{"id":"F2017L00279","name":"ASIC Corporations (Application Form Requirements) Instrument 2017/241","slug":"asic-corporations-application-form-requirements-instrument-2017-241","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":95992,"registerId":"commonwealth-F2017L00279-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Application Form Requirements) Instrument 2017/241","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Application Form Requirements) Instrument 2017/241\n\nmade under subsections 741(1) and 1020F(1) of the Corporations Act 2001\n\nCompilation No. 4\n\nCompilation date: 24/09/2025\n\nIncludes amendments: F2025L01152\n\nAbout this compilation\n\nThis compilation\n\nThis is a compilation of the ASIC Corporations (Application Form Requirements) Instrument 2017/241 that shows the text of the law as amended and in force on 24/09/2025 (the compilation date).\n\nThe notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.\n\nUncommenced amendments\n\nThe effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments are accessible on the Register (www.legislation.gov.au).\n\nApplication, saving and transitional provisions\n\nIf the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.\n\nModifications\n\nIf the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register.\n\nSelf‑repealing provisions\n\nIf a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.\n\nContents\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\n3 Authority\n\n4 Definitions\n\nPart 2—Exemption\n\n5 Applications to switch between schemes operated by the same responsible entity or its related bodies corporate\n\n5A Applications to switch between notified foreign passport funds operated by the same operator or its related bodies corporate\n\n5B Applications to switch between sub-funds of a retail CCIV\n\n6 Application forms for reconstructions and capital reductions\n\n7 Bonus issues of options\n\nPart 3—Declaration\n\n8 Advertising and publicity for reconstructions and capital reductions\n\n9 Application forms created by licensees\n\n10 Requirement to include applicant’s date of birth in the application form\n\n11 Application forms where no PDS required\n\nEndnotes\n\nEndnote 1—About the endnotes\n\nEndnote 2—Abbreviation key\n\nEndnote 3—Legislation history\n\nEndnote 4—Amendment history\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Application Form Requirements) Instrument 2017/241.\n\n3 Authority\n\nThis instrument is made under subsections 741(1) and 1020F(1) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\n    defective has the same meaning as in section 1021B(1) of the Act.\n\n    eligible foreign country means:\n\n(a) in relation to a reconstruction—each of the following:\n\n(i) Canada;\n\n(ii) France;\n\n(iii) Germany;\n\n(iv) Italy;\n\n(v) Japan;\n\n(vi) The Netherlands;\n\n(vii) Switzerland;\n\n(viii) United States of America; and\n\n(b) in relation to a foreign capital reduction offer—each country mentioned in paragraph (a) and each of the following:\n\n(i) Hong Kong;\n\n(ii) Malaysia;\n\n(iii) New Zealand;\n\n(iv) Singapore;\n\n(v) South Africa;\n\n(vi) United Kingdom.\n\n> Note: The jurisdictions listed in paragraph (b) are not eligible foreign countries for the purposes of a reconstruction because ASIC Corporations (Compromises or Arrangements) Instrument 2025/613 provides an exemption from the obligation to provide a disclosure document or Product Disclosure Statement for offers of securities and financial products respectively in reconstructions made under the laws of those jurisdictions.\n\neligible reconstruction means a reconstruction to which either of the following applies:\n\n(a) the reconstruction is between a foreign company and its members or any class of them and is regulated by or under a law that is in force in, or in a part of, an eligible foreign country;\n\n(b) the reconstruction relates to a registered scheme and is between the responsible entity of the scheme and the members of the scheme or any class of them.\n\nforeign capital reduction offer means an offer of securities or other financial products that is made:\n\n(a) to the members of a body that is not a company; and\n\n(b) in connection with a proposed reduction of the share capital of the body where:\n\n    (i) the members are asked to vote on a resolution that the body reduce its share capital; and\n    (ii) the reduction is regulated by or under a law that is in force or applies in, or in a part of, an eligible foreign country; and\n    (iii) consideration is to be provided for the issue or transfer of the securities or other financial products.\n\nissue, in subsections 5(1) and 6(2), has a meaning affected by section 761E of the Act.