{"id":"F2026L00332","name":"ASIC Corporations (IDPS—Relevant Interests) Instrument 2026/100","slug":"asic-corporations-idps-relevant-interests-instrument-2026-100","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107884,"registerId":"commonwealth-F2026L00332-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (IDPS—Relevant Interests) Instrument 2026/100","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (IDPS—Relevant Interests) Instrument 2026/100\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—Declaration 4\n\n7 Relevant interests and operators of IDPSs...........................4\n\nPart 3—Repeal 5\n\n8 Repeal.......................................................5\n\nSchedule 1—Repeals 6\n\nASIC Corporations (IDPS—Relevant Interests) Instrument 2015/1067.......6\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (IDPS—Relevant Interests) Instrument 2026/100.\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 655A(1) and 673(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Act 2001.\n\n4 Schedules\n\nEach instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\n5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 modifies section 609 of the Act so that an operator of an investor directed portfolio service (also known as an IDPS) or a financial services licensee or their representative involved in the operation of an IDPS do not have a relevant interest in securities held through the IDPS merely because they hold the securities or have a discretion in relation to their disposal.\n\n6 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nPart 2—Declaration\n\n7 Relevant interests and operators of IDPSs\n\nChapters 6 and 6C of the Act apply to all persons as if section 609 of the Act were modified or varied by inserting, after subsection (8):\n\n“IDPS operators\n\n(8A) A person does not have a relevant interest in securities merely because the person:\n\n(a) is the operator of an IDPS; or\n\n(b) is involved in the operation of an IDPS and is a financial services licensee or a representative of a financial services licensee;\n\nand under the terms of the IDPS:\n\n(c) holds the securities; or\n\n(d) has a discretion in relation to the disposal of the securities.\n\n(8B) In subsection (8A), IDPS and operator have the same meaning as in subsection 912AD(42).\n\nNote: Notional subsection 912AD(42) is inserted by ASIC Corporations (Investor Directed Portfolio Services) Instrument 2023/669.”.\n\n  \n\nPart 3—Repeal\n\n8 Repeal\n\nThis instrument is repealed at the start of 1 April 2031.\n\n  \n\nSchedule 1—Repeals\n\nASIC Corporations (IDPS—Relevant Interests) Instrument 2015/1067\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"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow purpose. It is a direct replacement of ASIC Corporations (IDPS—Relevant Interests) Instrument 2015/1067 with substantively identical effect—providing a carve-out for IDPS operators from the definition of 'relevant interest'. The scope remains tightly focused on this specific technical fix for platform operators."},"complexity_factors":["Very short instrument (8 sections plus schedule)","Only 2 defined terms ('Act' and implicit references to 'IDPS' and 'operator' via cross-reference)","Single operative provision (section 7) that inserts one new subsection with two sub-subsections","Minimal cross-referencing (only to Corporations Act sections 609, 912AD, and Chapters 6 and 6C)","No nested exceptions or conditional logic beyond the basic 'merely because' carve-out","Straightforward repeal mechanism (sunset clause and repeal of predecessor instrument)"],"plain_english_summary":"This instrument fixes a technical issue in takeover and disclosure law by clarifying that Investor Directed Portfolio Service (IDPS) operators and their representatives do not have a \"relevant interest\" in securities merely because they hold or dispose of them as platform operators. It stops platform operators from accidentally triggering takeover bids or substantial-holder disclosures, protecting operators, their staff, and underlying investors. The instrument expires on 1 April 2031."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"This instrument replaces the 2015 instrument and continues the substantive exemption from being attributed a 'relevant interest' to IDPS operators and involved licensees/representatives, but it updates the legal framing by explicitly tying the exemption to the IDPS/operator definition in notional subsection 912AD(42) and imposes a sunset (repeal on 1 April 2031). The temporal limit and the cross‑reference to the 2023 IDPS definition represent a change in how the exemption is expressed and maintained, though its practical effect remains to exclude operator custody/disposal roles from automatic attribution under s609 (Part 2, section 7; Part 3, section 8; Schedule 1)."},"complexity_factors":["Cross‑references to multiple Corporations Act provisions and ASIC instruments (modifies s609; relies on the IDPS/operator meaning in notional s912AD(42) inserted by ASIC Instrument 2023/669) (Part 2, section 7(8B)).","Use of the phrase 'merely because' creates scope and interpretation risk about when an operator's actions do or do not create a relevant interest (section 7(8A)).","Interaction with chapters 6 and 6C (takeovers, substantial holding and disclosure regimes) requires readers to trace effects across different regimes (section 7 heading and note).","Repeal of an earlier instrument and a limited lifespan (repeal of ASIC Corporations (IDPS—Relevant Interests) Instrument 2015/1067 and automatic repeal on 1 April 2031) introduces transitional and temporal considerations (Part 3, section 8; Schedule 1).","Practical compliance and reporting consequences are shifted to beneficial owners and market participants, requiring operational and recordkeeping adjustments by licensees and custodians (section 7(8A)(c)-(d)).","Delegated legislative action and notional subsections increase reliance on other instruments and delegated definitions, raising administrative dependence on future or related ASIC instruments (section 3 Authority; section 7(8B) note)."],"plain_english_summary":"This instrument amends section 609 of the Corporations Act so an operator of an investor‑directed portfolio service (IDPS), or a financial services licence holder or representative involved in operating an IDPS, does not have a “relevant interest” in securities merely because they hold those securities or can decide on their disposal under the IDPS terms. It affects IDPS operators, licence holders, representatives and the beneficial owners whose holdings sit in IDPSs; ASIC frames it as a clarification, and it expires on 1 April 2031."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-idps-relevant-interests-instrument-2026-100","history":"/api/acts/asic-corporations-idps-relevant-interests-instrument-2026-100/history","analysis":"/api/acts/asic-corporations-idps-relevant-interests-instrument-2026-100/analysis","conflicts":"/api/acts/asic-corporations-idps-relevant-interests-instrument-2026-100/conflicts","importantCases":"/api/acts/asic-corporations-idps-relevant-interests-instrument-2026-100/important-cases","documents":"/api/acts/asic-corporations-idps-relevant-interests-instrument-2026-100/documents"}}