{"id":"F2017L01070","name":"ASIC Corporations (Disclosure Relief—Offers to Associates) Instrument 2017/737","slug":"asic-corporations-disclosure-relief-offers-to-associates-instrument-2017-737","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":96978,"registerId":"commonwealth-F2017L01070-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Disclosure Relief—Offers to Associates) Instrument 2017/737","content":"![](image.001.jpeg)\n\nASIC Corporations (Disclosure Relief—Offers to Associates) Instrument 2017/737\n\nAbout this compilation\n\nCompilation No. 1\n\nThis is a compilation of ASIC Corporations (Disclosure Relief—Offers to Associates) Instrument 2017/737 as in force on 18 September 2018. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information\n\nabout amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Part 1—Preliminary](#_Toc524951842)\n\n[1 Name of legislative instrument](#_Toc524951843)\n\n[3 Authority](#_Toc524951844)\n\n[4 Definitions](#_Toc524951845)\n\n[Part 2—Declaration](#_Toc524951846)\n\n[5 Definition of ‘senior manager’](#_Toc524951847)\n\n[Endnotes](#_Toc524951848)\n\n[Endnote 1—Instrument history](#_Toc524951849)\n\n[Endnote 2—Amendment history](#_Toc524951850)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Disclosure Relief—Offers to Associates) Instrument 2017/737.\n\n3 Authority\n\nThis instrument is made under subsections 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\nPart 2—Declaration\n\n5 Definition of ‘senior manager’\n\nChapter 6D of the Act applies to all persons and Part 7.9 applies in relation to a managed investment product and a foreign passport fund product as if the definition of senior manager in section 9 of the Act were modified or varied by omitting paragraph (a) and substituting:\n\n“(a) in relation to a body—means a person who is concerned in, or takes part in, the management of the body (regardless of the person’s designation and whether or not the person is a director or secretary of the body)”.\n\nEndnotes\n\nEndnote 1—Instrument history\n\n| Instrument number | Date of FRL registration    | Date of commencement | Application, saving or transitional provisions |\n| ----------------- | --------------------------- | -------------------- | ---------------------------------------------- |\n| 2017/737          | 23/8/2017 (see F2017L01070) | 24/8/2017            |                                                |\n| 2018/697          | 13/9/2018 (see F2018L01281) | 18/9/2018            | -                                              |\n\nEndnote 2—Amendment history\n\n> Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted\n\n| Provision affected | How affected |\n| ------------------ | ------------ |\n| Section 2          | rep. s48D LA |\n| Section 5          | am. 2018/697 |","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":"Yes. Section 5 substitutes paragraph (a) of the definition of 'senior manager' (as used in Chapter 6D and Part 7.9), expanding scope to include any person involved in management of a body regardless of designation or whether they are a director or secretary. This broadens the set of individuals captured by the disclosure regimes (s5)."},"complexity_factors":["Single, narrow amendment: one definitional substitution (s5).","Cross‑reference dependence: modifies application of section 9 of the Corporations Act to Chapter 6D and Part 7.9, so effect depends on reading those provisions together (s5).","Broad, open‑text phrase: \"concerned in, or takes part in, the management\" invites factual and legal interpretation across diverse corporate structures (s5).","Compliance identification burden: entities must identify additional persons who qualify as senior managers and apply disclosure rules to them (s5).","Made under delegated powers (ss 741(1), 1020F(1)), so statutory context and limits matter for interpretation (s3).","Amendment history exists (2018/697) — implementers must track the current text and its commencement dates (Endnote 1 & 2)."],"plain_english_summary":"This instrument changes who counts as a 'senior manager' for parts of the Corporations Act by substituting paragraph (a) so that any person \"concerned in, or takes part in, the management of the body\" is captured irrespective of job title or whether they are a director or secretary (s5). It therefore broadens who is subject to Chapter 6D and Part 7.9 disclosure obligations, meaning some non‑director managers may face the same compliance duties and costs as formally titled officers (s5)."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument remains tightly focused on its original purpose: providing disclosure relief for offers to senior managers. The 2018 amendment refined the definition of 'senior manager' but did not expand the instrument's scope beyond this specific relief mechanism."},"complexity_factors":["Very short instrument (only 5 sections, with Section 2 repealed)","Single substantive provision (Section 5) that modifies one definition","No nested exceptions or conditional logic","Only 1 defined term in the instrument itself ('Act')","Simple modification: omit one paragraph, substitute another","No cross-references beyond basic references to the Corporations Act"],"plain_english_summary":"This instrument exempts companies from providing full disclosure documents (like prospectuses) when offering securities or managed investment products to their senior managers as part of employment or involvement with the company.  \n\nBy broadening who counts as a \"senior manager\" to include anyone involved in managing the company (regardless of title), more internal offers can be made without costly disclosure, easing issuance of shares, options or similar incentives."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-disclosure-relief-offers-to-associates-instrument-2017-737","history":"/api/acts/asic-corporations-disclosure-relief-offers-to-associates-instrument-2017-737/history","analysis":"/api/acts/asic-corporations-disclosure-relief-offers-to-associates-instrument-2017-737/analysis","conflicts":"/api/acts/asic-corporations-disclosure-relief-offers-to-associates-instrument-2017-737/conflicts","importantCases":"/api/acts/asic-corporations-disclosure-relief-offers-to-associates-instrument-2017-737/important-cases","documents":"/api/acts/asic-corporations-disclosure-relief-offers-to-associates-instrument-2017-737/documents"}}