{"id":"F2026L00341","name":"ASIC Corporations (Exposure Period) Instrument 2026/90","slug":"asic-corporations-exposure-period-instrument-2026-90","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107910,"registerId":"commonwealth-F2026L00341-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Exposure Period) Instrument 2026/90","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Exposure Period) Instrument 2026/90\n\nI, Amanda Zeller, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 23 March 2026\n\nAmanda Zeller\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—Exemptions 5\n\n7 Supplementary and replacement documents.........................5\n\n8 Quoted securities..............................................5\n\n9 Options to acquire quoted securities...............................5\n\n10 Products that are able to be traded on a declared financial market........5\n\nPart 3—Repeal 7\n\n11 Repeal.......................................................7\n\nSchedule 1—Repeals 8\n\nASIC Corporations (Exposure Period) Instrument 2016/74................8\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Exposure Period) Instrument 2026/90.\n\n2 Commencement\n\nThis instrument commences on the later of:\n\n(a) the day after it is registered on the Federal Register of Legislation; and\n\n(b) 1 April 2026.\n\n> Note: The register may be accessed at www.legislation.gov.au.\n\n3 Authority\n\nThis instrument is made under subsections 741(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Act 2001.\n\n4 Schedules\n\nEach instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\n5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 contains various exemptions from the exposure period requirements in Chapter 6D and Part 7.9 of the Act that apply to certain offers of securities and financial products. The exemptions apply in relation to:\n\n(a) supplementary and replacement documents; and\n\n(b) offers of securities in a class of securities that is quoted on a declared financial market (and offers of options to acquire such securities); and\n\n(c) offers of certain financial products that are able to be traded on a declared financial market.\n\n6 Definitions\n\nIn this instrument:\n\nAct means the Corporation Act 2001.\n\nexposure period, in relation to a disclosure document that is being supplemented or replaced, means the period mentioned in subsection 727(3) of the Act in relation to the disclosure document (including the period as extended by ASIC under that subsection).\n\n  \n\nPart 2—Exemptions\n\n7 Supplementary and replacement documents\n\n(1) A person who lodges a supplementary or replacement document (each an updating document) under section 719 of the Act after the expiration of the exposure period in relation to a disclosure document that is being supplemented or replaced does not have to comply with subsection 727(3) of the Act to the extent it would otherwise prohibit the person from accepting an application for, or issuing or transferring, securities offered under the updating document until the period of 7 days after the lodgement of the updating document has ended.\n\n(2) A person who lodges an updating document before the expiration of the exposure period in relation to a disclosure document that is being supplemented or replaced does not have to comply with subsection 727(3) of the Act to the extent it would otherwise prohibit the person from accepting an application for, or issuing or transferring, securities offered under the updating document after the expiration of the exposure period.\n\n(3) This section does not affect the application of subsection 727(3) of the Act to the disclosure document that is being supplemented or replaced.\n\n8 Quoted securities\n\nTo avoid doubt, a person does not have to comply with subsection 727(3) of the Act in relation to an offer of securities if, at the time of lodgement of the disclosure document, the securities are in a class of securities that are quoted on a declared financial market.\n\n> Note: declared financial market is defined in section 9D of the Act. Until the time the first declaration is made under subsection 9D(2), a market that was prescribed as a prescribed financial market by former regulation 1.0.02A of the Corporations Regulations 2001 is taken to be a declared financial market: see section 1705F of the Act.\n\n9 Options to acquire quoted securities\n\nA person does not have to comply with subsection 727(3) of the Act in relation to an offer of options to acquire securities if, at the time of lodgement of the disclosure document for the options, the underlying securities are in a class of securities that are quoted on a declared financial market.\n\n10 Products that are able to be traded on a declared financial market\n\n(1) To avoid doubt, a responsible person does not have to comply with subsection 1016B(1) of the Act in relation to an application made in response to a Product Disclosure Statement for a managed investment product (the product) or a security (the product) in a retail CCIV that is referable to a sub-fund of the CCIV if, at the time of lodgement of the Product Disclosure Statement, the product is in a class of products that are able to be traded on a declared financial market.\n\n(2) For the purposes of this section, a class of products is not to be taken as not being able to be traded on a declared financial market merely because, at the time of lodgement of the Product Disclosure Statement, trading in that class has been suspended.\n\n  \n\nPart 3—Repeal\n\n11 Repeal\n\nThis instrument is repealed at the start of 1 April 2031.\n\n  \n\nSchedule 1—Repeals\n\nASIC Corporations (Exposure Period) Instrument 2016/74\n\n1 The whole of the instrument\n\nRepeal the instrument.","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"},"summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"This instrument replaces the ASIC Corporations (Exposure Period) Instrument 2016/74, re-making existing class exemptions from exposure period requirements with updated legislative references, coverage of retail CCIVs, and a new automatic repeal date of 1 April 2031."},"complexity_factors":["Relies on technical concepts such as exposure periods, supplementary and replacement documents, declared financial markets, and quoted securities.","Cross-references multiple provisions of the Corporations Act 2001 and transitional arrangements regarding formerly prescribed financial markets."],"plain_english_summary":"ASIC Legislative Instrument 2026/90 (effective 1 April 2026 to 1 April 2031) removes the mandatory 7‑day exposure (waiting) period for offers of securities and managed investment products that are already quoted or tradable on a declared financial market, options to acquire those securities, and certain supplementary or replacement disclosure documents.