{"id":"F2018L00677","name":"ASIC Corporations (AFCA transition) Instrument 2018/447","slug":"asic-corporations-afca-transition-instrument-2018-447","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":100085,"registerId":"commonwealth-F2018L00677-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (AFCA transition) Instrument 2018/447","content":"![](image.001.jpeg)\n\nASIC Corporations (AFCA transition) Instrument 2018/447\n\nAbout this compilation\n\nCompilation No. 1\n\nThis is a compilation of ASIC Corporations (AFCA transition) Instrument 2018/447 as in force on 2 July 2018. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information\n\nabout amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Part 1—Preliminary](#_Toc517878335)\n\n[1 Name of legislative instrument](#_Toc517878336)\n\n[3 Authority](#_Toc517878337)\n\n[4 Definitions](#_Toc517878338)\n\n[Part 2—Declarations and exemption](#_Toc517878339)\n\n[5 Financial Services Guide](#_Toc517878340)\n\n[6 Product Disclosure Statements](#_Toc517878341)\n\n[7 Material changes and significant events](#_Toc517878342)\n\n[8 Periodic statements](#_Toc517878343)\n\n[9 Statement about superannuation interest under Family Law Act](#_Toc517878344)\n\n[10 Requirement for relying on relief](#_Toc517878345)\n\n[Endnotes](#_Toc517878346)\n\n[Endnote 1—Instrument history](#_Toc517878347)\n\n[Endnote 2—Amendment history](#_Toc517878348)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (AFCA transition) Instrument 2018/447.\n\n3 Authority\n\nThis instrument is made under subsections 951B(1) and 1020F of Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nAFCA scheme has the meaning given by section 761A.\n\nregulated person has the meaning given by section 1011B of the Act.\n\nRegulations means the Corporations Regulations 2001.\n\nShort-Form Product Disclosure Statement has the meaning given by section 761A as affected by regulation 7.9.61AA of the Regulations.\n\nPart 2—Declarations and exemption\n\n5 Financial Services Guide\n\n(1) Part 7.7 applies in relation to a financial services licensee and an authorised representative of such a licensee as if provisions of that Part were modified or varied by, in paragraphs 942B(2)(h) and 942C(2)(i), after “information”, inserting “(that may be up to date or on or after 1 November 2018, reflect the position immediately before that date)”.\n\n(2) The declaration in subsection (1) applies in relation to the licensee or representative giving a Financial Services Guide before 1 July 2019 where:\n\n(a) if the Guide is given on or after 1 November 2018—section 10 applies to the licensee or representative; and\n\n(b) a Financial Services Guide in the same terms was first given before the commencement of this instrument.\n\n6 Product Disclosure Statements\n\n(1) Part 7.9 applies in relation to a regulated person as if provisions of that Part were modified or varied as follows:\n\n(a) in paragraph 1013D(1)(g), after “information”, insert “(that may be up to date or on or after 1 November 2018, reflect the position immediately before that date)”;\n\n(b) in item 9 of Schedule 10C to the Regulations, after subitem (1), insert:\n\n“(1A) The summary for the purposes of paragraph (1)(b) may be up to date or on or after 1 November 2018, reflect the position immediately before that date.”.\n\n(c) in item 11 of Schedule 10D and item 10 of Schedule 10E to the Regulations, after subitem (1) insert:\n\n“(1A) The explanation for the purposes of paragraph (1)(c) may be up to date or on or after 1 November 2018, reflect the position immediately before that date.”.\n\n(2) The declaration in subsection (1) applies in relation to the person giving a Product Disclosure Statement or a Short-Form Product Disclosure Statement before 1 July 2019 where:\n\n(a) if the Statement is given on or after 1 November 2018—section 10 applies to the person; and\n\n(b) a Product Disclosure Statement or a Short-Form Product Disclosure Statement in the same terms was first given before the commencement of this instrument.\n\n7 Material changes and significant events\n\n(1) An issuer of a financial product does not have to comply with section 1017B(1) in relation to a change or event that relates to the AFCA scheme starting to cover complaints by holders of the product.\n\n(2) The exemption in subsection (1) does not apply to an issuer on or after 1 November 2018 unless section 10 applies to the issuer.\n\n8 Periodic statements\n\n(1) Part 7.9 applies in relation to an issuer of a financial product as if provisions of that Part were modified or varied by in paragraphs 7.9.53(a) and 7.9.75(1)(c) of the Regulations, after “statement”, inserting “(that may be up to date or on or after 1 November 2018, reflect the position immediately before that date)”.\n\n(2) The declaration in subsection (1) applies in relation to the issuer giving a periodic statement before 1 July 2019 where:\n\n(a) if the statement is given on or after 1 November 2018—section 10 applies to the issuer; and\n\n(b) the information about dispute resolution in the statement is the same as that in periodic statements given by the issuer before the commencement of this instrument.\n\n9 Statement about superannuation interest under Family Law Act\n\n(1) Part 7.9 applies in relation to a trustee of a superannuation entity and an RSA provider as if provisions of that Part were modified or varied by, in paragraphs 7.9.88(1)(g) and 7.9.89(1)(g), after “information”, inserting “(that may be up to date or on or after 1 November 2018, reflect the position immediately before that date)”.