{"id":"F2025L01164","name":"ASIC Corporations (Externally-Administered Bodies) Instrument 2025/584","slug":"asic-corporations-externally-administered-bodies-instrument-2025-584","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":106943,"registerId":"commonwealth-F2025L01164-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"“601NFA Reporting obligations during win","sectionType":"section","heading":"“601NFA Reporting obligations during winding up","content":"#### “601NFA Reporting obligations during winding up\n\n  (1) This section applies to:\n    (a) a responsible entity of a registered scheme being wound up; and\n    (b) a person (the responsible person) appointed under subsection 601NF(1) to take responsibility for ensuring a registered scheme is wound up in accordance with the scheme’s constitution.\n  (2) This section only applies where a copy of a scheme insolvency resolution has been lodged with ASIC by the responsible entity or responsible person.\n  (3) The responsible entity or responsible person who lodges the copy of the scheme insolvency resolution must prepare a report for each relevant period during the winding up and on the completion of the winding up, which includes the following information unless disclosure of that information would be prejudicial to the winding up:\n    (a) information about the progress and status of the winding up of the scheme, including details (as applicable) of:\n      (i) the actions taken during the period; and\n      (ii) the actions required to complete the winding up; and\n      (iii) the actions proposed to be taken in the next 12 months; and\n      (iv) the expected time to complete the winding up;\n    (b) financial information about receipts and payments for the scheme during the period;\n    (c) the following information as at the end of the period:\n      (i) the value of scheme property; and\n      (ii) any potential return to scheme members.\n  (4) A report required to be prepared under this section in relation to a relevant period must be made available to scheme members within 3 months after the end of the relevant period.\n  (5) The responsible entity or responsible person who lodges the copy of the scheme insolvency resolution must have adequate arrangements in place to answer, within a reasonable period of time and without charge, any reasonable questions asked by a member of the scheme about the winding up.\n  (6) In this section:\n    relevant period, in relation to a report, means:\n    (a) for a report on the completion of a winding up that has taken less than 12 months to complete—the period commencing from the day the winding up commenced and ending on the day of completion of the winding up; and\n    (b) for a report on the completion of a winding up that has taken more than 12 months to complete—the period commencing on the day after the end of the immediately preceding relevant period and ending on the day of the completion of the winding up; and\n    (c) for a report during the winding up—each period of 12 months.\n    scheme insolvency resolution means a resolution to the effect that, for a period of at least 12 months, the scheme property of the scheme has been insufficient to meet the debts of the responsible entity of the scheme incurred in that capacity as and when they were due and payable.”.\n\n19 Notified foreign passport funds being wound up","sortOrder":0},{"sectionNumber":"Chapter 8A of the Act applies to all ent","sectionType":"section","heading":"Chapter 8A of the Act applies to all entities as if the following section were inserted after section 1213M:","content":"Part 3—Declaration\n\n18 Schemes being wound up\n\nChapter 5C of the Act applies to all persons as if the following section were inserted after section 601NF:\n\n#### “601NFA Reporting obligations during winding up\n\n  (1) This section applies to:\n    (a) a responsible entity of a registered scheme being wound up; and\n    (b) a person (the responsible person) appointed under subsection 601NF(1) to take responsibility for ensuring a registered scheme is wound up in accordance with the scheme’s constitution.\n  (2) This section only applies where a copy of a scheme insolvency resolution has been lodged with ASIC by the responsible entity or responsible person.\n  (3) The responsible entity or responsible person who lodges the copy of the scheme insolvency resolution must prepare a report for each relevant period during the winding up and on the completion of the winding up, which includes the following information unless disclosure of that information would be prejudicial to the winding up:\n    (a) information about the progress and status of the winding up of the scheme, including details (as applicable) of:\n      (i) the actions taken during the period; and\n      (ii) the actions required to complete the winding up; and\n      (iii) the actions proposed to be taken in the next 12 months; and\n      (iv) the expected time to complete the winding up;\n    (b) financial information about receipts and payments for the scheme during the period;\n    (c) the following information as at the end of the period:\n      (i) the value of scheme property; and\n      (ii) any potential return to scheme members.\n  (4) A report required to be prepared under this section in relation to a relevant period must be made available to scheme members within 3 months after the end of the relevant period.\n  (5) The responsible entity or responsible person who lodges the copy of the scheme insolvency resolution must have adequate arrangements in place to answer, within a reasonable period of time and without charge, any reasonable questions asked by a member of the scheme about the winding up.