{"id":"F2016L01323","name":"ASIC Corporations (Directors' Report Relief) Instrument 2016/188","slug":"asic-corporations-directors-report-relief-instrument-2016-188","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":438907,"registerId":"F2016L01323-fast-fetch-1775955132806","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Directors' Report Relief) Instrument 2016/188","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: ASIC Corporations (Directors' Report) Instrument 2016\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Corporations (Directors’ Report Relief) Instrument 2016/188\n\nI, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate: 15 August 2016\n\n \n\n \n\nStephen Yen\n\n \n\nContents\n\nPart 1—Preliminary \n\n1 Name of legislative instrument.....................................\n\n2 Commencement................................................\n\n3 Authority.....................................................\n\n4 Definitions....................................................\n\nPart 2—Order \n\n5 Relief allowing transfer of information from the Directors’ Report........\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Directors’ Report Relief) Instrument 2016/188.\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 subsection 341(1) of Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nentity means company, registered scheme or disclosing entity.\n\n \n\n \n\n \n\n \n\n\nPart 2—Order\n\n5 Relief allowing transfer of information from the Directors’ Report\n\n(1) An entity does not have to comply with paragraph 298(1AA)(c), paragraph 298(1AB)(b), subsection 298(1A), sections 299 to 300 (other than subsections 300(11B) and (11C)) and section 300B of the Act to the extent that these sections require certain information to be included in the directors’ report (or in the financial report under subsection 300(2) of the Act) for a financial year (the relevant period).\n\n(2) A disclosing entity does not have to comply with section 306 of the Act to the extent that the section requires certain information to be included in the directors’ report for a half-year (the relevant period).  \n\n(3) An entity does not have to comply with Part 2M.3 to the extent that it precludes information required to be included in the directors’ report for the relevant period from being included in the financial report for the relevant period.  This does not apply to information required by subsection 298(1A), sections 299 and 299A and subsection 306(2) of the Act.\n\n(4) The relief in subsections (1) to (3) is available where all of the following apply:\n\n(a) all information (the excluded information) which is not included in the directors’ report or the financial report is included in a document (the accompanying document) which accompanies the directors’ report and financial report for the relevant period;\n\n(b) the directors’ report for the relevant period incorporates by reference the information that has been left out and includes a prominent cross-reference to the page or pages of the financial report or the accompanying document where the information has been set out;\n\n(c) the entity does not distribute or make available the directors’ report and financial report for the relevant period to any person and takes reasonable steps to ensure that no other person distributes or makes available those reports without the accompanying document;\n\n(d) the accompanying document is lodged with ASIC as if it were a part of the report required to be lodged with ASIC under section 319 or 320 of the Act for the relevant period;\n\n(e) any of the excluded information is included in or accompanies any concise report for the purposes of section 314 of the Act and is lodged with ASIC under section 319 of the Act.\n\n \n","sortOrder":0}],"analysis":{"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"},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"Compared with the default statutory requirement that specific information be included in the directors’ report, this instrument narrows that scope by permitting transfer of specified items into a separate accompanying document when strict conditions are met (instrument s5(1)–(4)). It preserves mandatory inclusions by excluding certain provisions from relief (instrument s5(1) and s5(3)), and imposes lodging and distribution controls (instrument s5(4)(c)–(d))."},"complexity_factors":["Cross‑references to multiple Act provisions (instrument s5(1) lists paragraphs 298(1AA)(c), 298(1AB)(b), subsection 298(1A), sections 299–300 (with exceptions), and section 300B).","Conditional relief subject to a bundle of requirements in instrument s5(4)(a)–(e) (accompanying document, incorporation by reference, lodging with ASIC, distribution controls, concise report lodging).","Interplay with Part 2M.3 and explicit carve‑outs (instrument s5(3) and s5(1) exceptions for subsections 300(11B) and (11C); exclusions for subsection 298(1A), sections 299 and 299A and subsection 306(2)).","Compliance‑burden elements: obligation to 'take reasonable steps' to prevent distribution without the accompanying document (instrument s5(4)(c)) creates factual inquiry and enforcement risk.","Administrative action required: accompanying document must be lodged with ASIC 'as if' part of the report under sections 319 or 320 (instrument s5(4)(d)), changing filing mechanics.","Affects multiple entity types (defined 'entity' covers company, registered scheme or disclosing entity — instrument s4), so scope spans diverse reporting regimes.","Potential for uncertainty around what qualifies as adequate 'prominent cross‑reference' and the sufficiency of the accompanying document (instrument s5(4)(b)), increasing legal interpretation needs."],"plain_english_summary":"This instrument lets companies, registered schemes and disclosing entities omit specified items from their directors’ report for a reporting period if all omitted information is placed in a separate accompanying document that is lodged with ASIC and is clearly cross‑referenced in the directors’ report. It also requires entities to prevent distribution of the report without the accompanying document and excludes certain mandatory items from the relief, thereby changing how information is filed and how stakeholders access directors’ report material."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument remains tightly scoped to its original purpose: providing procedural relief for the location of directors' report information. It does not expand beyond the specific disclosure flexibility it was designed to address."},"complexity_factors":["Very short instrument (only 5 sections, approximately 1.5 pages)","Minimal defined terms (only 2: 'Act' and 'entity')","Single operative provision (section 5) with 4 subsections","Simple conditional structure: relief granted IF conditions (a)-(e) are met","Cross-references to external legislation (Corporations Act sections) but no internal cross-referencing","No nested exceptions or complex definitional chains","Straightforward administrative relief mechanism typical of ASIC class orders"],"plain_english_summary":"This ASIC rule lets companies, managed investment schemes and disclosing entities move certain information out of the Directors' Report and instead include it in the financial report or a separate accompanying document. \n\nTight conditions require the accompanying document to travel with and be lodged like the report, be clearly cross‑referenced from the Directors' Report (including page references), not be separated from core documents, and also cover any concise shareholder reports — preserving investor access while easing formatting constraints."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-directors-report-relief-instrument-2016-188","history":"/api/acts/asic-corporations-directors-report-relief-instrument-2016-188/history","analysis":"/api/acts/asic-corporations-directors-report-relief-instrument-2016-188/analysis","conflicts":"/api/acts/asic-corporations-directors-report-relief-instrument-2016-188/conflicts","importantCases":"/api/acts/asic-corporations-directors-report-relief-instrument-2016-188/important-cases","documents":"/api/acts/asic-corporations-directors-report-relief-instrument-2016-188/documents"}}