{"id":"F2024L00246","name":"ASIC Corporations (AFCA Regulatory Requirement) Instrument 2024/60","slug":"asic-corporations-afca-regulatory-requirement-instrument-2024-60","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":442297,"registerId":"F2024L00246-fast-fetch-1775957344387","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (AFCA Regulatory Requirement) Instrument 2024/60","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: 20240117 - DRAFT INSTRUMENT - CSLR eligibility v 1.0\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (AFCA Regulatory Requirement) Instrument 2024/60\n\nI, Greg Yanco, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate  28 February 2024\n\n \n\nGreg Yanco\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc156396123)\n\n[1 Name of legislative instrument](#_Toc156396124)\n\n[2 Commencement](#_Toc156396125)\n\n[3 Authority](#_Toc156396126)\n\n[4 Definitions](#_Toc156396127)\n\n[Part 2—Regulatory Requirement](#_Toc156396128)\n\n[5 Requirement to amend scheme rules](#_Toc156396129)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (AFCA Regulatory Requirement) Instrument 2024/60.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at www.legislation.gov.au.\n\n3 Authority\n\nThis instrument is made under paragraph 1052A(a) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nAFCA means the operator of the AFCA scheme.\n\nAFCA scheme means the external dispute resolution scheme for which an authorisation under Part 7.10A of the Act is in force.\n\nscheme rules means the Australian Financial Complaints Authority (AFCA) Complaint Resolution Scheme Rules.\n\n \n\nPart 2—Regulatory Requirement\n\n5 Requirement to amend scheme rules\n\n(1) AFCA is required to ensure it complies with the condition of section 9A of the AFCA Scheme Authorisation 2018 by amending the scheme rules, without consultation, to include provisions consistent with subsections 9A(1), (2) and (3) of the AFCA Scheme Authorisation 2018.  \n\nNote 1: The AFCA Scheme Authorisation 2018 is registered as a notifiable instrument on the Federal Register of Legislation. The register may be accessed at www.legislation.gov.au.\n\nNote 2: This requirement does not affect the requirement in s1051(5)(b) of the Act that ASIC approve material changes to the AFCA scheme.\n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: requiring AFCA to make specific rule amendments regarding CSLR eligibility. It does not expand beyond this discrete administrative task."},"complexity_factors":["Very short instrument — only 5 sections across 2 Parts","Only 4 defined terms in section 4","Single operative provision (section 5) with straightforward directive","No nested exceptions or conditional logic — just a direct requirement to amend rules","Cross-references are minimal and explicit (referencing external instruments by name rather than complex internal numbering)","No penalty provisions, offence provisions, or enforcement mechanisms within the instrument itself"],"plain_english_summary":"ASIC directs AFCA to amend its internal rules to add provisions for the Compensation Scheme of Last Resort (CSLR), enabling AFCA to handle CSLR-related complaints without the usual stakeholder consultation. It affects AFCA’s rulemaking and, ultimately, financial consumers who may claim CSLR payments if firms can’t pay. The move fast-tracks CSLR readiness, while ASIC still must separately approve any material changes under the Corporations Act."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument does not alter the substantive scope of AFCA's authorisation or the matters the scheme covers; it enforces compliance with an existing authorisation condition by requiring AFCA to amend its scheme rules (s5). It does, however, narrow AFCA's procedural autonomy by removing consultation from the rule-change process and imposes an expedited compliance duty on AFCA (s5(1); s2)."},"complexity_factors":["Cross-reference to an external instrument (AFCA Scheme Authorisation 2018) — requires reading and matching subsections 9A(1)–(3).","Delegated legislative power used (paragraph 1052A(a) of the Corporations Act) introduces administrative-law constraints on the delegate's exercise (s3).","Mandate to amend scheme rules 'without consultation' creates a procedural change and removes AFCA's usual rulemaking consultation step (s5(1)).","Interaction with ASIC approval requirement in s1051(5)(b) of the Corporations Act creates a two-step compliance/approval pathway (note to s5).","Terminology ambiguity — 'consistent with' leaves interpretation margins when translating authorisation subsections into scheme-rule text (s5(1)).","Immediate commencement (day after registration) compresses implementation timing and increases operational urgency (s2)."],"plain_english_summary":"This instrument, made by an ASIC delegate, requires the Australian Financial Complaints Authority (AFCA) to amend its scheme rules to match specific conditions in the AFCA Scheme Authorisation 2018 (see s5). AFCA must make those rule changes without public consultation. The direct costs and compliance burden fall on AFCA; the decision to impose the change comes from ASIC under its delegated power (s3). Practically, AFCA must revise internal rules and procedures to conform to the authorisation condition immediately after the instrument commences."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-afca-regulatory-requirement-instrument-2024-60","history":"/api/acts/asic-corporations-afca-regulatory-requirement-instrument-2024-60/history","analysis":"/api/acts/asic-corporations-afca-regulatory-requirement-instrument-2024-60/analysis","conflicts":"/api/acts/asic-corporations-afca-regulatory-requirement-instrument-2024-60/conflicts","importantCases":"/api/acts/asic-corporations-afca-regulatory-requirement-instrument-2024-60/important-cases","documents":"/api/acts/asic-corporations-afca-regulatory-requirement-instrument-2024-60/documents"}}