\n\nmember approved switch arrangement means:\n\n(a) a written arrangement between the responsible entity of a registered scheme and its members where:\n\n(i) the arrangement has been entered into as a result of members voting in favour of a resolution to approve the arrangement at a members’ meeting; and\n\n(ii) under the arrangement all members will switch all or part of their interests to interests in another registered scheme operated by the responsible entity or a related body corporate; or\n\n(b) a written arrangement between the operator of a notified foreign passport fund and its members where:\n\n(i) the arrangement has been entered into as a result of members voting in favour of a resolution to approve the arrangement at a members’ meeting; and\n\n(ii) under the arrangement all members will switch all or part of their interests to interests in another notified foreign passport fund operated by the operator or a related body corporate; or\n\n(c) a written arrangement between the CCIV and the members of a sub-fund of the CCIV where:\n\n(i) the arrangement has been entered into as a result of members voting in favour of a resolution to approve the arrangement at a meeting of the members of the sub-fund; and\n\n    (ii) under the arrangement all members will switch all or part of their shares to shares in another sub-fund of the CCIV.\n\nnominated electronic means has the same meaning as in section 9 of the Act as notionally modified or varied by ASIC Corporations (Electronic Disclosure) Instrument 2025/447.\n\noffer:\n\n(a) in subsections 6(1), 7(1) and 7(3) and section 8, has a meaning affected by sections 700 and 702 of the Act;\n\n(b) in subsections 6(2) and 7(2), has a meaning affected by sections 1010C and 1011C of the Act.\n\noptions, in relation to a:\n\n(a) body, means options to acquire, by way of issue, shares in the body; and\n\n(b) registered scheme, means options to acquire, by way of issue, interests in the scheme.\n\nPart 2J.1 capital reduction offer means an offer of securities or other financial products that is made to the members of a company in connection with a proposed reduction of the share capital of the company where:\n\n(a) the members are asked to vote on a resolution that the company reduce its share capital in accordance with Division 1 of Part 2J.1 of the Act; and\n\n(b) consideration is to be provided for the issue or transfer of the securities or other financial products.\n\npro-rata bonus offer, in relation to:\n\n(a) options of a body, means a grant of options to all holders of shares in a class of shares to which the options relate in proportion to their existing shareholdings on terms that no consideration is payable for the grant of the options; and\n\n(b) options of a registered scheme, means a grant of options to all holders of interests in a class of interests to which the options relate in proportion to their existing holdings on terms that no consideration is payable for the grant of the options.\n\nreconstruction means a compromise or arrangement.\n\nrelevant financial product has the same meaning as in subsection 1016A(1) of the Act.\n\nNote: The definition of “relevant financial product” in subsection 1016A(1) includes a security in a CCIV: section 1241W.\n\nsale, in subsection 6(2), has a meaning affected by section 1010C of the Act.\n\nstapled security means two or more financial products including at least one interest in a registered scheme:\n\n(a) that under the constitution of the scheme must be transferred together; and\n\n(b) where there are no financial products in the same class as those financial products which may be transferred separately.\n\nShort-Form PDS and Supplementary Short-Form PDS have the same meanings as in Division 3A of Part 7.9 of the Act, as notionally inserted by Part 3 of Schedule 10BA of the Corporations Regulations 2001.\n\nswitch means:\n\n(a) the redemption of interests in a registered scheme and reinvestment of the proceeds in interests in another registered scheme; or\n\n(b) the redemption of interests in a notified foreign passport fund and reinvestment of the proceeds in interests in another notified foreign passport fund; or\n\n(c) the redemption of shares in a CCIV that are referable to a sub-fund of the CCIV and the reinvestment of the proceeds in shares in another sub-fund of the CCIV.\n\nvoluntary switch arrangement means:\n\n(a) a written arrangement between the responsible entity of a registered scheme and a member that sets out the circumstances in which an application (switch application) by the member to switch from an interest in the scheme to an interest in another registered scheme operated by the responsible entity or a related body corporate may be accepted; or\n\n(b) a written arrangement between the operator of a notified foreign passport fund and a member that sets out the circumstances in which an application (switch application) by the member to switch from an interest in the fund to an interest in another notified foreign passport fund operated by the operator or a related body corporate may be accepted; or\n\n(c) a written arrangement between the CCIV and a member of a sub-fund of the CCIV that sets out the circumstances in which an application (switch application) by the member to switch from shares in the sub-fund of the CCIV to shares in another sub-fund of the CCIV may be accepted.