\n\nIt affects companies, responsible entities, retail CCIVs and their advisers, speeding follow‑on offers and listed‑product transactions while preserving the exposure period for new, unlisted offers."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument maintains the same scope as its predecessor (Instrument 2016/74). It provides targeted exemptions from exposure period requirements for specific categories of securities and financial products. The scope remains limited to administrative relief for disclosure document processes and does not expand into new regulatory areas."},"complexity_factors":["Short length (11 sections plus Schedule)","Minimal defined terms (only 2 explicit definitions in section 6, though relies on external definitions from the Corporations Act)","Straightforward conditional logic (if X is quoted on a declared financial market, then exemption applies)","Single cross-reference structure (relies heavily on subsections 727(3), 1016B(1), and section 719 of the Corporations Act)","No nested exceptions or complex provisos","Clear sunset clause (automatic repeal in 5 years)"],"plain_english_summary":"**What this legislation does**\n\nThis instrument creates **exemptions** (special permissions to skip certain rules) from the \"exposure period\" requirements in Australia's Corporations Act 2001.\n\nThe **exposure period** is a mandatory cooling-off period (usually 7 days) after a company lodges a disclosure document with ASIC. During this time, the company generally cannot accept applications or issue securities. This rule exists to let investors digest the information before committing money.\n\n**Who gets exempted and why**\n\nThis instrument says three types of offers **don't need to wait** for the exposure period:\n\n*   **Supplementary and replacement documents**: If a company updates an existing disclosure document (to fix errors or add new information), they don't need to restart the 7-day wait. This prevents delays when fixing paperwork.\n\n*   **Quoted securities**: If the shares are already listed on a stock exchange (like the ASX), the exposure period doesn't apply. These securities already have continuous disclosure obligations and market pricing, so investors aren't flying blind.\n\n*   **Options over quoted securities**: Same logic—if the underlying shares are already listed, options to buy them are exempt.\n\n*   **Managed investment products and CCIV securities traded on markets**: Similar exemption for certain financial products that can be traded on declared financial markets.\n\n**Why it matters**\n\nThis streamlines capital raising for established listed companies and fixes administrative inefficiencies. Without these exemptions, a listed company doing a follow-on share issue would face unnecessary delays, and companies fixing minor document errors would have to restart the clock. The instrument also **repeals and replaces** the 2016 version of these exemptions (Instrument 2016/74), updating the framework for another 5 years (it self-repeals on 1 April 2031)."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"The instrument narrows the practical reach of the Corporations Act exposure‑period prohibitions in specific, enumerated situations by exempting (a) supplementary/replacement disclosure documents from certain timing bans (s7), (b) offers of securities or options where the securities or underlying securities are in a class quoted on a declared financial market (ss 8–9), and (c) applications under PDSs for products able to be traded on a declared financial market (s10). It also repeals the earlier ASIC exposure‑period instrument (Schedule 1) and sets a sunset (s11: 1 April 2031). The instrument leaves ASIC’s extension powers and the application of s727(3) to original disclosure documents intact (s7(3))."},"complexity_factors":["Cross‑references to multiple Corporations Act provisions (notably ss 727(3), 1016B(1), 719, 741(1), 1020F(1)) increase legal cross‑checking burden.","Timing distinctions in s7 between lodging an updating document before versus after the exposure period create conditional exemptions that require factual verification of lodgement timing.","Scope is class‑based (classes of quoted securities or products able to be traded on a declared financial market) rather than issuer‑by‑issuer, requiring market status checks and reliance on the definition of 'declared financial market' (note after s8; see s9D of the Act).","Includes related instruments and a repeal: Schedule 1 repeals ASIC Corporations (Exposure Period) Instrument 2016/74, so implementers must check legacy arrangements.","Limited carve‑outs affect different Act prohibitions (s727(3) for disclosure documents and s1016B(1) for Product Disclosure Statements), so compliance systems must track which prohibition the exemption addresses (ss 7–10).","Preserves existing ASIC powers and does not override application of s727(3) to the original disclosure document (s7(3)), so some discretionary ASIC interventions remain relevant.","Sunset/repeal date (s11: 1 April 2031) imposes a known end date for the exemptions, requiring monitoring and potential transition planning."],"plain_english_summary":"This instrument creates limited exemptions to the Corporations Act ‘exposure period’ pause so certain offers can be accepted or securities issued despite lodgement of disclosure documents. It affects issuers and responsible persons for quoted securities, options on quoted securities, supplementary/replacement disclosure documents, and managed products that can be traded on a declared financial market, by changing when the usual 7‑day or exposure‑period prohibitions apply and by running until 1 April 2031."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-exposure-period-instrument-2026-90","history":"/api/acts/asic-corporations-exposure-period-instrument-2026-90/history","analysis":"/api/acts/asic-corporations-exposure-period-instrument-2026-90/analysis","conflicts":"/api/acts/asic-corporations-exposure-period-instrument-2026-90/conflicts","importantCases":"/api/acts/asic-corporations-exposure-period-instrument-2026-90/important-cases","documents":"/api/acts/asic-corporations-exposure-period-instrument-2026-90/documents"}}