{"id":"F2017L00392","name":"ASIC Corporations (Financial Reporting: Natural Person Licensees) Instrument 2017/307","slug":"asic-corporations-financial-reporting-natural-person-licensees-instrument-2017-307","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439166,"registerId":"F2017L00392-fast-fetch-1775955285113","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Financial Reporting: Natural Person Licensees) Instrument 2017/307","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: Draft ASIC Corporations (Rep Req for Natural Person Lic) Instrument 2017 (Clean)\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Corporations (Financial Reporting: Natural Person Licensees) Instrument 2017/307\n\nI, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate: 5 April 2017\n\n \n\n \n\nStephen Yen\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc473879904)\n\n[1 Name of legislative instrument](#_Toc473879905)\n\n[2 Commencement](#_Toc473879906)\n\n[3 Authority](#_Toc473879907)\n\n[4 Definitions](#_Toc473879908)\n\n[Part 2—Exemption](#_Toc473879909)\n\n[5 Requirement to prepare a profit and loss statement](#_Toc473879910)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Financial Reporting: Natural Person Licensees) Instrument 2017/307.\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 paragraph 992B(1)(a) of Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\n\nPart 2—Exemption\n\n5 Requirement to prepare a profit and loss statement\n\n A financial services licensee who is a natural person does not have to comply with subsection 989B(1) of the Act to the extent that the licensee is required to include in a profit and loss statement any revenues and expenses that do not relate to a financial services business carried on by the licensee.\n\n \n","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"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: providing a targeted exemption for natural person licensees from reporting non-business revenues and expenses. There is no evidence of scope creep or expansion beyond the initial regulatory intent."},"complexity_factors":["Only 5 sections total, with minimal text","Single defined term ('Act') in the interpretation section","One substantive provision (section 5) containing a straightforward exemption","No cross-references beyond the enabling legislation (Corporations Act 2001)","No nested conditions, exceptions, or temporal limitations","Clear scope: applies only to natural person licensees regarding profit and loss statements"],"plain_english_summary":"This instrument gives individual holders of Australian financial services licences a limited exemption allowing them to exclude income unrelated to their licensed financial services from the profit-and-loss statement they must provide under the Corporations Act. \n\nIt affects sole‑trader advisers and other natural‑person licensees and ASIC’s reporting, reducing red tape by letting ASIC focus on the financial health of the licensed activity rather than the person’s entire personal income."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"Narrows the reporting scope of subsection 989B(1) for financial services licencees who are natural persons by exempting revenues and expenses that do not relate to the licence-holder's financial services business (see section 5). This reduces the set of items required in profit and loss statements for those individuals."},"complexity_factors":["Narrow, single-purpose change: amends how subsection 989B(1) applies to natural-person licensees (low structural complexity).","Interpretive uncertainty over the phrase \"relate to a financial services business\" (creates legal and factual disputes about scope).","Cross-reference dependence on Corporations Act subsection 989B(1) (requires reading instrument in statutory context).","Compliance and enforcement discretion falls to licensees and ASIC to determine application in practice (administrative burden).","Potential information gap for third parties relying on published profit-and-loss statements (operational/market effect)."],"plain_english_summary":"This instrument exempts a natural-person financial services licensee from the Corporations Act requirement to include revenues and expenses in a profit and loss statement if those items do not relate to the licensee’s financial services business. It therefore reduces the reporting obligations of individual licence-holders (s5) and shifts the task of deciding what “relates to” the financial services business onto licensees and regulators, creating an interpretive compliance point for ASIC and affected firms."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-financial-reporting-natural-person-licensees-instrument-2017-307","history":"/api/acts/asic-corporations-financial-reporting-natural-person-licensees-instrument-2017-307/history","analysis":"/api/acts/asic-corporations-financial-reporting-natural-person-licensees-instrument-2017-307/analysis","conflicts":"/api/acts/asic-corporations-financial-reporting-natural-person-licensees-instrument-2017-307/conflicts","importantCases":"/api/acts/asic-corporations-financial-reporting-natural-person-licensees-instrument-2017-307/important-cases","documents":"/api/acts/asic-corporations-financial-reporting-natural-person-licensees-instrument-2017-307/documents"}}