\n\n(2) The declaration in subsection (1) applies in relation to the trustee or provider giving a statement before 1 July 2019 where:\n\n(a) if the statement is given after 1 November 2018—section 10 applies to the person; and\n\n(b) the information in the statement about dispute resolution is the same as that in a statement of the same kind given before the commencement of this instrument; and\n\n10 Requirement for relying on relief\n\n(1) This section applies to a person if on and from 1 November 2018:\n\n(a) where the person has a website—the person makes available on the website current information (the AFCA information) about the AFCA scheme and how that scheme may be accessed; and\n\n(b) subject to subsection (2), the AFCA information is included in any document which:\n\n(i) purports to describe dispute resolution arrangement applicable in relation to financial services provided by the person (whether or not it also includes other matters); and\n\n(ii) is made available by the person to other people who have or may receive financial services from the person as retail clients; and\n\n(c) where the person is a financial services licensee—the documentation relating to their internal dispute resolution procedure includes the AFCA information.\n\n(2) Paragraph (1)(b) does not apply to a document required to be given by or under the Act.\n\nEndnotes\n\nEndnote 1—Instrument history\n\n| Instrument number | Date of FRL registration    | Date of commencement | Application, saving or transitional provisions |\n| ----------------- | --------------------------- | -------------------- | ---------------------------------------------- |\n| 2018/447          | 30/5/2018 (see F2018L00677) | 31/5/2018            |                                                |\n| 2018/549          | 2/7/2018 (see F2018L00979)  | 2/7/2018             | -                                              |\n\nEndnote 2—Amendment history\n\n> Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted\n\n| Provision affected | How affected |\n| ------------------ | ------------ |\n| Section 2          | rep. s48D LA |\n| Paragraph 6(1)(b)  | am. 2018/549 |\n| Paragraph 6(1)(c)  | am. 2018/549 |\n| Section 7(1)       | am. 2018/549 |","sortOrder":0}],"analysis":{"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":3,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: providing transitional relief for documentation updates during the AFCA scheme transition. It does not expand beyond the specific technical amendments needed to avoid mass reprinting of financial disclosure documents during the 2018-2019 transition period."},"complexity_factors":["Short instrument (10 sections, ~3 pages)","Only 4 defined terms in section 4","Simple conditional structure: relief granted + conditions in section 10","Limited cross-referencing (primarily to Corporations Act sections 942B, 942C, 1013D, 1017B and Corporations Regulations schedules)","Single temporal limitation (expiry 1 July 2019) and single trigger date (1 November 2018)","No nested exceptions or recursive definitions","Straightforward modification pattern repeated across sections 5, 6, 8, and 9 (inserting identical parenthetical text)"],"plain_english_summary":"This instrument gives temporary relief to financial services firms after the 2018 switch to the Australian Financial Complaints Authority (AFCA). It lets firms keep pre-existing printed materials that mention the old schemes until 1 July 2019, and exempts them from certain \"material change\" notification requirements about AFCA, provided they meet conditions.\n\nAffected parties include licensees, their reps, super trustees, RSA providers and product issuers. It avoids costly rush reprints while ensuring consumers can access current AFCA information (via websites and new documents)."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument does not widen regulated coverage; it provides time‑limited, conditional relief from certain disclosure accuracy/updating requirements while requiring publication of AFCA access information. It only affects entities already subject to the referenced Parts and Regulations and applies where documents predated commencement and are reissued before 1 July 2019."},"complexity_factors":["Temporal layering: multiple cut‑off and sunset dates (1 November 2018; documents given before 1 July 2019) increase compliance timing complexity.","Cross‑references to the Corporations Act and Corporations Regulations create dependence on external definitions (eg. AFCA scheme, regulated person, Short‑Form PDS).","Scope differentiation: relief applies differently across document types (Financial Services Guides, PDSs, periodic statements, family‑law statements) and entity types (licensees, authorised reps, issuers, trustees, RSA providers).","Conditional relief: entitlement to the exemption is tied to affirmative disclosure obligations (publication of AFCA information on websites and in dispute‑resolution materials).","Modest drafting changes (inserting permitted wording allowances) rather than substantive rule changes, so legal effect is narrow but requires careful document review."],"plain_english_summary":"This instrument temporarily modifies certain Corporations Act disclosure rules so licensees, authorised representatives, product issuers, trustees and RSA providers can continue using existing Financial Services Guides, Product Disclosure Statements and periodic or family‑law statements that reflect dispute‑resolution arrangements as they stood immediately before 1 November 2018, where those documents are reissued before 1 July 2019. From 1 November 2018, a firm must publish current AFCA access information on its website and include it in dispute‑resolution documents to rely on the relief, shifting compliance costs onto regulated entities."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-afca-transition-instrument-2018-447","history":"/api/acts/asic-corporations-afca-transition-instrument-2018-447/history","analysis":"/api/acts/asic-corporations-afca-transition-instrument-2018-447/analysis","conflicts":"/api/acts/asic-corporations-afca-transition-instrument-2018-447/conflicts","importantCases":"/api/acts/asic-corporations-afca-transition-instrument-2018-447/important-cases","documents":"/api/acts/asic-corporations-afca-transition-instrument-2018-447/documents"}}