{"id":"F2026L00274","name":"ASIC Corporations (Intra-Fund Transfers) Instrument 2026/688","slug":"asic-corporations-intra-fund-transfers-instrument-2026-688","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107824,"registerId":"commonwealth-F2026L00274-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Intra-Fund Transfers) Instrument 2026/688","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Intra-Fund Transfers) Instrument 2026/688\n\nI, Pippa Lane, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 17 March 2026\n\nPippa Lane\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 Application forms..............................................5\n\nPart 3—Declaration 6\n\n8 Cooling-off periods............................................6\n\nPart 4—Repeal 8\n\n9 Repeal.......................................................8\n\nSchedule 1—Repeals 9\n\nASIC Corporations (Superannuation: Accrued Default Amount and Intra-Fund Transfers) Instrument 2016/64 9\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Intra-Fund Transfers) Instrument 2026/688.\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 subsection 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Act 2001.\n\n4 Schedules\n\nEach instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\n5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 provides relief to trustees of regulated superannuation funds from the application form and cooling-off requirements in Part 7.9 of the Act when issuing a superannuation product in the course of an intra-fund transfer.\n\nVarious requirements must be satisfied in order for the relief to apply.\n\n6 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nintra-fund transfer, in relation to a regulated superannuation fund, means each of the following:\n\n1.  a disposal of an interest in the fund and the acquisition of an interest in the fund of a different class in substitution for the interest disposed of;\n\n(b) any other circumstance where a person’s membership of the fund in relation to a financial product or a sub-plan changes to membership of the fund in relation to another financial product or sub-plan.\n\n  \n\nPart 2—Exemptions\n\n7 Application forms\n\nA trustee of a regulated superannuation fund does not have to comply with section 1016A of the Act in relation to the issue of a superannuation product in the course of an intra-fund transfer in the circumstances specified in subsection 1019A(1A) of the Act.\n\n> Note: Subsection 1019A(1A) is notionally inserted into the Act by this instrument.\n\nPart 3—Declaration\n\n8 Cooling-off periods\n\nPart 7.9 of the Act applies in relation to a superannuation product as if section 1019A were modified or varied by, after subsection (1), inserting:\n\n“(1A) This Division does not apply to an issue of a superannuation product to a member of a regulated superannuation fund in the course of an intra-fund transfer in circumstances where all of the following apply:\n\n(a) the trustee of the fund holds an RSE licence that is subject to conditions to the following effect:\n\n    (i) the governing rules of the fund must contain a provision to the effect that the benefits of a member of the fund must not be transferred by way of an intra-fund transfer without the member’s consent unless:\n      (A) the transfer is to a section, division or plan of the fund which confers on the member equivalent rights to the rights that the member had under the original section, division or plan in respect of the benefits; or\n      (B) the transfer could, in the absence of any condition on the RSE licence, have lawfully been made without the member’s consent;\n    (ii) the trustee must not transfer the benefits of a member of the fund by way of an intra-fund transfer unless the member consents to the transfer or the transfer is of a type referred to in sub-subparagraph (i)(A) or (B);\n\n(b) the governing rules of the fund contain the provision referred to in subparagraph (a)(i);\n\n(c) the trustee has not obtained the member’s consent to the intra-fund transfer;\n\n(d) the trustee has taken all reasonable steps to ensure that:\n\n    (i) the condition on its RSE licence referred to in subparagraph (a)(ii) has been satisfied in relation to the intra-fund transfer; and\n    (ii) one of the following applies:\n      (A) each interest in the fund that is, immediately before the disposal, in the same class as the interest disposed of in the course of the intra-fund transfer, is also disposed of and substituted at substantially the same time and no further interests in that class are issued;\n      (B) where the intra-fund transfer is otherwise than by way of the disposal and substitution of an interest—each person who has a membership of the fund in relation to a financial product (the original product) of the same class or the same sub-plan (the original sub-plan) to which the intra-fund transfer relates changes to membership of the fund in relation to another financial product or another sub-plan at substantially the same time and no person subsequently becomes a member of the fund in relation to the original product or original sub‑plan; and\n    (iii) at least 30 days before the superannuation product is issued to a person in the course of the intra-fund transfer, the person is given:\n      (A) a notice in relation to the proposed transfer in accordance with section 1017B of the Act; and\n      (B) a Product Disclosure Statement for the product.\n\n(1B) In subsection (1A):\n\nintra-fund transfer, in relation to a regulated superannuation fund, means each of the following:\n\n(a) a disposal of an interest in the fund and the acquisition of an interest in the fund of a different class in substitution for the interest disposed of;\n\n(b) any other circumstance where a person’s membership of the fund in relation to a financial product or a sub-plan changes to membership of the fund in relation to another financial product or sub-plan.