{"id":"F2025L01144","name":"ASIC Corporations (Adara Advisors) Instrument 2025/634","slug":"asic-corporations-adara-advisors-instrument-2025-634","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":106889,"registerId":"commonwealth-F2025L01144-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Adara Advisors) Instrument 2025/634","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Adara Advisors) Instrument 2025/634\n\nI, Jacqueline Cochrane, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 18 September 2025\n\nJacqueline Cochrane\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement...............................................3\n\n3 Authority....................................................3\n\n4 Simplified outline of this instrument...............................3\n\n5 Definitions...................................................4\n\nPart 2—Exemption 5\n\n6 Exemption for Panel Members....................................5\n\n7 Where exemption for Panel Members applies........................5\n\n8 Exemption for Volunteers.......................................6\n\n9 Where exemption for Volunteers applies............................6\n\nPart 3—Repeal 8\n\n10 Repeal.......................................................8\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Adara Advisors) Instrument 2025/634.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\n> Note: The register may be accessed at www.legislation.gov.au.\n\n3 Authority\n\nThis instrument is made under paragraph 926A(2)(a) of the Corporations Act 2001.\n\n4 Simplified outline of this instrument  \n\n| Adara Advisors, an Australian financial services licensee, has a business which relies on prominent members of the financial services industry to work on corporate advisory matters on a pro bono basis for Adara Partners. Adara Partners is an authorised representative of Adara Advisors. The fees generated from services rendered to wholesale clients of Adara Partners are donated to an international development organisation.This instrument provides exemptions from subsection 911B(1) of the Act so that:(a) a person (called a Panel Member) who provides financial services as an employee or director of another person (called a Panel Member Firm) is able to provide financial services as an authorised representative of Adara Advisors without also being an authorised representative of the Panel Member Firm; and(b) a person (called a Volunteer) who is a representative of another person (called a Volunteer Firm) and who is also an employee of the Volunteer Firm or a related body corporate is able to provide financial product advice to Adara Partners on behalf of Adara Advisors without being an authorised representative of both Adara Advisors and the Volunteer Firm.The exemptions are subject to various requirements. |\n| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n5 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nAdara Advisors means Adara Advisors Pty. Limited ACN 119 655 499.\n\nAdara Partners means Adara Partners (Australia) Pty. Limited ACN 601 898 006.\n\nPanel Member has the meaning given by section 6.\n\nVolunteer has the meaning given by section 8.\n\n  \n\nPart 2—Exemption\n\n6 Exemption for Panel Members\n\n    A person (Panel Member) who provides financial services (the relevant financial services) in this jurisdiction on behalf of Adara Advisors does not have to comply with subsection 911B(1) of the Act in relation to the provision of the relevant financial services.\n\n7 Where exemption for Panel Members applies\n\nThe exemption in section 6 applies where:\n\n(a) Adara Advisors holds an Australian financial services licence covering the provision of the relevant financial services; and\n\n(b) the Panel Member is an authorised representative of Adara Advisors; and\n\n(c) the authorisation covers the provision of the relevant financial services by the Panel Member; and\n\n(d) the Panel Member is an employee or director of another person (Panel Member Firm) who carries on a financial services business; and\n\n(e) the Panel Member provides financial services in this jurisdiction on behalf of the Panel Member Firm; and\n\n(f) the Panel Member, in their capacity as an authorised representative of Adara Advisors, only provides financial services to people (each a Client) as wholesale clients who have entered into a contract for services with Adara Partners; and\n\n(g) Adara Partners is an authorised representative of Adara Advisors; and\n\n(h) Adara Advisors has received from the Panel Member written confirmation that the Panel Member has received the consent of the Panel Member