{"id":"F2016L01503","name":"ASIC Corporations (Dematerialised Securities: Austraclear) Instrument 2016/841","slug":"asic-corporations-dematerialised-securities-austraclear-instrument-2016-841","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":438958,"registerId":"F2016L01503-fast-fetch-1775955159451","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Dematerialised Securities: Austraclear) Instrument 2016/841","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: ASIC Corporations (Austraclear - Dematerialised Securities) Instrument 2015\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Corporations (Dematerialised Securities: Austraclear) Instrument 2016/841\n\nI, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate  19 September 2016\n\n \n\n \n\nGrant Moodie\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc462057820)\n\n[1 Name of legislative instrument](#_Toc462057821)\n\n[2 Commencement](#_Toc462057822)\n\n[3 Authority](#_Toc462057823)\n\n[4 Definitions](#_Toc462057824)\n\n[Part 2—Exemption](#_Toc462057825)\n\n[5 Dematerialised securities](#_Toc462057826)\n\n[6 Operation of a clearing and settlement facility for dematerialised securities](#_Toc462057827)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Dematerialised Securities: Austraclear) Instrument 2016/841.\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 283GA(1), 601QA(1), 741(1) and 1075A(1) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\ndematerialised security, in relation to the clearing and settlement facility operated by Austraclear Limited, means any of the following which are acceptable for deposit in the facility:\n\n(a) electronically recorded single party debt obligations under which the rights as between the maker or issuer and any participant of the clearing and settlement facility who deals in them will be equivalent to the rights which would arise under a certificate of deposit issued by a bank;\n\n(b) electronically recorded two party debt obligations under which the rights as between the drawer, acceptor, any indorser and any participant of the clearing and settlement facility who deals in them will be equivalent to the rights which would arise under a bill of exchange accepted by a bank;\n\n(c) electronically recorded single party debt obligations under which the rights as between the maker or issuer and any participant of the clearing and settlement facility who deals in them will be equivalent to the rights which would arise under a certificate of deposit issued by a person other than a bank or a promissory note.\n\nnon-participant means any person who satisfies both of the following:\n\n(a) is a drawer of a security of the kind mentioned in paragraph (b) of the definition of dematerialised security;\n\n(b) is not a participant of the clearing and settlement facility operated by Austraclear Limited.\n\nparticipant means a participant of the clearing and settlement facility operated by Austraclear Limited.\n\nPart 2—Exemption\n\n5 Dematerialised securities\n\n(1) This section applies to the extent that a dematerialised security is a debenture in circumstances where the bill of exchange, certificate of deposit or promissory note to which the dematerialised security relates is not a debenture.\n\n(2) Austraclear Limited, participants and non-participants do not have to comply with Chapter 2L and Parts 6D.2 and 6D.3 of the Act in relation to any offer of dematerialised securities for issue or sale, and any issue or sale of dematerialised securities, that occurs in the course of:\n\n(a) the trading by participants in dematerialised securities that are deposited into the clearing and settlement facility operated by Austraclear Limited;\n\n(b) the drawing by non-participants of dematerialised securities of the kind mentioned in paragraph (b) of the definition of dematerialised security that are deposited into the clearing and settlement facility operated by Austraclear Limited and accepted by members of Austraclear Limited.\n\n(3) Dematerialised securities are exempt from Divisions 2 and 3 of Part 7.11 of the Act.\n\n6 Operation of a clearing and settlement facility for dematerialised securities\n\nTo avoid doubt, Austraclear Limited does not have to comply with Chapter 5C of the Act in relation to the operation of the clearing and settlement facility for dematerialised securities in accordance with the operating rules of the facility.\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"},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow purpose: exempting Austraclear's electronic short-term debt market from specific Corporations Act requirements. The scope remains tightly focused on dematerialised certificates of deposit, bills of exchange, and promissory notes traded through this specific clearing facility. No expansion beyond this original intent is evident."},"complexity_factors":["Only 6 sections total with minimal cross-referencing","4 defined terms in section 4, all straightforward","Single conditional exemption in section 5 with clear scope limitation ('to the extent that')","No nested exceptions or complex temporal provisions","Relies on external definitions from Corporations Act but doesn't create new interpretive layers","Section 6 is a simple 'to avoid doubt' clarification without operational conditions"],"plain_english_summary":"This instrument exempts Austraclear Limited, its participants and certain issuers from parts of the Corporations Act so electronic short‑term debt instruments (e.g. CDs, bills, promissory notes) can be traded and settled in Austraclear without triggering prospectus, financial‑product or clearing‑facility rules. It preserves efficient, wholesale dematerialised trading between sophisticated market participants by removing retail‑style disclosure and licensing requirements that would otherwise hinder the short‑term money market."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"This instrument narrows application of several Corporations Act regimes to the extent described: it relieves Austraclear, its participants and specified non‑participants from compliance with Chapter 2L and Parts 6D.2 & 6D.3 for offers/issue/sale occurring in the course of trading or drawing in the facility (s5(2)); exempts the dematerialised securities from Divisions 2 and 3 of Part 7.11 (s5(3)); and confirms Chapter 5C does not apply to operation of the facility (s6). Mechanically, the compliance burden shifts away from Austraclear and participants (s5(2), s6) and changes the statutory protections and reporting/licensing rules that would otherwise apply to holders and issuers of those instruments (s5(1)–(3))."},"complexity_factors":["Narrow, technical subject‑matter: focuses only on dematerialised securities in Austraclear (definition-heavy) (see s4).","Multiple cross‑references to distinct Corporations Act regimes: Chapter 2L, Parts 6D.2 & 6D.3, Part 7.11 Divs 2–3, and Chapter 5C (see s5(2), s5(3), s6).","Conditional exemptions: applies only where the dematerialised security is treated as a debenture though underlying paper is not (see s5(1)).","Different treatment for participants and non‑participants, including a specific category of non‑participant (drawer) (see s4 definition of non‑participant and s5(2)(b)).","Legal interpretation risk over equivalence language in the definition of dematerialised security (e.g. ‘equivalent to the rights which would arise under…’) (see s4).","Operational impact confined to one facility (Austraclear) which concentrates legal effects and may require facility–rule alignment (see s6)."],"plain_english_summary":"This instrument exempts Austraclear Limited, its participants and certain non‑participants from specific Corporations Act requirements for defined “dematerialised securities” deposited and traded in Austraclear. It also confirms Austraclear need not comply with Chapter 5C when operating that clearing and settlement facility. It therefore alters which disclosure, issue, transfer and operator‑licensing rules apply to those electronic debt instruments and the parties who deal in them."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-dematerialised-securities-austraclear-instrument-2016-841","history":"/api/acts/asic-corporations-dematerialised-securities-austraclear-instrument-2016-841/history","analysis":"/api/acts/asic-corporations-dematerialised-securities-austraclear-instrument-2016-841/analysis","conflicts":"/api/acts/asic-corporations-dematerialised-securities-austraclear-instrument-2016-841/conflicts","importantCases":"/api/acts/asic-corporations-dematerialised-securities-austraclear-instrument-2016-841/important-cases","documents":"/api/acts/asic-corporations-dematerialised-securities-austraclear-instrument-2016-841/documents"}}