{"id":"F2026L00390","name":"ASIC Corporations (Exchange-Traded Warrants) Instrument 2026/247","slug":"asic-corporations-exchange-traded-warrants-instrument-2026-247","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":108008,"registerId":"commonwealth-F2026L00390-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Exchange-Traded Warrants) Instrument 2026/247","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Exchange-Traded Warrants) Instrument 2026/247\n\nI, Andrew Templer, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 25 March 2026\n\nAndrew Templer\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement...............................................3\n\n3 Authority....................................................3\n\n4 Schedules....................................................3\n\n5 Simplified outline of this instrument...............................3\n\n6 Definitions...................................................3\n\nPart 2—Exemption 5\n\n7 Exchange-traded managed investment warrants......................5\n\n8 Conditions...................................................5\n\nPart 3—Declaration 6\n\n9 Exchange-traded warrants.......................................6\n\nPart 4—Repeal 7\n\n10 Repeal.......................................................7\n\nSchedule 1—Repeals 8\n\nASIC Corporations (Exchange-Traded Warrants) Instrument 2016/886......8\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Exchange-Traded Warrants) Instrument 2026/247.\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.\n\n3 Authority\n\nThis instrument is made under subsections 111AT(1) and 1020F(1) of the Corporations Act 2001.\n\n4 Schedules\n\nEach instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\n5 Simplified outline of this instrument\n\nThis instrument exempts issuers of exchange-traded managed investment warrants from financial reporting, continuous disclosure, periodic statement and certain Product Disclosure Statement requirements in Chapters 2M and 6CA and Part 7.9 of the Act. The exemption is subject to a condition that the warrant issuer provides ongoing disclosure of material changes and significant events.\n\nThis instrument also modifies Part 7.9 of the Act so that the secondary sale of exchange-traded warrants on a declared financial market does not require the provision of a Product Disclosure Statement.\n\n6 Definitions\n\nAct means the Corporations Act 2001.\n\nexchange-traded managed investment warrant means a financial product that satisfies all the following:\n\n(a) the product is an exchange-traded warrant;\n\n(b) the product is an arrangement in relation to which paragraphs 761D(1)(a) to (c) of the Act apply;\n\n(c) the product is of a kind referred to in subparagraphs 764A(1)(b)(ii) or 764A(1)(ba)(ii) of the Act;\n\n(d) the product is transferable.\n\nexchange-traded warrant means a warrant within the meaning of the operating rules of the declared financial market on which it has been admitted to trading status or quotation.\n\nissuer has the meaning given by section 761E of the Act.\n\nShort-Form PDS has the meaning given by Division 3A of Part 7.9 of the Act as notionally inserted by Part 3 of Schedule 10BA to the Corporations Regulations 2001.\n\nPart 2—Exemption\n\n7 Exchange-traded managed investment warrants\n\n(1) An issuer (a warrant issuer) of an exchange-traded managed investment warrant does not have to comply with:\n\n(a) section 1013I of the Act in relation to a Product Disclosure Statement or Short-Form PDS in relation to the warrant; or\n\n(b) section 1015B of the Act in relation to a Product Disclosure Statement in relation to the warrant; or\n\n(c) section 1017D of the Act in relation to the warrant.\n\n> Note 1: The consequences of relying on the exemption from section 1015B of the Act include paragraph 1013G(a), section 1013J and subsection 1016B(1) of the Act not applying in relation to the relevant Product Disclosure Statement, and section 1015D of the Act applying in relation to that Statement.\n\n> Note 2: Section 1015B of the Act does not apply to a Short-Form PDS.\n\n(2) A warrant issuer does not have to comply with the disclosing entity provisions if the warrant issuer is a disclosing entity only because one or more classes of exchange-traded managed investment warrants of the warrant issuer are ED securities.\n\n8 Conditions\n\nA warrant issuer that relies on an exemption in section 7 in relation to an exchange-traded managed investment warrant must comply with section 1017B of the Act in relation to the warrant as if subsection 1017B(2) were omitted.\n\nPart 3—Declaration\n\n9 Exchange-traded warrants\n\n(1) Part 7.9 of the Act applies in relation to an exchange-traded warrant as if item 3 in the table in subsection 761E(3) of the Act were omitted.\n\n(2) Subsection (1) applies where the exchange-traded warrant is acquired on the declared financial market in relation to which it has been admitted to trading status or quotation.\n\n  \n\nPart 4—Repeal\n\n10 Repeal\n\nThis instrument is repealed at the start of 1 April 2031.