On 9 July 2025, the Australian Securities and Investments Commission (ASIC) announced that it was seeking feedback on proposals to remake six legislative instruments relating to disclosure relief.

Background

Under the Legislation Act 2003, all legislative instruments are automatically repealed, or ‘sunset’, after 10 years, unless ASIC takes action to preserve them.

Legislative instruments

ASIC is seeking feedback to remake six legislative instruments which are scheduled to sunset on 1 October 2025.

The legislative instruments are:

  • ASIC Corporations (Compromises or Arrangements) Instrument 2015/358.
  • ASIC Corporations (Foreign Rights Issues) Instrument 2015/356.
  • ASIC Corporations (Foreign Scrip Bids) Instrument 2015/357.
  • ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2015/360.
  • ASIC Corporations (Foreign Securities—Publishing Notices) Instrument 2015/359.
  • ASIC Corporations (Foreign Small-Scale Offers) Instrument 2015/362.

Whilst ASIC proposes to remake the legislative instruments on largely the same terms, it is proposing certain changes albeit these changes are intended to improve clarity, not change the operation of the relief. The key changes include:

  • A consolidated exemption for authors or publishers in draft instrument ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2025/XX.
  • Rewording the declaration in draft instrument ASIC Corporations (Foreign Small Scale Offers) Instrument 2025/XX to remove ambiguity about when it applies and who it applies to.
  • Removing definitions which are now contained in the Corporations Act 2001.

AISC proposes to remake the updated legislative instruments for a period of five years.

Next steps

The deadline for comments on ASIC’s proposals is 15 August 2025.