Firm to the Panel Member being appointed as an authorised representative of Adara Advisors; and\n\n(i) Adara Advisors has a written undertaking from the Panel Member:\n\n(i) to manage conflicts of interest arising from acting as an authorised representative of Adara Advisors and as an employee or director of the Panel Member Firm; and\n\n(ii) not to use confidential information obtained in the course of acting as an authorised representative of Adara Advisors when acting as an employee or director of the Panel Member Firm; and\n\n(iii) not to use confidential information obtained in the course of acting as an employee or director of the Panel Member Firm, when acting as an authorised representative of Adara Advisors; and\n\n(iv) not to receive any financial benefit as a result of providing the relevant financial services; and\n\n(j) Adara Advisors has received from the Panel Member written confirmation that the Panel Member Firm has confirmed that there is no conflict of interest for the Panel Member Firm in the Panel Member providing the relevant financial services; and\n\n(k) before providing the relevant financial services to a Client, the Panel Member has disclosed to that Client in writing that they are:\n\n(i) an authorised representative of Adara Advisors; and\n\n(ii) an employee or director of the Panel Member Firm which holds an Australian financial services licence, which they must identify; and\n\n(iii) relying on an exemption granted by ASIC enabling them to provide financial services on behalf of Adara Advisors as its authorised representative without also being an authorised representative of the Panel Member Firm as would otherwise be required by the Act; and\n\n(iv) providing the financial services only as an authorised representative of Adara Advisors; and\n\n(l) the Panel Member Firm does not receive any financial benefit as a result of the Panel Member providing the relevant financial services.\n\n8 Exemption for Volunteers\n\nA person (Volunteer) who provides financial product advice in this jurisdiction on behalf of Adara Advisors does not have to comply with subsection 911B(1) of the Act in relation to the provision of the financial product advice.\n\n9 Where exemption for Volunteers applies\n\nThe exemption in section 8 applies where:\n\n    (a) Adara Advisors holds an Australian financial services licence covering the provision of the financial product advice; and\n\n    (b) the Volunteer is a representative of Adara Advisors; and\n\n    (c) the Volunteer is a representative of another person (Volunteer Firm) who carries on a financial services business and the Volunteer is an employee of the Volunteer Firm or a related body corporate of the Volunteer Firm; and\n\n    (d) the Volunteer only provides the financial product advice to Adara Partners to support Adara Partners to provide financial services to wholesale clients of Adara Partners; and\n\n    (e) the Volunteer does not provide financial product advice to clients of Adara Partners; and\n\n    (f) Adara Partners is an authorised representative of Adara Advisors; and\n\n    (g) Adara Advisors keeps a register of Volunteers that it engages; and\n\n    (h) Adara Advisors has received from the Volunteer written confirmation that the Volunteer has received the consent of the Volunteer Firm to the Volunteer being engaged by Adara Advisors as its representative; and\n\n    (i) Adara Advisors has a written undertaking from the Volunteer:\n\n      (i) to manage conflicts of interest arising from acting as a representative of Adara Advisors and a representative of the Volunteer Firm; and\n\n      (ii) not to use confidential information obtained in the course of acting as a representative of Adara Advisors when acting as a representative of the Volunteer Firm; and\n\n      (iii) not to use confidential information obtained in the course of acting as a representative of the Volunteer Firm when acting as a representative of Adara Advisors; and\n\n      (iv) to satisfy the training requirements of the Volunteer Firm in relation to conflicts management, confidential information, and any other relevant training; and\n\n      (v) not to receive any financial benefit as a result of providing the financial product advice; and\n\n    (j) Adara Advisors has received from the Volunteer a written notification that the Volunteer Firm has confirmed that there is no conflict of interest for the Volunteer Firm in the Volunteer providing the financial product advice; and\n\n    (k) the Volunteer does not receive any financial benefit as a result of the Volunteer providing the financial product advice.