\n\nPart 2—Exemption\n\n5 Applications to switch between schemes operated by the same responsible entity or its related bodies corporate\n\nExemption\n\n(1) A responsible entity of a registered scheme does not have to comply with section 1016A of the Act in relation to the issue of an interest (new interest) in the scheme that is made in accordance with a voluntary switch arrangement or a member approved switch arrangement.\n\nWhere exemption is available\n\n(2) The exemption in subsection (1) is available to a responsible entity where the responsible entity has taken reasonable steps to ensure that:\n\n    (a) in the case of a voluntary switch arrangement—before the time (relevant time) of the switch application in relation to the new interest; and\n    (b) in the case of an member approved switch arrangement—before the time (relevant time) of the vote on the resolution to approve the arrangement;\n\nit gave, or made available by a nominated electronic means, to the member:\n\n(c) a Product Disclosure Statement (Statement) or Short-Form PDS (Statement) for the new interest that was not defective at the relevant time; and\n\nNote: The information contained in a Statement includes any information contained in a Supplementary Statement given at the same time as the Statement or later: sections 1014D and 1017O \n\n> Note: (\n\nas notionally inserted by Part 3 of Schedule 10BA of the Corporations Regulations 2001).\n\n(d) information which describes the switch arrangement.\n\n5A Applications to switch between notified foreign passport funds operated by the same operator or its related bodies corporate\n\nExemption\n\n(1) An operator of a notified foreign passport fund does not have to comply with section 1016A of the Act in relation to the issue of an interest (new interest) in the fund that is made in accordance with a voluntary switch arrangement or a member approved switch arrangement.\n\nWhere exemption is available\n\n(2) The exemption in subsection (1) is available to an operator of a notified foreign passport fund where the operator has taken reasonable steps to ensure that:\n\n(a) in the case of a voluntary switch arrangement—before the time (relevant time) of the switch application in relation to the new interest; and\n\n(b) in the case of a member approved switch arrangement—before the time (relevant time) of the vote on the resolution to approve the arrangement;\n\nit gave, or made available by a nominated electronic means, to the member:\n\n(c) a Product Disclosure Statement for the new interest that was not defective at the relevant time; and\n\n(d) information which describes the switch arrangement.\n\n5B Applications to switch between sub-funds of a retail CCIV\n\nExemption\n\n(1) A retail CCIV does not have to comply with section 1016A of the Act in relation to the issue of shares (new shares) in the retail CCIV that is made in accordance with a voluntary switch arrangement or a member approved switch arrangement.\n\nWhere exemption is available\n\n(2) The exemption in subsection (1) is available to a retail CCIV where the corporate director of the retail CCIV has taken reasonable steps to ensure that:\n\n    in the case of a voluntary switch arrangement—before the time (relevant time) of the switch application in relation to the new shares; and\n    in the case of a member approved switch arrangement—before the time (relevant time) of the vote on the resolution to approve the arrangement;\n\nthe retail CCIV gave, or made available by a nominated electronic means, to the member:\n\n    a Product Disclosure Statement (Statement) or Short-Form PDS (Statement) for the new shares that was not defective at the relevant time; and\n\nNote: The information contained in a Statement includes any information contained in a Supplementary Statement given at the same time as the Statement or later: sections 1014D and 1017O \n\n> Note: (\n\nas notionally inserted by Part 3 of Schedule 10BA of the Corporations Regulations 2001).\n\n    information which describes the switch arrangement.\n\n6 Application forms for reconstructions and capital reductions\n\nExemption\n\n(1) A person does not have to comply with subsection 723(1) of the Act where the person makes or proposes to make an offer of securities for issue or sale that:\n\n(a) is made under an eligible reconstruction; or\n\n(b) is a Part 2J.1 capital reduction offer; or\n\n(c) is a foreign capital reduction offer.\n\n(2) A person who issues or sells a relevant financial product does not have to comply with subsection 1016A(2) of the Act if the issue or sale results from an offer of the financial product that:\n\n(a) is made under an eligible reconstruction; or\n\n(b) is a Part 2J.1 capital reduction offer; or\n\n(c) is a foreign capital reduction offer.