\n\nSchedule 1—Repeals\n\nASIC Corporations (Exchange-Traded Warrants) Instrument 2016/886\n\n1 The whole of the instrument\n\nRepeal the instrument.","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"This instrument replaces the 2016 instrument (Schedule 1) and continues exemptions for exchange‑traded managed investment warrants but clarifies and limits scope by: (a) defining 'exchange‑traded managed investment warrant' (s6); (b) expressly exempting issuers from specified PDS, continuous disclosure and financial reporting provisions (s7); (c) making the exemption conditional on ongoing disclosure under s1017B as modified (s8); (d) declaring secondary market acquisitions on the admitted declared market do not require a PDS (s9); and (e) adding a repeal/sunset date of 1 April 2031 (s10)."},"complexity_factors":["Extensive cross‑references to multiple Corporations Act provisions (Chapters 2M, 6CA, Part 7.9 and specific sections such as 1013I, 1015B, 1017D, 1017B) requiring legal mapping.","Conditional exemption: relief is subject to compliance with section 1017B as if subsection 1017B(2) were omitted (s8), which alters the shape of ongoing disclosure obligations.","Interaction with 'disclosing entity' status: s7(2) exempts issuers who are disclosing entities solely because ED securities are held, creating scope questions for entity classification.","Definition reliance: 'exchange‑traded managed investment warrant' and 'exchange‑traded warrant' depend on Act text and a declared financial market's operating rules (s6), so application depends on external instruments/rules.","Modification of Part 7.9 (s9) changes the treatment of secondary market acquisitions, requiring interpretation of when PDS obligations are triggered.","Temporal complexity: instrument has a fixed repeal/sunset date (start of 1 April 2031) (s10), affecting planning and transitional arrangements.","Repeal of earlier instrument (Schedule 1) means practitioners must compare instruments to identify substantive changes and transitional effects.","Practical compliance burden: issuers must implement processes for ongoing material change disclosure in place of routine periodic/financial reporting, shifting operational controls and enforcement focus to ASIC."],"plain_english_summary":"This instrument exempts issuers of exchange‑traded managed investment warrants from certain Product Disclosure Statement, continuous disclosure and related financial reporting obligations in Chapters 2M, 6CA and Part 7.9 of the Corporations Act, while requiring the issuer to provide ongoing disclosure of material changes and significant events. It also treats secondary sales of these warrants on the declared market as not requiring a PDS, runs until 1 April 2031, and replaces the 2016 instrument. Issuers reduce upfront compliance; investors get less pre‑sale disclosure; ASIC enforces ongoing disclosure as the condition."},"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"},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This instrument appears to be a straightforward reissue/update of the 2016 instrument it replaces. The scope remains tightly focused on providing targeted relief for exchange-traded warrants from specific chapters of the Corporations Act. The simplified outline in section 5 accurately captures the instrument's purpose, and there is no evidence of scope creep into unrelated areas of financial regulation."},"complexity_factors":["Multiple cross-references to the Corporations Act 2001 (sections 1013I, 1015B, 1017D, 1017B, 761D, 764A, 761E, etc.) requiring familiarity with the primary legislation","Nested definitions: 'exchange-traded managed investment warrant' depends on 'exchange-traded warrant', which depends on 'operating rules of the declared financial market'","Conditional logic in section 7(2) regarding when the disclosing entity exemption applies (only if the issuer is a disclosing entity solely because of ED securities)","Notional amendments: Section 9 modifies the Act by treating a table item as 'omitted' — a technical legislative drafting technique","Interaction between exemptions and conditions: Section 7 grants exemptions but section 8 imposes a condition that modifies how another section applies","Sunset clause with automatic repeal date (1 April 2031)"],"plain_english_summary":"This instrument creates tailored rules for exchange‑traded managed investment warrants, exempting issuers from full Product Disclosure Statements, certain financial reporting and continuous disclosure obligations, and periodic statements, while requiring ongoing disclosure of material changes. Sellers need not provide a PDS on secondary market sales.\n\nAffecting warrant issuers, investors and declared exchanges, the change streamlines regulation—relying on listing rules, market transparency and event disclosure—and replaces a 2016 instrument; it expires 1 April 2031."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-exchange-traded-warrants-instrument-2026-247","history":"/api/acts/asic-corporations-exchange-traded-warrants-instrument-2026-247/history","analysis":"/api/acts/asic-corporations-exchange-traded-warrants-instrument-2026-247/analysis","conflicts":"/api/acts/asic-corporations-exchange-traded-warrants-instrument-2026-247/conflicts","importantCases":"/api/acts/asic-corporations-exchange-traded-warrants-instrument-2026-247/important-cases","documents":"/api/acts/asic-corporations-exchange-traded-warrants-instrument-2026-247/documents"}}