt from certain compliance obligations regarding relevant providers until the same date, again unless such an order is in effect. This legislative instrument imposes obligations on relevant providers and financial services licensees by deferring their compliance with certain registration and notification requirements. Specifically, it mandates that these entities do not have to comply with the registration and notification provisions of sections 921Y and 921Z of the Corporations Act until the specified date of 16 February 2024, provided no applicable order is in force. The exemption does not apply if there is an existing order under section 921L(1)(b) or (c) of the Act against the relevant provider or the financial services licensee in relation to the relevant provider. The deferral aims to provide a temporary respite for these entities while allowing the regulatory framework to be appropriately implemented. Failure to comply with the provisions of this instrument may result in civil or criminal penalties, depending on the specific circumstances and the applicable sections of the Corporations Act. However, the instrument itself does not explicitly detail the penalties for non-compliance. Typically, breaches of the Corporations Act can result in significant fines and, in severe cases, imprisonment. The exact penalties would be determined based on the specific provisions of the Act that are contravened and the nature and severity of the breach. It is essential for relevant providers and financial services licensees to ensure compliance with the instrument to avoid potential legal repercussions.

Legal classification tags

Area of Law
Corporate Law & Governance
Instrument
Legislative Instrument
Concepts
Definitions & Interpretation
Exemptions & Exclusions
Regulatory Standards

Interactions

Authorises

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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.