\n\n> Note: ASIC Corporations (Capital Reductions and Reconstructions—Technical Disclosure Relief) Instrument 2017/242 provides additional technical disclosure relief in relation to such reconstructions and capital reductions.\n\n7 Bonus issues of options\n\nApplication forms\n\n(1) A body does not have to comply with subsection 723(1) of the Act in relation to a pro-rata bonus offer of options over shares of the body.\n\n> Note: Subsection 727(2) of the Act prohibits a person from making an offer of options that needs disclosure to investors under Part 6D.2 of the Act unless the offer is included in or accompanied by a copy of a disclosure document for the offer.\n\n(2) A responsible entity of a registered scheme does not have to comply with subsection 1016A(2) of the Act in relation to a pro-rata bonus offer of options over interests in the scheme where:\n\n(a) the interests form part of stapled securities; and\n\n(b) shares in a body also form part of the stapled securities.\n\nAdvertising\n\n(3) A body does not have to comply with subsection 734(2) of the Act in relation to an advertisement or publication of a statement about a pro-rata bonus offer of options over shares in the body provided the advertisement or publication:\n\n(a) where the advertisement or publication is published before the disclosure document for the offer of the options is lodged—includes a statement that a disclosure document for the offer of the options will be made available when the options are offered;\n\n(b) where the advertisement or publication is published after the disclosure document for the offer of the options is lodged—includes a statement that the offers of the options will be made in, or accompanied by, a copy of the disclosure document.\n\nPart 3—Declaration\n\n8 Advertising and publicity for reconstructions and capital reductions\n\nChapter 6D of the Act applies to a person who makes or proposes to make an offer of securities for issue or sale to which the exemption in subsection 6(1) applies as if section 734 of the Act were modified or varied by:\n\n(a) omitting subparagraphs 734(5)(a)(vi) and 734(5)(b)(iii) and paragraph 734(6)(e); and\n\n(b) in paragraph 734(6)(d), omitting “; and” and substituting “.”.\n\n9 Application forms created by licensees\n\n(1) Chapter 6D of the Act applies to all persons as if section 723 were modified or varied by, after subsection (1), inserting:\n\n“Licensee personalised application forms\n\n(1A) Despite subsection (1), and subject to subsection (1B), the securities may be issued or transferred in response to an application form if the form was distributed in circumstances covered by one of the following paragraphs:\n\n    the form was distributed to a financial services licensee by the person offering the securities, and partly completed by the licensee before being distributed by the licensee to a person making the application;\n\n    (b) the form was distributed by a financial services licensee to a person making the application (whether or not the form was partly completed by the licensee before being distributed) in circumstances where the form was copied or directly derived by the licensee from an application form that was:\n\n(i) distributed to the licensee by the person offering the securities; and\n\n(ii) included in, or accompanied by, a disclosure document that was distributed to the licensee by the person offering the securities when the application form was distributed to the licensee;\n\n    (c) the form was created by a financial services licensee and distributed by the licensee to a person making the application (whether or not the form was partly completed by the licensee before being distributed).\n\n(1B) The securities may only be issued or transferred under subsection (1A) if the person issuing or transferring them has reasonable grounds to believe that:\n\n(a) when the applicant received the application form, the applicant was given access, at the same time and by the same means, to the disclosure document; and\n\n(b) the application form included the following information:\n\n(i) the identity of the issuer, the nature of the securities being offered, the price of the securities, the date of the disclosure document and the expiry date of the disclosure document;\n\n(ii) a prominent statement to the effect that:\n\n(A) there is a disclosure document with information about investing in the securities; and\n\n(B) it is advisable to read the disclosure document before applying for the securities.”.