ASIC is seeking feedback on its proposals to remake three legislative instruments relating to financial reporting relief and allow another instrument to sunset.
The three legislative instruments, which are due to sunset on 1 April 2026, are:
- ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191
- ASIC Corporations (Electronic Lodgment of Financial and Sustainability Reports) Instrument 2016/181, and
- ASIC Corporations (Disregarding Technical Relief) Instrument 2016/73.
We have determined these instruments are operating effectively and continue to form a necessary and useful part of the legislative framework. The effect of these instruments will remain unchanged when remade.
As part of this work, we are proposing to withdraw Regulatory Guide 28 Relief from dual lodgement of financial reports (RG 28), which provides redundant guidance about dual lodgement relief.
ASIC is also seeking feedback on a proposal to allow ASIC Corporations (Offer Information Statements) Instrument 2016/76 to sunset on 1 April 2026. Offer information statements (OIS) are rarely used, and it is unlikely that a financial report in an OIS would cover a period other than 12 months.
The four instruments impacted are part of the draft proposed instrument consolidation at Attachment B to Report 813 Regulatory simplification (REP 813). We are considering feedback on this and will provide an update later in 2026.
Providing feedback
Submissions should be sent to rri.consultation@asic.gov.au by 5pm AEDT on 27 February 2026.
Refer to CS 45 Proposed remake and sunset of financial reporting-related legislative instruments.
Background
Under the Legislation Act 2003, all legislative instruments automatically sunset after 10 years, unless ASIC takes action to preserve them.
ASIC Instrument 2016/191 allows entities to round amounts presented in financial reports and directors’ reports to the nearest thousand dollars.
ASIC Instrument 2016/181 allows entities listed on the securities exchanges operated by ASX Limited, National Stock Exchange of Australia Limited and Sydney Stock Exchange Limited to lodge financial reports, sustainability reports and directors’ reports electronically with the market operator without having to lodge the reports with ASIC.
ASIC Instrument 2016/76 enables the period for the financial report included in an offer information statement to be longer or shorter than 12 months by up to seven days.
ASIC Instrument 2016/73 allows entities to prepare a disclosure document or product disclosure statement for ‘continuously quoted securities’ under sections 713 and 1013FA of the Corporations Act 2001 (Corporations Act) and to lodge ‘cleansing notices’ under sections 708A and 1012DA of the Corporations Act (even when the entity, its director or auditor are covered by ASIC instruments). The coverage of these instruments would disqualify the securities from being ‘continuously quoted securities’.
RG 28 sets out dual lodgement arrangements available under the redundant ASIC Class Order [CO 98/104].
