{"id":"F2018L01699","name":"ASIC Corporations (ASIC Close Down Period) Instrument 2018/1034","slug":"asic-corporations-asic-close-down-period-instrument-2018-1034","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439855,"registerId":"F2018L01699-fast-fetch-1775955719296","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (ASIC Close Down Period) Instrument 2018/1034","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: ASIC Template (Principal Legislative Instruments - April 2016)\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Corporations (ASIC Close Down Period) Instrument 2018/1034\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 7 December 2018\n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc530994613)\n\n[1 Name of legislative instrument](#_Toc530994614)\n\n[2 Commencement](#_Toc530994615)\n\n[3 Authority](#_Toc530994616)\n\n[4 Definitions](#_Toc530994617)\n\n[Part 2—Declaration](#_Toc530994618)\n\n[5 Registration of managed investment scheme](#_Toc530994619)\n\n[6 Exposure period—disclosure documents](#_Toc530994620)\n\n[7 Exposure period—Product Disclosure Statements](#_Toc530994621)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (ASIC Close Down Period) Instrument 2018/1034.\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](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under subsections 601QA(1), 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\nresponsible person has the meaning given by subsection 1013A(3) of the Act.\n\nPart 2—Declaration\n\n5 Registration of managed investment scheme\n\nChapter 5C of the Act applies to all persons as if section 601EB were modified or varied as follows:\n\n(a) after “14 days” insert “(or if subsection (1A) applies—21 days)”;\n\n(b) after subsection (1) insert:\n\n“(1A) This subsection applies if the application is lodged during a period commencing at 5 pm on the last business day before 11 December of a calendar year and ending at 9 am on the first business day after 1 January of the next calendar year.\n\nNote: A reference in this subsection to a time is a reference to the legal time in Sydney, New South Wales.”.\n\n6 Exposure period—disclosure documents\n\nChapter 6D of the Act applies to all persons as if subsection 727(3) of the Act were omitted and substituted with the following subsection:\n\n“Non-quoted securities—waiting period after lodgment before processing applications for securities\n\n(3) A person must not accept an application for, or issue or transfer, non‑quoted securities offered under a disclosure document until whichever of the following periods is applicable has ended:\n\n(a) if the disclosure document is lodged during a period commencing at 5 pm on the last business day before 18 December of a calendar year and ending at 9 am on the first business day after 1 January of the next calendar year—the period of 14 days after lodgment of the disclosure document; and\n\n(b) otherwise—the period of 7 days after lodgment of the disclosure document.\n\nASIC may extend the period mentioned in paragraph (b) by notice in writing to the person offering the securities. The period as extended must end no more than 14 days after lodgment.\n\nNote: A reference in this subsection to a time is a reference to the legal time in Sydney, New South Wales.”.\n\n\n7 Exposure period—Product Disclosure Statements\n\nPart 7.9 of the Act applies in relation to all responsible persons as if subsections 1016B(1) and (2) of the Act were omitted and substituted with the following subsections:\n\n“(1) If:\n\n(a) a copy of a Product Disclosure Statement has been lodged with ASIC; and\n\n(b) the financial product to which the Statement relates is not able to be traded on any financial market (whether in Australia or elsewhere);\n\nthe responsible person must not issue or sell a financial product, pursuant to an application made in response to the Statement, until whichever of the following periods is applicable has ended:\n\n(c) if the Statement is lodged during a period commencing at 5 pm on the last business day before 18 December of a calendar year and ending at 9 am on the first business day after 1 January of the next calendar year—the period of 14 days after lodgment of the Statement; and\n\n(d) otherwise—the period of 7 days (or that period as extended under subsection (2)) after lodgment of the Statement.\n\nNote 1: A reference in this subsection to a time is a reference to the legal time in Sydney, New South Wales.\n\nNote 2: This subsection does not apply to an issue or sale pursuant to paragraph 1016E(2)(c) (see subsection 1016E(2C)).