{"id":"F2020L00618","name":"ASIC Corporations (Deferral of Design and Distribution Obligations) Instrument 2020/486","slug":"asic-corporations-deferral-of-design-and-distribution-obligations-instrument-2020-486","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":440489,"registerId":"F2020L00618-fast-fetch-1775956089126","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Deferral of Design and Distribution Obligations) Instrument 2020/486","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: ASIC Template (Principal Legislative Instruments - Jan 2019)\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Deferral of Design and Distribution Obligations) Instrument 2020/486\n\nI, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 22 May 2020\n\n \n\n \n\n \n\n \n\n \n\n \n\nGrant Moodie\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc41052377)\n\n[1 Name of legislative instrument](#_Toc41052378)\n\n[2 Commencement](#_Toc41052379)\n\n[3 Authority](#_Toc41052380)\n\n[4 Definitions](#_Toc41052381)\n\n[Part 2—Exemption](#_Toc41052382)\n\n[5 Design and distribution obligations](#_Toc41052383)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Deferral of Design and Distribution Obligations) Instrument 2020/486.\n\n2 Commencement\n\nThis instrument commences on the later of:\n\n(a) 5 April 2021; and\n\n(b) 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 subsection 994L(2) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nregulated person has the meaning given by subsection 994A(1) of the Act.\n\ntarget market determination has the meaning given by subsection 994A(1) of the Act.\n\nPart 2—Exemption\n\n5 Design and distribution obligations\n\nA regulated person, and any other person who is required to make a target market determination, are exempt from all provisions of Part 7.8A of the Act until the end of 4 October 2021.\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":3,"scope_assessment":{"changed":true,"description":"Section 5 temporarily removes the application of Part 7.8A to regulated persons and others required to make target market determinations until 4 October 2021, narrowing the Act's operational scope for that period. Sections 2–3 set commencement and authority. This is a time‑limited suspension of those obligations rather than a permanent repeal or amendment of Part 7.8A."},"complexity_factors":["Cross‑references to the Corporations Act (Part 7.8A) rather than standalone rules","Reliance on statutory definitions: 'regulated person' and 'target market determination' (subsection 994A(1) referenced in s 4)","Broad, categorical exemption language: 'all provisions of Part 7.8A' (s 5) creates wide legal effect from a short text","Temporal mechanics: commencement rule is the later of two dates (s 2) and exemption ends 4 Oct 2021 (s 5)","Instrument made by ASIC delegate under s 994L(2) — delegated decision removes obligations for a defined period (s 3)","Potential ambiguity over scope of 'any other person who is required to make a target market determination' interacting with Act definitions"],"plain_english_summary":"This instrument temporarily exempts “regulated persons” and anyone required to make a target market determination from all requirements of Part 7.8A of the Corporations Act until 4 October 2021 (s 5). ASIC (by delegate, s 3) therefore removes the obligation to prepare and comply with target market determinations for that period, reducing immediate compliance activity for affected firms and setting a fixed end date for the deferral."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument performs exactly its stated purpose: deferring design and distribution obligations. No scope creep detected."},"complexity_factors":["Extremely short: only 5 operative sections across 2 Parts","Minimal defined terms: only 3 definitions (Act, regulated person, target market determination), all referencing external legislation","Single substantive provision (section 5) with no conditional logic or exceptions","No cross-references beyond basic authority and definition provisions","Straightforward temporal exemption with clear end date"],"plain_english_summary":"ASIC has delayed the start of the Design and Distribution Obligations from April to October 2021 and issued a blanket exemption so regulated product sellers (banks, insurers, fund managers and others) need not comply with Part 7.8A or prepare target market determinations until October. It gives the financial industry a six‑month COVID‑era reprieve from new customer‑targeting and sale‑restriction rules introduced after the Banking Royal Commission."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-deferral-of-design-and-distribution-obligations-instrument-2020-486","history":"/api/acts/asic-corporations-deferral-of-design-and-distribution-obligations-instrument-2020-486/history","analysis":"/api/acts/asic-corporations-deferral-of-design-and-distribution-obligations-instrument-2020-486/analysis","conflicts":"/api/acts/asic-corporations-deferral-of-design-and-distribution-obligations-instrument-2020-486/conflicts","importantCases":"/api/acts/asic-corporations-deferral-of-design-and-distribution-obligations-instrument-2020-486/important-cases","documents":"/api/acts/asic-corporations-deferral-of-design-and-distribution-obligations-instrument-2020-486/documents"}}