{"id":"F2024L01087","name":"ASIC Corporations (CCIV Auditors) Instrument 2024/668","slug":"asic-corporations-cciv-auditors-instrument-2024-668","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":105341,"registerId":"commonwealth-F2024L01087-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (CCIV Auditors) Instrument 2024/668","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (CCIV Auditors) Instrument 2024/668\n\nI, Kate Metz, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 29 August 2024\n\nKate Metz\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement...............................................3\n\n3 Authority....................................................3\n\n4 Definitions...................................................3\n\nPart 2—Declaration 3\n\n5 Appointment, removal and fees of auditors for CCIVs.................3\n\nPart 3—Repeal 3\n\n6 Repeal.......................................................3\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (CCIV Auditors) Instrument 2024/668.\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](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under paragraph 1243(2)(b) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nCCIV provisions has the same meaning as in section 1243 of the Act.\n\nPart 2—Declaration\n\n5 Appointment, removal and fees of auditors for CCIVs\n\nThe CCIV provisions apply in relation to retail CCIVs as if section 1232R of the Act were modified or varied by inserting after subsection 1232R(2):\n\n“(3) The corporate director of a retail CCIV must lodge a notice in the approved form telling ASIC of the appointment by the CCIV of an auditor of the CCIV under section 331AAA or 331AAB of the Act (as applicable to the CCIV because of subsection (2)) within 14 days of the appointment.”.\n\nPart 3—Repeal\n\n6 Repeal\n\nThis instrument is repealed at the start of 1 October 2029.","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"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument maintains a narrow, targeted scope consistent with its purpose. It addresses a specific gap in auditor notification requirements for retail CCIVs without expanding into broader governance or operational matters. The sunset clause (repeal in 2029) confirms this is intended as a targeted, time-limited measure rather than scope creep."},"complexity_factors":["Very short instrument: only 6 sections across 3 Parts","Only 2 defined terms in section 4 ('Act' and 'CCIV provisions')","Single substantive provision (section 5) containing one modification to the Corporations Act","No nested exceptions or conditional logic — the modification applies straightforwardly to retail CCIVs","Simple temporal limitation with automatic repeal in section 6","Minimal cross-referencing: only references to sections 1243, 1232R, 331AAA and 331AAB of the Corporations Act 2001"],"plain_english_summary":"This instrument requires the corporate director of a retail CCIV to notify ASIC within 14 days when appointing an auditor, aligning retail CCIVs with existing notification expectations for other companies and schemes. It affects retail CCIV corporate directors, their auditors, and ASIC’s oversight, closes a prior gap in notification rules, and is temporary—self-repealing on 1 October 2029."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"This instrument expands the operational scope of the CCIV provisions by adding a mandatory notification duty to s1232R for retail CCIVs: the corporate director must notify ASIC within 14 days of an auditor appointment made under s331AAA or s331AAB. The requirement is time-limited by repeal on 1 October 2029 (see section 5 and section 6)."},"complexity_factors":["Direct amendment-style instrument that inserts a single new subsection (brevity reduces complexity) (see section 5).","Cross-references to multiple Corporations Act provisions: s1232R (modified), s331AAA/s331AAB (auditor appointment triggers), and paragraph 1243(2)(b) (power conferring authority) (see sections 3 and 5).","Requirement to use an \"approved form\" creates an administrative/formal compliance detail and potential dependence on ASIC's form specification (see section 5).","Strict 14‑day time limit for lodging notice introduces a tangible compliance deadline and possible enforcement risk (see section 5).","Limited scope: applies only to retail CCIVs rather than all CCIVs, which narrows affected parties but requires identifying retail status (definition linkage to CCIV provisions) (see section 4 and 5).","Sunset clause/repeal scheduled for 1 October 2029 creates temporal scope and potential need for renewal or transition planning (see section 6).","Instrument is made by an ASIC delegate (delegated legislative instrument), so administrative practice and ASIC discretion over forms and enforcement affect operational detail (signature/authority in heading and section 3)."],"plain_english_summary":"This instrument requires the corporate director of a retail CCIV to lodge an ASIC-approved notice within 14 days when the CCIV appoints an auditor under sections 331AAA or 331AAB of the Corporations Act. It commences the day after registration and expires 1 October 2029. The change imposes a short compliance task on corporate directors to notify ASIC and gives ASIC more timely visibility of auditor appointments."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-cciv-auditors-instrument-2024-668","history":"/api/acts/asic-corporations-cciv-auditors-instrument-2024-668/history","analysis":"/api/acts/asic-corporations-cciv-auditors-instrument-2024-668/analysis","conflicts":"/api/acts/asic-corporations-cciv-auditors-instrument-2024-668/conflicts","importantCases":"/api/acts/asic-corporations-cciv-auditors-instrument-2024-668/important-cases","documents":"/api/acts/asic-corporations-cciv-auditors-instrument-2024-668/documents"}}