\n\n(2) Part 7.9 of the Act applies to a person issuing or selling a relevant financial product as if section 1016A were modified or varied by, after subsection (2), inserting:\n\n“Licensee personalised application forms\n\n(2A) Despite subsection (2), and subject to subsection (2B), a restricted issue or restricted sale of a relevant financial product to a recipient may be made pursuant to an application form that was distributed by a financial services licensee to the applicant.\n\n(2B) The financial product may only be issued or sold under subsection (2A) by a person where:\n\n(a) the person has reasonable grounds to believe that a Product Disclosure Statement relating to the product has been given or made available by nominated electronic means to the applicant and was not defective at the time of the application; and\n\n> Note: The definition of nominated electronic means is notionally inserted into section 9 by ASIC Corporations (Electronic Disclosure) Instrument 2025/447.\n\n(b) the application form included the following information:\n\n(i) the identity of the issuer, the nature of the financial products being offered and the date of the Product Disclosure Statement;\n\n(ii) a prominent statement to the effect that the applicant should have been given or have had made available to them by an electronic means, a Product Disclosure Statement that is required by law to enable the applicant to make an informed decision about acquiring the financial product.”.\n\nNote: Part 7.9 applies to CCIVs subject to modifications: see, in particular, section 1241W (which modifies section 1016A).\n\n10 Requirement to include applicant’s date of birth in the application form\n\nPart 7.9 of the Act applies in relation to a managed investment product, a foreign passport fund product and a security in a CCIV as if paragraph 7.9.74(1)(b) of the Corporations Regulations 2001 were modified or varied by, after “birth”, inserting “or a statement that the applicant is at least 18 years of age”.\n\n11 Application forms where no PDS required\n\nPart 7.9 of the Act applies in relation to a person who issues or sells a relevant financial product as if section 1016A were modified or varied as follows:\n\n(a) in the definition of restricted issue in subsection 1016A(1), omit “either”, substitute “any”;\n\n(b) before paragraph (b) of the definition of restricted issue in subsection 1016A(1), insert:\n\n“(aa) an issue in a situation, or pursuant to an offer made in a situation, where the regulated person does not have to give the client a Product Disclosure Statement because of an exemption under subsection 1020F(1); or”;\n\n(c) in paragraph (b) of the definition of restricted issue in subsection 1016A(1), omit “section 1012E”, substitute “section 1012DAA, 1012E”;\n\n(d) before paragraph (b) of the definition of restricted sale in subsection 1016A(1), insert:\n\n“(aa) is not made in a situation where the regulated person does not have to give the client a Product Disclosure Statement because of an exemption under subsection 1020F(1); and\n\n    (ab) is not made in a situation to which section 1012DA applies; and”.\n\nNote: Part 7.9 applies to CCIVs subject to modifications: see, in particular, sections 1241W (which modifies section 1016A) and 1241S (which modifies section 1012DAA).\n\nEndnotes\n\nEndnote 1—About the endnotes\n\n> Note: The endnotes provide information about this compilation and the compiled law.\n\n> Note: The following endnotes are included in every compilation:\n\n> Note: Endnote 1—About the endnotes\n\n> Note: Endnote 2—Abbreviation key\n\n> Note: Endnote 3—Legislation history\n\n> Note: Endnote 4—Amendment history\n\n> Note: Abbreviation key—Endnote 2\n\n> Note: The abbreviation key sets out abbreviations that may be used in the endnotes.\n\n> Note: Legislation history and amendment history—Endnotes 3 and 4\n\n> Note: Amending laws are annotated in the legislation history and amendment history.\n\n> Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.\n\n> Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.\n\n> Note: Misdescribed amendments\n\n> Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.\n\n> Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.\n\nEndnote 2—Abbreviation key\n\n| ad = added or inserted                         | orig = original                                              |\n| ---------------------------------------------- | ------------------------------------------------------------ |\n| am = amended                                   | p = page(s)                                                  |\n| amdt = amendment                               | para = paragraph(s)/subparagraph(s)                          |\n| C[x] = Compilation No. x                       | /sub‑subparagraph(s)                                         |\n| ch = Chapter(s)                                | pres = present                                               |\n| cl = clause(s)                                 | prev = previous                                              |\n| cont. = continued                              | (prev…) = previously                                         |\n| def = definition(s)                            | pt = Part(s)                                                 |\n| Dict = Dictionary                              | r = regulation(s)/Court rule(s)                              |\n| disallowed = disallowed by Parliament          | reloc = relocated                                            |\n| div = Division(s)                              | renum = renumbered                                           |\n| exp = expires/expired or ceases/ceased to have | rep = repealed                                               |\n| effect                                         | rs = repealed and substituted                                |\n| gaz = gazette                                  | s = section(s)/subsection(s)                                 |\n| LA = Legislation Act 2003                      | /rule(s)/subrule(s)/order(s)/suborder(s)                     |\n| LIA = Legislative Instruments Act 2003         | sch = Schedule(s)                                            |\n| (md not incorp) = misdescribed amendment       | SLI = Select Legislative Instrument                          |\n| cannot be given effect                         | SR = Statutory Rules                                         |\n| mod = modified/modification                    | sub ch = Sub‑Chapter(s)                                      |\n| No. = Number(s)                                | sub div = Subdivision(s)                                     |\n| Ord = Ordinance                                | sub pt = Subpart(s)                                          |\n|                                                | underlining = whole or part not commenced or to be commenced |\n\nEndnote 3—Legislation history\n\n| Name                                                                                | Registration | Commencement | Application, saving and transitional provisions |\n| ----------------------------------------------------------------------------------- | ------------ | ------------ | ----------------------------------------------- |\n| ASIC Corporations (Application Form Requirements) Instrument 2017/241 [F2017L00279] | 22/3/2017    | 23/3/2017    |                                                 |\n| ASIC Corporations (Amendment) Instrument 2018/697 [F2018L01281]                     | 13/9/2018    | 18/9/2018    |                                                 |\n| ASIC Corporations (Amendment) Instrument 2022/0940 [F2022L01459]                    | 14/11/2022   | 15/11/2022   |                                                 |\n| ASIC Corporations (Amendment and Repeal) Instrument 2025/448 [F2025L01119]          | 18/9/2025    | 19/09/2025   |                                                 |\n| ASIC Corporations (Amendment and Repeal) Instrument 2025/617 [F2025L01152]          | 23/09/2025   | 24/09/2025   |                                                 |\n\nEndnote 4—Amendment history\n\n| Provision affected                                     | How affected              |\n| ------------------------------------------------------ | ------------------------- |\n| s 2                                                    | rep LA s 48D              |\n| s 4                                                    | am 2018/697               |\n| s 4 (note to definition of eligible foreign country)   | am 2025/617               |\n| s 4 (definition of member approved switch arrangement) | am 2022/0940              |\n| s 4 (definition of nominated electronic means)         | am 2025/448               |\n| s 4 (definition of relevant financial product)         | am 2022/0940              |\n| s 4 (definition of switch)                             | am 2022/0940              |\n| s 4 (definition of voluntary switch arrangement)       | am 2022/0940              |\n| s 5A                                                   | ad 2018/697               |\n| s 5B                                                   | ad 2022/0940              |\n| s 9(2) (note)                                          | ad 2022/0940              |\n| s 9(2) (note to notional paragraph 1016A(2B)(a))       | am 2025/448               |\n| s 10                                                   | am 2018/697 and 2022/0940 |\n| s 11 (note)                                            | ad 2022/0940              |","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"Subsequent amendments broadened the instrument's coverage and mechanics: additions explicitly extend exemptions to notified foreign passport funds (s 5A) and retail CCIV sub‑fund switches (s 5B), modify electronic disclosure and nominated electronic means (definition changes in s 4 and notional insertions), and introduce licensee personalised application‑form rules and related modifications to PDS/application requirements (s 9, s 11). See amendment history (Endnote 4) for the specific changes."