\n\n  \n\nPart 3—Repeal\n\n10 Repeal\n\nThis instrument is repealed at the start of 1 October 2030.","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"This instrument narrows the application of subsection 911B(1) by carving out specified exemptions allowing individuals to act for Adara Advisors without concurrent authorisation by their employer (see ss6–9). The carve-outs are tightly conditional (consents, undertakings, no financial benefit, client limits) and are time-limited by repeal on 1 October 2030 (s10). Operationally, the change transfers certain compliance and disclosure responsibilities to Adara Advisors and the individual providers (see ss7, 9)."},"complexity_factors":["Multiple conditional requirements that must all be met for each exemption (see s7 for Panel Members; s9 for Volunteers).","Two distinct categories with different eligibility and scope (Panel Member — ss6–7; Volunteer — ss8–9).","Written consents and confirmations required from the individual and their employing firm (ss7(h), 9(h), 9(j)).","Detailed undertakings on conflicts, confidentiality and training obligations (ss7(i)(i)–(iii); 9(i)(i)–(iv)).","Prohibition on the individual and their firm receiving financial benefit for the exempt activity (ss7(i)(iv), 7(l); 9(i)(v), 9(k)).","Limits on client type and services (restricted to wholesale clients and to supporting Adara Partners — ss7(f), 9(d)–(e)).","Recordkeeping/register requirement for Volunteers (s9(g)) and disclosure obligations to clients (s7(k)).","Dependency on licensing/authorisation status of Adara Advisors and Adara Partners (ss7(a), 7(g), 9(f)).","Time-limited nature of the instrument (repeal at 1 Oct 2030 — s10), creating a sunset for the exception.","Compliance burden and monitoring responsibility placed on Adara Advisors to collect consents, undertakings and maintain registers (ss7(h)–(j); 9(g)–(j))."],"plain_english_summary":"This instrument exempts two categories of industry participants — “Panel Members” and “Volunteers” — from subsection 911B(1) so they can provide financial services or product advice for Adara Advisors/Adara Partners without also being authorised representatives of their employer firm (see ss6–9). The exemptions are conditional: written consents, conflict-management and confidentiality undertakings, no financial benefit, recordkeeping and limits to wholesale clients are required. The measure shifts compliance, disclosure and reputational risk toward Adara Advisors and the individual providers."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This is a targeted, single-entity exemption instrument made under ASIC's specific exemption powers in section 926A of the Corporations Act. It has not expanded beyond its original purpose of facilitating Adara Advisors' pro bono charitable model. The scope remains precisely calibrated to the specific factual circumstances described in the simplified outline."},"complexity_factors":["Two distinct exemption schemes with overlapping but different conditions (Panel Members vs Volunteers)","Multiple cross-references to the Corporations Act 2001 (subsection 911B(1), paragraph 926A(2)(a))","Detailed conditional requirements: 12 specific conditions for Panel Members (section 7) and 11 for Volunteers (section 9)","Nested obligations including written undertakings covering conflicts, confidentiality, and training","Specific entity definitions tied to ACN numbers (Adara Advisors ACN 119 655 499, Adara Partners ACN 601 898 006)","Temporal limitation with automatic repeal date (1 October 2030)"],"plain_english_summary":"This ASIC exemption lets Adara Advisors run a charity‑linked pro bono corporate advisory model without requiring senior volunteers or supporting staff to be authorised representatives of both Adara and their day‑job firms. It applies to Panel Members (senior industry figures) and Volunteers (support staff), affecting Adara, Adara Partners, participating firms and wealthy wholesale clients. The carve‑out preserves the volunteer model by removing dual‑authorisation barriers while imposing disclosure, confidentiality and conflict safeguards; it expires in October 2030."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-adara-advisors-instrument-2025-634","history":"/api/acts/asic-corporations-adara-advisors-instrument-2025-634/history","analysis":"/api/acts/asic-corporations-adara-advisors-instrument-2025-634/analysis","conflicts":"/api/acts/asic-corporations-adara-advisors-instrument-2025-634/conflicts","importantCases":"/api/acts/asic-corporations-adara-advisors-instrument-2025-634/important-cases","documents":"/api/acts/asic-corporations-adara-advisors-instrument-2025-634/documents"}}