ASIC is seeking feedback on its proposal to remake five legislative instruments relating to financial reporting relief. The legislative instruments are scheduled to sunset on 1 October 2025.
The legislative instruments are:
- ASIC Corporations (Non-Reporting Entities) Instrument 2015/841
- ASIC Corporations (Post Balance Date Reporting) Instrument 2015/842
- ASIC Corporations (Related Scheme Reports) Instrument 2015/839
- ASIC Corporations (Stapled Group Reports) Instrument 2015/838, and
- ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251.
We have assessed these instruments and determined that they are operating effectively and efficiently. Consequently, they continue to form a necessary and useful part of the legislative framework.
Under the proposal, the effect of these instruments will remain unchanged. We propose to make minor amendments to ensure the instruments are up-to-date and in line with ASIC's current drafting style. We also propose to clarify that the relief in ASIC Instrument 2015/251 is not intended to apply to registrable superannuation entities.
Under the Legislation Act 2003, all legislative instruments are automatically repealed, or 'sunset', after 10 years, unless ASIC takes action to preserve them.