\n  (6) In this section:\n    relevant period, in relation to a report, means:\n    (a) for a report on the completion of a winding up that has taken less than 12 months to complete—the period commencing from the day the winding up commenced and ending on the day of completion of the winding up; and\n    (b) for a report on the completion of a winding up that has taken more than 12 months to complete—the period commencing on the day after the end of the immediately preceding relevant period and ending on the day of the completion of the winding up; and\n    (c) for a report during the winding up—each period of 12 months.\n    scheme insolvency resolution means a resolution to the effect that, for a period of at least 12 months, the scheme property of the scheme has been insufficient to meet the debts of the responsible entity of the scheme incurred in that capacity as and when they were due and payable.”.\n\n19 Notified foreign passport funds being wound up\n\n#### Chapter 8A of the Act applies to all entities as if the following section were inserted after section 1213M:\n\n#### “1213MA Reporting obligations of a notified foreign passport fund during winding up\n\n  (1) This section applies to an operator of a notified foreign passport fund being wound up.\n  (2) This section only applies where a copy of a notified foreign passport fund insolvency resolution has been lodged with ASIC by the operator.\n  (3) The operator must prepare a report for each relevant period during the winding up and on the completion of the winding up, which includes the following information unless disclosure of that information would be prejudicial to the winding up:\n    (a) information about the progress and status of the winding up of the fund, including details (as applicable) of:\n      (i) the actions taken during the period; and\n      (ii) the actions required to complete the winding up; and\n      (iii) the actions proposed to be taken in the next 12 months; and\n      (iv) the expected time to complete the winding up;\n    (b) financial information about receipts and payments for the fund during the period;\n    (c) the following information as at the end of the period:\n      (i) the value of assets of the fund; and\n      (ii) any potential return to fund members.\n  (4) A report required to be prepared under this section in relation to a relevant period must be made available to fund members within 3 months after the end of the relevant period.\n  (5) The operator must have adequate arrangements in place to answer, within a reasonable period of time and without charge, any reasonable questions asked by a member of the fund about the winding up.\n  (6) In this section:\n    relevant period, in relation to a report, means:\n    (a) for a report on the completion of a winding up that has taken less than 12 months to complete—the period commencing from the day the winding up commenced and ending on the day of completion of the winding up; and\n    (b) for a report on the completion of a winding up that has taken more than 12 months to complete—the period commencing on the day after the end of the immediately preceding relevant period and ending on the day of the completion of the winding up; and\n    (c) for a report during the winding up—each period of 12 months.\n    notified foreign passport fund insolvency resolution means a resolution to the effect that, for a period of at least 12 months, the assets have been insufficient to meet the debts incurred in operating the fund as and when they were due and payable.”.\n\n  \n\nPart 4—Repeal\n\n20 Repeal\n\nThis instrument is repealed at the start of 1 October 2030.","sortOrder":1},{"sectionNumber":"“1213MA Reporting obligations of a notif","sectionType":"section","heading":"“1213MA Reporting obligations of a notified foreign passport fund during winding up","content":"#### “1213MA Reporting obligations of a notified foreign passport fund during winding up\n\n  (1) This section applies to an operator of a notified foreign passport fund being wound up.\n  (2) This section only applies where a copy of a notified foreign passport fund insolvency resolution has been lodged with ASIC by the operator.\n  (3) The operator must prepare a report for each relevant period during the winding up and on the completion of the winding up, which includes the following information unless disclosure of that information would be prejudicial to the winding up:\n    (a) information about the progress and status of the winding up of the fund, including details (as applicable) of:\n      (i) the actions taken during the period; and\n      (ii) the actions required to complete the winding up; and\n      (iii) the actions proposed to be taken in the next 12 months; and\n      (iv) the expected time to complete the winding up;\n    (b) financial information about receipts and payments for the fund during the period;\n    (c) the following information as at the end of the period:\n      (i) the value of assets of the fund; and\n      (ii) any potential return to fund members.\n  (4) A report required to be prepared under this section in relation to a relevant period must be made available to fund members within 3 months after the end of the relevant period.\n  (5) The operator must have adequate arrangements in place to answer, within a reasonable period of time and without charge, any reasonable questions asked by a member of the fund about the winding up.\n  (6) In this section:\n    relevant period, in relation to a report, means:\n    (a) for a report on the completion of a winding up that has taken less than 12 months to complete—the period commencing from the day the winding up commenced and ending on the day of completion of the winding up; and\n    (b) for a report on the completion of a winding up that has taken more than 12 months to complete—the period commencing on the day after the end of the immediately preceding relevant period and ending on the day of the completion of the winding up; and\n    (c) for a report during the winding up—each period of 12 months.