{"id":"F2025L01150","name":"ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2025/615","slug":"asic-corporations-foreign-securities-incidental-advertising-instrument-2025-615","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":106917,"registerId":"commonwealth-F2025L01150-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2025/615","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2025/615\n\nI, Amanda Zeller, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 19 September 2025\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 Definitions...................................................3\n\nPart 2—Exemption 4\n\n5 Advertising relief for incidental advertising of foreign securities.........4\n\nPart 3—Repeal 4\n\n6 Repeal.......................................................4\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2025/615.\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 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\nforeign securities means securities (within the meaning of subsection 92(1) of the Act) issued or proposed to be issued by a foreign company.\n\npublication, in relation to an advertisement or statement, includes publication in or by way of:\n\n(a) newspapers and magazines; and\n\n(b) radio and television broadcasting services; and\n\n(c) electronic services (including services provided through the internet) that:\n\n(i) are operated on a commercial basis; and\n\n(ii) are similar to newspapers, magazines or radio or television broadcasts.\n\n  \n\nPart 2—Exemption\n\n5 Advertising relief for incidental advertising of foreign securities\n\nA person who, as author or publisher, publishes an advertisement or statement about foreign securities in this jurisdiction does not have to comply with subsection 734(2) or section 1018A of the Act where:\n\n(a) the person causes or authorises the publication of an advertisement or statement in relation to foreign securities outside this jurisdiction; and\n\n(b) the publication of the advertisement or statement in this jurisdiction is merely incidental to its publication outside this jurisdiction.\n\nPart 3—Repeal\n\n6 Repeal\n\nThis instrument is repealed at the start of 1 October 2030.","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"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument narrows the domestic application of subsection 734(2) and section 1018A by exempting incidental domestic publication of advertisements about foreign securities that were caused or authorised to be published outside Australia. It creates a cross-border publication test and a factual 'merely incidental' threshold, shifting some compliance obligations away from publishers in specified circumstances until the instrument's repeal on 1 October 2030."},"complexity_factors":["Cross-references to Corporations Act provisions (subsection 734(2) and section 1018A) require legal mapping to understand what obligations are displaced.","Definition-anchored terms: 'foreign securities' refers to subsection 92(1) of the Act, so substantive meaning depends on that provision.","Factual, context-dependent threshold: 'merely incidental' is an open, case-by-case test that creates uncertainty for publishers and enforcers.","Jurisdictional test: requires proof the advertisement was caused or authorised to be published outside Australia and that domestic publication is incidental.","Publication definition limits scope to 'commercial' services similar to traditional media, raising questions about borderline online platforms.","Temporal limitation: automatic repeal on 1 October 2030 creates a fixed end-date for the exemption and planning considerations."],"plain_english_summary":"This instrument exempts authors and publishers from two Corporations Act advertising obligations when an advertisement about foreign securities published in Australia is merely incidental to a version published outside Australia. It applies to commercial newspapers, radio, TV and internet services and expires on 1 October 2030. \n\nMechanics and incentives: publishers can republish overseas ads without meeting certain disclosure duties (reducing their compliance costs); Australian recipients may get overseas-originated adverts with less Act-mandated information, shifting disclosure risk to investors and regulators."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument remains tightly scoped to its original purpose. It addresses a specific, narrow problem (incidental advertising of foreign securities) without expanding into broader advertising exemptions or creating additional regulatory frameworks. The sunset clause suggests this is treated as a temporary, targeted measure rather than a permanent expansion of ASIC's exemptive powers."},"complexity_factors":["Extremely short: only 6 sections across 3 Parts","Minimal defined terms: only 3 definitions ('Act', 'foreign securities', 'publication')","Single operative provision (section 5) with straightforward two-limb test","No cross-references to other legislation beyond citing the empowering provisions (Corporations Act sections 741(1) and 1020F(1)) and the two exempted provisions (734(2) and 1018A)","Simple conditional structure: exemption applies where (a) AND (b) are satisfied","Automatic repeal mechanism (sunset clause) requires no additional machinery","No exceptions, carve-outs, or anti-avoidance provisions"],"plain_english_summary":"This instrument creates a limited exemption allowing publishers of overseas securities advertisements to avoid full Australian advertising rules when those ads are aimed primarily at foreign audiences and only reach Australia incidentally. It affects media platforms and foreign issuers whose global marketing can “spill over,” and reduces some investor protections for Australians who happen to see such ads.\n\nIt matters because global digital distribution makes incidental reach common. The exemption expires on 1 October 2030."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-foreign-securities-incidental-advertising-instrument-2025-615","history":"/api/acts/asic-corporations-foreign-securities-incidental-advertising-instrument-2025-615/history","analysis":"/api/acts/asic-corporations-foreign-securities-incidental-advertising-instrument-2025-615/analysis","conflicts":"/api/acts/asic-corporations-foreign-securities-incidental-advertising-instrument-2025-615/conflicts","importantCases":"/api/acts/asic-corporations-foreign-securities-incidental-advertising-instrument-2025-615/important-cases","documents":"/api/acts/asic-corporations-foreign-securities-incidental-advertising-instrument-2025-615/documents"}}