ASIC Corporations (Repeal) Instrument 2025/522

Overview

The ASIC Corporations (Repeal) Instrument 2025/522, enacted by the Australian Securities and Investments Commission (ASIC), aims to repeal the ASIC Corporations (Avia Syndicate) Instrument 2015/825 ahead of its scheduled automatic repeal on 1 October 2025. This decision follows ASIC's determination that the relief provided under ASIC Instrument 2015/825 is no longer necessary, both legally and commercially. The Repeal Instrument is made under specific provisions of the Corporations Act 2001, allowing ASIC to repeal, rescind, revoke, amend, or vary any instrument as necessary. Consultation with relevant entities was conducted in June 2025, but due to the absence of syndicate formation and compelling evidence of future syndicates, ASIC concluded that the relief is no longer required. In case of future syndicates, Avia entities can apply to ASIC for relief. The Repeal Instrument is subject to disallowance and is compatible with human rights as per the Human Rights (Parliamentary Scrutiny) Act 2011.

Scope and Application

The ASIC Corporations (Repeal) Instrument 2025/522 applies to entities that were previously subject to the ASIC Corporations (Avia Syndicate) Instrument 2015/825, specifically the Avia entities. The Repeal Instrument is made under the authority of the Corporations Act 2001 and is designed to repeal the earlier instrument ahead of its automatic repeal, as ASIC has determined that the relief provided is no longer necessary. The repeal takes effect nationally, as it operates across the Commonwealth of Australia. The Repeal Instrument does not specify any exclusions or exemptions, but it does note that if Avia syndicates are re-established in the future, the entities involved can apply to ASIC for relief. The instrument extends its application through the legislative authority granted under the Corporations Act 2001, allowing for the repeal of subordinate instruments where deemed necessary.

Key Provisions

The main operative sections of the ASIC Corporations (Repeal) Instrument 2025/522 ((the Repeal Instrument)) pertain to the repeal of ASIC Corporations (Avia Syndicate) Instrument 2015/825 (ASIC Instrument 2015/825) ahead of its scheduled automatic repeal on 1 October 2025. This repeal is enacted under paragraphs 601QA(1)(a), 741(1)(a), and 926A(2)(a) of the Corporations Act 2001 (section 4). The instrument is made under the authority of the Australian Securities and Investments Commission (ASIC) and is designed to eliminate provisions that ASIC has determined are no longer legally or commercially necessary. The Repeal Instrument imposes obligations on ASIC and the entities governed by ASIC Instrument 2015/825, primarily through its determination process. ASIC is required to assess the continued necessity of the relief provided by the earlier instrument. The entities, such as Avia Aviation Pty Ltd and Avia Airshares Pty Ltd, are expected to provide submissions to ASIC regarding their need for continued relief. The instrument stipulates that if a syndicate is established in the future, the entities can apply to ASIC for relief concerning specific syndicates. This ensures a transparent and consultative process for determining the ongoing necessity of regulatory relief. There are no specific offences or penalties outlined in the Repeal Instrument itself, as it is a legislative instrument focused on the repeal of an existing instrument rather than creating new regulatory requirements. However, any breaches of the provisions that were in place under ASIC Instrument 2015/825 prior to its repeal would be subject to the penalties outlined in the Corporations Act 2001. For instance, contravening the Corporations Act could lead to civil penalties, including fines up to $200,000 for individuals and $1 million for bodies corporate, as well as potential criminal penalties, which could involve imprisonment depending on the severity of the offence. The Repeal Instrument, by removing the specific relief, shifts the focus to compliance with the general provisions of the Corporations Act.