\n\nNote 3: Failure to comply with this subsection is an offence (see subsection 1311(1)).\n\n(2) ASIC may extend the period mentioned in paragraph (1)(d) by notice in writing to the responsible person. The period as extended must end no more than 14 days after lodgment.”.\n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"Yes. The instrument narrows the timing scope by imposing longer statutory waiting periods during specified end‑of‑year windows: it makes s601EB operate as if a 21‑day registration wait applies for managed investment schemes lodged in the 11‑December close‑down window (s5), and makes disclosure document and PDS exposure periods 14 days (instead of 7) for lodgments in the 18‑December close‑down window (ss6–7). It applies these modifications to all persons/responsible persons by treating the Act as if varied for those filings."},"complexity_factors":["Different close‑down windows with precise start/end times: s5 uses the period from 5 pm on the last business day before 11 December to 9 am on the first business day after 1 January; ss6–7 use 5 pm on the last business day before 18 December to 9 am on the first business day after 1 January.","Multiple regimes amended: Chapter 5C (managed investment scheme registration), Chapter 6D (disclosure documents/non‑quoted securities) and Part 7.9 (Product Disclosure Statements) are each varied (ss 5–7).","Varying changes to waiting periods: managed investment scheme registration extended from 14 to 21 days in the specified window (s5); disclosure/PDS exposure periods extended from 7 to 14 days in the specified window (ss6–7).","ASIC discretion to extend ordinary exposure periods by written notice, subject to maximum end dates, introduces administrative discretion and compliance uncertainty (s6(b); s7(2)).","Operational detail increases implementation complexity: references to legal time in Sydney, business‑day calculations, and specific clock times (5 pm / 9 am) require precise timing controls (ss 5–7).","Compliance risk includes criminal sanction reference for failure to comply with the PDS waiting rule (note to substituted subsection in s7 referring to s1311(1))."],"plain_english_summary":"This instrument lengthens statutory waiting periods over the end‑of‑year “close down”, so applicants and offerors must wait longer before registration, accepting applications, issuing or transferring non‑quoted securities, or selling non‑market financial products (see ss 5–7). It defines precise date/time windows when the longer waits apply and gives ASIC power to extend ordinary exposure periods to prescribed maximums; the delay and timing risk fall on applicants, offerors and responsible persons."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow purpose: providing temporary procedural relief during ASIC's annual close-down period. It has not expanded beyond this specific administrative accommodation."},"complexity_factors":["Very short instrument (7 sections, ~2 pages)","Only 2 defined terms ('Act' and 'responsible person')","Simple conditional logic: if lodged during holiday period → extended timeframe, otherwise → standard timeframe","No nested exceptions or complex cross-referencing beyond basic Corporations Act citations","Straightforward modifications using 'omit and substitute' drafting technique","Single purpose instrument with limited operational scope"],"plain_english_summary":"This instrument temporarily extends the statutory waiting/exposure periods for documents lodged with ASIC over the Christmas–New Year shutdown, giving companies extra time to process filings while ASIC has reduced operations. It affects managed investment schemes, issuers of non‑quoted securities, and providers of non‑market financial products.\n\nFor documents lodged in the specified holiday window the waiting periods are lengthened (e.g., from 7 to 14 days, and from 14 to 21 days for schemes), reducing the risk of inadvertent breaches during the shutdown."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-asic-close-down-period-instrument-2018-1034","history":"/api/acts/asic-corporations-asic-close-down-period-instrument-2018-1034/history","analysis":"/api/acts/asic-corporations-asic-close-down-period-instrument-2018-1034/analysis","conflicts":"/api/acts/asic-corporations-asic-close-down-period-instrument-2018-1034/conflicts","importantCases":"/api/acts/asic-corporations-asic-close-down-period-instrument-2018-1034/important-cases","documents":"/api/acts/asic-corporations-asic-close-down-period-instrument-2018-1034/documents"}}