\n    notified foreign passport fund insolvency resolution means a resolution to the effect that, for a period of at least 12 months, the assets have been insufficient to meet the debts incurred in operating the fund as and when they were due and payable.”.\n\n  \n\nPart 4—Repeal\n\n20 Repeal\n\nThis instrument is repealed at the start of 1 October 2030.","sortOrder":2}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument appears to implement exactly what its title suggests—reporting obligations for externally-administered bodies. The scope aligns with the declared purpose of regulating winding up of registered schemes and notified foreign passport funds. No significant scope creep is evident, though the sunset clause suggests this may be temporary pending permanent legislative amendment."},"complexity_factors":["Duplicate and fragmented text presentation—the same sections appear multiple times with formatting errors and truncation (e.g., 'win \"601NFA', 'notif \"1213MA')","Modifies primary legislation (Corporations Act 2001) through 'as if' insertion mechanism—requires reader to mentally reconstruct where new sections 601NFA and 1213MA fit in Chapter 5C and Chapter 8A","Nested conditional logic: reporting obligations only trigger after (a) winding up commenced, AND (b) scheme insolvency resolution lodged with ASIC, AND (c) disclosure not prejudicial to winding up","Circular/self-referential definition of 'relevant period' with three overlapping scenarios requiring careful parsing of commencement and end dates","Cross-references to undefined external concepts: 'subsection 601NF(1)', 'scheme constitution', 'notified foreign passport fund'—assume knowledge of Corporations Act framework","Two parallel but slightly different regimes (registered schemes vs foreign passport funds) with near-identical structure but different terminology ('scheme property' vs 'assets', 'responsible entity' vs 'operator')"],"plain_english_summary":"This legislation requires responsible entities of insolvent registered schemes and operators of notified foreign passport funds to provide regular, investor-facing updates during winding up, including financial status, progress, and expected recoveries, and to respond to investor queries. It increases transparency around often lengthy, opaque wind-ups while allowing limited confidentiality where genuinely prejudicial.\n\nThe measures are temporary, expiring on 1 October 2030."},"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":4,"scope_assessment":{"changed":true,"description":"The instrument extends reporting obligations by inserting new sections (601NFA and 1213MA) into Chapter 5C and Chapter 8A, so that responsible entities, appointed responsible persons and operators of notified foreign passport funds must report to members once an insolvency resolution is lodged with ASIC. This broadens the set of entities subject to these winding-up reporting duties and adds specific member-disclosure and enquiry-response obligations (see sections 601NFA and 1213MA) until the instrument’s repeal on 1 October 2030."},"complexity_factors":["Triggering event is lodging a copy of a scheme/notified foreign passport fund insolvency resolution with ASIC (creates a clear but legally significant compliance threshold)","Prescribed report content is detailed (progress/status, actions, 12‑month forward plan, expected completion time, receipts/payments, asset values, potential returns)","\"Unless disclosure would be prejudicial to the winding up\" creates administrative discretion and requires judgement about what to exclude","Timing rules for \"relevant period\" include annual reporting, completion reports for windings shorter or longer than 12 months — requires period accounting and record-keeping","Obligation to make reports available to members within three months imposes a fixed publication deadline and member-communication process","Requirement to answer \"reasonable questions\" within a \"reasonable period\" and without charge leaves ambiguity about expected responsiveness and imposes ongoing servicing burden","Instrument applies by inserting new sections into Chapter 5C and Chapter 8A (cross-application to existing statutory architecture), affecting how existing duties interact","Defined terms (e.g. \"scheme insolvency resolution\", \"notified foreign passport fund insolvency resolution\") set substantive thresholds that affect when obligations arise","Sunset/repeal date (start of 1 October 2030) creates a temporal limit on the regime and affects long-term compliance planning"],"plain_english_summary":"This instrument requires responsible entities (and any appointed responsible person) of registered schemes, and operators of notified foreign passport funds, to prepare periodic reports once a scheme/fund insolvency resolution is lodged with ASIC. Reports must cover progress, actions taken and planned, expected completion time, receipts and payments, asset values and any potential member returns. Reports must be made available to members within three months of each reporting period and the operator must answer members’ reasonable questions without charge. The instrument expires 1 October 2030."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-externally-administered-bodies-instrument-2025-584","history":"/api/acts/asic-corporations-externally-administered-bodies-instrument-2025-584/history","analysis":"/api/acts/asic-corporations-externally-administered-bodies-instrument-2025-584/analysis","conflicts":"/api/acts/asic-corporations-externally-administered-bodies-instrument-2025-584/conflicts","importantCases":"/api/acts/asic-corporations-externally-administered-bodies-instrument-2025-584/important-cases","documents":"/api/acts/asic-corporations-externally-administered-bodies-instrument-2025-584/documents"}}