{"id":"F2026L00335","name":"ASIC Corporations (Minimum Subscription and Quotation Conditions) Instrument 2026/87","slug":"asic-corporations-minimum-subscription-and-quotation-conditions-instrument-2026-87","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107892,"registerId":"commonwealth-F2026L00335-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Sections 723 and 724 of the Act impose c","sectionType":"division","heading":"Sections 723 and 724 of the Act impose certain requirements on issuers in relation to offers that contain a minimum subscription condition or a quotation condition.","content":"### Sections 723 and 724 of the Act impose certain requirements on issuers in relation to offers that contain a minimum subscription condition or a quotation condition.\n\n### This instrument modifies Chapter 6D of the Act to enable issuers to extend the minimum subscription and quotation condition time periods (or remove or vary those conditions) for all applicants—by lodging a refresh document which includes certain information and statements and provides applicants with withdrawal rights.\n\n### This instrument also modifies Chapter 6D to specify how the minimum subscription and quotation condition time periods are calculated in circumstances where there is a supplementary or replacement document or a refresh document.","sortOrder":0},{"sectionNumber":"This instrument modifies Chapter 6D of t","sectionType":"division","heading":"This instrument modifies Chapter 6D of the Act to enable issuers to extend the minimum subscription and quotation condition time periods (or remove or vary those conditions) for all applicants—by lodging a refresh document which includes certain information and statements and provides applicants with withdrawal rights.","content":"### Sections 723 and 724 of the Act impose certain requirements on issuers in relation to offers that contain a minimum subscription condition or a quotation condition.\n\n### This instrument modifies Chapter 6D of the Act to enable issuers to extend the minimum subscription and quotation condition time periods (or remove or vary those conditions) for all applicants—by lodging a refresh document which includes certain information and statements and provides applicants with withdrawal rights.\n\n### This instrument also modifies Chapter 6D to specify how the minimum subscription and quotation condition time periods are calculated in circumstances where there is a supplementary or replacement document or a refresh document.","sortOrder":1},{"sectionNumber":"This instrument also modifies Chapter 6D","sectionType":"division","heading":"This instrument also modifies Chapter 6D to specify how the minimum subscription and quotation condition time periods are calculated in circumstances where there is a supplementary or replacement document or a refresh document.","content":"### Sections 723 and 724 of the Act impose certain requirements on issuers in relation to offers that contain a minimum subscription condition or a quotation condition.\n\n### This instrument modifies Chapter 6D of the Act to enable issuers to extend the minimum subscription and quotation condition time periods (or remove or vary those conditions) for all applicants—by lodging a refresh document which includes certain information and statements and provides applicants with withdrawal rights.\n\n### This instrument also modifies Chapter 6D to specify how the minimum subscription and quotation condition time periods are calculated in circumstances where there is a supplementary or replacement document or a refresh document.","sortOrder":2}],"analysis":{"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"The instrument broadens Chapter 6D by enabling issuers to extend, remove or vary minimum-subscription and quotation-condition time periods for all applicants through a lodged refresh document and by clarifying how time periods are calculated when supplementary, replacement or refresh documents are used."},"complexity_factors":["Amends operation of existing statutory requirements in sections 723 and 724 (interaction with established legislative rules).","Introduces a new procedural device — the \"refresh document\" — with prescribed content and statements required to be lodged by issuers.","Creates mandatory withdrawal rights for applicants when a refresh document is lodged (affects investor protections and operational processes).","Permits extension, removal or variation of minimum-subscription and quotation conditions for all applicants (broad scope of issuer discretion to alter offer terms).","Specifies timing/calculation rules where supplementary, replacement or refresh documents are involved (complex timeline interactions and sequencing).","Imposes administrative and compliance burdens on issuers and intermediaries to prepare documents, track time periods and notify applicants."],"plain_english_summary":"This instrument changes Chapter 6D to let an issuer extend, remove or vary minimum-subscription and quotation-condition time periods for all applicants by lodging a prescribed “refresh document” that includes specified information and statements and gives applicants withdrawal rights. It also sets out how those time periods are calculated when a supplementary, replacement or refresh document is used. It affects issuers making offers and the applicants to those offers because it changes offer timelines and gives withdrawal options."},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The instrument appears to operate within its intended scope as a technical modification to capital raising procedures. It does not expand beyond the original purpose of facilitating offers with minimum subscription and quotation conditions."},"complexity_factors":["Multiple overlapping and repetitive paragraphs in the provided text suggest drafting errors or extraction issues, making the structure confusing","Relies on understanding of existing Chapter 6D of the Corporations Act and sections 723-724, which are not reproduced","Introduces a new procedural mechanism (\"refresh document\") with specific content requirements and withdrawal rights that interact with existing disclosure rules","Requires tracking of multiple time periods across different document types (supplementary, replacement, refresh)","Conditional logic around when withdrawal rights apply and how time periods are calculated","Cross-references to ASIC's broader regulatory framework for fundraising"],"plain_english_summary":"This instrument lets companies raising capital flexibly extend, remove or vary minimum subscription and quotation conditions by lodging a specified \"refresh document\" with ASIC. It requires issuers to give applicants a right to withdraw and refund, and clarifies timing rules for supplementary, replacement and refresh documents. It affects public-raising companies, their advisers and investors — easing capital raises while preserving investor withdrawal protections."},"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-minimum-subscription-and-quotation-conditions-instrument-2026-87","history":"/api/acts/asic-corporations-minimum-subscription-and-quotation-conditions-instrument-2026-87/history","analysis":"/api/acts/asic-corporations-minimum-subscription-and-quotation-conditions-instrument-2026-87/analysis","conflicts":"/api/acts/asic-corporations-minimum-subscription-and-quotation-conditions-instrument-2026-87/conflicts","importantCases":"/api/acts/asic-corporations-minimum-subscription-and-quotation-conditions-instrument-2026-87/important-cases","documents":"/api/acts/asic-corporations-minimum-subscription-and-quotation-conditions-instrument-2026-87/documents"}}