\n\nRSE licence means a licence granted under section 29D of the Superannuation Industry (Supervision) Act 1993.”.\n\n  \n\nPart 4—Repeal\n\n9 Repeal\n\nThis instrument is repealed at the start of 1 April 2031.\n\n  \n\nSchedule 1—Repeals\n\nASIC Corporations (Superannuation: Accrued Default Amount and Intra-Fund Transfers) Instrument 2016/64\n\n1 The whole of the instrument\n\nRepeal the instrument.","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"The instrument changes the scope of relief for intra‑fund transfers by introducing a new, conditional exemption framework and by repealing the earlier ASIC Corporations (Superannuation: Accrued Default Amount and Intra‑Fund Transfers) Instrument 2016/64. Relief now applies only where specified RSE licence conditions, governing‑rule requirements, consent/notice steps and simultaneous‑substitution or mass‑conversion conditions are satisfied, narrowing and recharacterising when application‑form and cooling‑off rules do not apply."},"complexity_factors":["Multiple cross‑references to the Corporations Act (Part 7.9, sections 1016A, 1017B, insertion of subsection 1019A(1A)) and to the Superannuation Industry (Supervision) Act (RSE licence under s29D)","Relief is conditional on layered requirements: licence conditions, governing‑rule provisions, member consent rules, trustee’s ‘reasonable steps’, simultaneous substitution or mass conversion constraints, and minimum 30‑day notice plus PDS delivery","Notional insertion/modification of a subsection creates interpretive interaction with existing Division text rather than a simple standalone exemption","Replaces and repeals an earlier instrument (ASIC 2016/64), introducing potential transitional or continuity questions","Broad but technical definition of ‘intra‑fund transfer’ covering several scenarios, which affects scope and fact‑finding","Administrative and evidential burden on trustees to prove compliance with each precondition (consent checks, licence condition satisfaction, timing and simultaneous transfer verification)","Fixed repeal/sunset date (1 April 2031) adds temporal planning considerations for trustees and regulators"],"plain_english_summary":"This instrument allows trustees of regulated superannuation funds to skip the usual application‑form and cooling‑off requirements when issuing a product as part of an intra‑fund transfer, provided a set of licence, fund‑rule, consent, notice and timing conditions are met. It affects trustees (who must meet and document those conditions) and members (whose ability to exercise a cooling‑off right can be removed in these specific transfers). The instrument is made by ASIC and repeals a prior 2016 instrument; it expires on 1 April 2031."},"kimi_summary":{"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":false,"description":"The instrument maintains the same scope as its predecessor (ASIC Corporations (Superannuation: Accrued Default Amount and Intra-Fund Transfers) Instrument 2016/64, which is repealed). It continues to provide targeted relief for intra-fund transfers from application form and cooling-off requirements. The 2026 instrument appears to be a reissue or consolidation rather than an expansion, with the same core purpose of facilitating bulk transfers within superannuation funds while maintaining member protections through notice requirements and licence conditions."},"complexity_factors":["Nested conditional logic with multiple layers: the exemption applies only if (a) through (d) are satisfied, with sub-paragraph (d)(ii) containing two alternative scenarios (A) and (B), and sub-paragraph (d)(iii) containing two required notices","Cross-references to external legislation: Corporations Act 2001 (sections 1016A, 1017B, 1019A, Part 7.9) and Superannuation Industry (Supervision) Act 1993 (section 29D)","Notional insertion mechanism: the instrument modifies the Corporations Act 'as if' section 1019A were amended, creating a fictional legislative amendment rather than direct text","Defined terms with internal recursion: 'intra-fund transfer' is defined in section 6, then redefined with identical text in the notional subsection (1B), creating redundancy","Dual consent framework: the exemption applies specifically when consent has NOT been obtained, creating a counter-intuitive structure where the absence of consent triggers relief rather than compliance obligations","Temporal requirements: 'substantially the same time' and 'at least 30 days before' introduce subjective and objective timing thresholds","RSE licence conditionality: the relief depends on licence conditions that exist in a separate regulatory instrument (APRA-imposed conditions), creating an external dependency"],"plain_english_summary":"This ASIC rule exempts trustees of regulated superannuation funds from usual application‑form and cooling‑off requirements when moving members between investment options or sub‑plans within the same fund, provided specified licence, fund‑rule, notice and procedural conditions are met. It affects fund trustees and members, easing restructures or closures while preserving member protections (notice and disclosure). The instrument replaces a prior 2016 ASIC instrument."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-intra-fund-transfers-instrument-2026-688","history":"/api/acts/asic-corporations-intra-fund-transfers-instrument-2026-688/history","analysis":"/api/acts/asic-corporations-intra-fund-transfers-instrument-2026-688/analysis","conflicts":"/api/acts/asic-corporations-intra-fund-transfers-instrument-2026-688/conflicts","importantCases":"/api/acts/asic-corporations-intra-fund-transfers-instrument-2026-688/important-cases","documents":"/api/acts/asic-corporations-intra-fund-transfers-instrument-2026-688/documents"}}