},"complexity_factors":["Extensive cross‑referencing to multiple Corporations Act provisions (eg. ss 723, 734, 741, 1016A, 1020F) creates layered legal dependencies.","Numerous defined terms and conditional definitions (eg. eligible foreign country, eligible reconstruction, member approved/voluntary switch arrangements) that change applicability.","Multiple, targeted exemptions and modifications (Parts 2 and 3) that alter both PDS and application‑form obligations in different factual scenarios.","Interaction with other legislative instruments and notional insertions (eg. ASIC Corporations (Electronic Disclosure) Instrument 2025/447 and disclosure‑relief instruments).","Different rules for types of vehicles (registered schemes, notified foreign passport funds, retail CCIVs, companies) requiring entity‑specific compliance steps.","Reliance on a fact‑intensive 'reasonable steps' standard which produces compliance ambiguity and operational discretion for issuers and licensees.","Modifications to advertising and licencee personalised form regimes add procedural and timing conditions that affect distribution practices.","Amendment history and not‑commenced/technical amendments increase implementation complexity and require tracking of versions."],"plain_english_summary":"This instrument exempts certain Corporations Act disclosure and application‑form requirements for specific switches between funds/schemes, reconstructions and capital reductions, and pro‑rata bonus option offers. It does this by permitting issues or transfers where a non‑defective PDS (or specified alternative) was given or made available and by modifying advertising and application‑form rules.\n\nIt affects responsible entities, fund operators, retail CCIVs, financial services licensees and members/investors by shifting the practical burden to ensure access to non‑defective disclosure, and by allowing licencee‑created or electronic forms when prescribed conditions are met."},"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":6,"scope_assessment":{"changed":true,"description":"The instrument has expanded significantly beyond its original 2017 scope. Originally focused on managed investment schemes and reconstructions, it has grown to include: (1) Notified foreign passport funds (added 2018), (2) CCIVs and sub-fund switching (added 2022), (3) Electronic disclosure mechanisms (updated 2025), and (4) Expanded eligible foreign countries and technical disclosure relief. The 2022 amendments in particular added an entirely new asset class (CCIVs) and the 2025 amendments updated electronic disclosure frameworks, showing the instrument has evolved from a domestic managed funds tool to a comprehensive cross-border investment facilitation mechanism."},"complexity_factors":["Multiple defined terms (approximately 20+) including technical concepts like 'stapled securities', 'notified foreign passport funds', and 'CCIVs' (Corporate Collective Investment Vehicles)","Cross-references to multiple sections of the Corporations Act 2001 (sections 723, 734, 741, 1016A, 1020F, etc.) and other ASIC instruments","Notional modifications—sections that apply 'as if' the Act were modified, creating layered legal effects","Conditional exemptions with specific timing requirements (e.g., 'before the time of the switch application')","Geographic limitations in definitions—'eligible foreign countries' lists specific jurisdictions for different types of transactions","Dual regulatory frameworks—separate but parallel rules for Chapter 6D (securities) and Part 7.9 (financial products)","Nested conditions in sections 5, 5A, and 5B requiring specific steps for exemptions to apply"],"plain_english_summary":"This instrument lets companies and financial services providers use simplified or customised application forms instead of full disclosure documents for routine transactions—like switching between related funds, certain corporate restructures and capital reductions, bonus share options, and personalised adviser forms—across Australian and some foreign-managed funds and CCIVs. \n\nIt reduces administrative burden for fund managers, advisers and companies while keeping investors able to access required disclosure information."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-application-form-requirements-instrument-2017-241","history":"/api/acts/asic-corporations-application-form-requirements-instrument-2017-241/history","analysis":"/api/acts/asic-corporations-application-form-requirements-instrument-2017-241/analysis","conflicts":"/api/acts/asic-corporations-application-form-requirements-instrument-2017-241/conflicts","importantCases":"/api/acts/asic-corporations-application-form-requirements-instrument-2017-241/important-cases","documents":"/api/acts/asic-corporations-application-form-requirements-instrument-2017-241/documents"}}