{"id":"F2017L00189","name":"ASIC Corporations (Offers over the internet) Instrument 2017/181","slug":"asic-corporations-offers-over-the-internet-instrument-2017-181","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":95877,"registerId":"commonwealth-F2017L00189-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Offers over the internet) Instrument 2017/181","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Offers over the internet) Instrument 2017/181\n\nmade under subsection 1020F(1) of the Corporations Act 2001  \n\nCompilation No. 1\n\nCompilation date: 24/09/2025\n\nIncludes amendments: F2025L01152\n\nAbout this compilation\n\nThis compilation\n\nThis is a compilation of the ASIC Corporations (Offers over the internet) Instrument 2017/181 that shows the text of the law as amended and in force on 24/09/2025 (the compilation date).\n\nThe notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.\n\nUncommenced amendments\n\nThe effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au).\n\nApplication, saving and transitional provisions\n\nIf the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.\n\nModifications\n\nIf the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register.\n\nSelf‑repealing provisions\n\nIf a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.\n\nContents\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\n3 Authority\n\n4 Definitions\n\nPart 2—Exemptions\n\n5 Exemption from obligations relating to Product Disclosure Statements and advertising of financial products\n\nEndnotes\n\nEndnote 1—About the endnotes\n\nEndnote 2—Abbreviation key\n\nEndnote 3—Legislation history\n\nEndnote 4—Amendment history\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Offers over the internet) Instrument 2017/181.\n\n3 Authority\n\nThis instrument is made under subsection 1020F(1) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\noffer includes an invitation to make an offer.\n\nPart 2—Exemptions\n\n5 Exemption from obligations relating to Product Disclosure Statements and advertising of financial products\n\n(1) A person does not have to comply with Divisions 2 or 4 of Part 7.9 of the Act when making an offer of financial products to people outside of this jurisdiction on or through the internet in such a way that the offer is available to, or received by, people in this jurisdiction.\n\n(2) The exemption applies where all of the following apply:\n\n(a) the receipt of the offer in this jurisdiction is merely incidental to the making of the offer outside this jurisdiction;\n\n(b) the person takes reasonable steps to ensure that people in this jurisdiction are excluded from accepting the offer;\n\n(c) the offer is not made in this jurisdiction by any other means, unless the ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2025/615 applies to the making of the offer.\n\nEndnotes\n\nEndnote 1—About the endnotes\n\n> Note: The endnotes provide information about this compilation and the compiled law.\n\n> Note: The following endnotes are included in every compilation:\n\n> Note: Endnote 1—About the endnotes\n\n> Note: Endnote 2—Abbreviation key\n\n> Note: Endnote 3—Legislation history\n\n> Note: Endnote 4—Amendment history\n\n> Note: Abbreviation key—Endnote 2\n\n> Note: The abbreviation key sets out abbreviations that may be used in the endnotes.\n\n> Note: Legislation history and amendment history—Endnotes 3 and 4\n\n> Note: Amending laws are annotated in the legislation history and amendment history.\n\n> Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.\n\n> Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.\n\n> Note: Misdescribed amendments\n\n> Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.\n\n> Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.\n\nEndnote 2—Abbreviation key\n\n| ad = added or inserted                         | orig = original                          |\n| ---------------------------------------------- | ---------------------------------------- |\n| am = amended                                   | p = page(s)                              |\n| amdt = amendment                               | para = paragraph(s)/subparagraph(s)      |\n| C[x] = Compilation No. x                       | /sub‑subparagraph(s)                     |\n| ch = Chapter(s)                                | pres = present                           |\n| cl = clause(s)                                 | prev = previous                          |\n| cont. = continued                              | (prev…) = previously                     |\n| def = definition(s)                            | pt = Part(s)                             |\n| Dict = Dictionary                              | r = regulation(s)/Court rule(s)          |\n| disallowed = disallowed by Parliament          | reloc = relocated                        |\n| div = Division(s)                              | renum = renumbered                       |\n| exp = expires/expired or ceases/ceased to have | rep = repealed                           |\n| effect                                         | rs = repealed and substituted            |\n| gaz = gazette                                  | s = section(s)/subsection(s)             |\n| LA = Legislation Act 2003                      | /rule(s)/subrule(s)/order(s)/suborder(s) |\n| LIA = Legislative Instruments Act 2003         | sch = Schedule(s)                        |\n| (md not incorp) = misdescribed amendment       | SLI = Select Legislative Instrument      |\n| cannot be given effect                         | SR = Statutory Rules                     |\n| mod = modified/modification                    | sub ch = Sub‑Chapter(s)                  |\n| No. = Number(s)                                | sub div = Subdivision(s)                 |\n| Ord = Ordinance                                | sub pt = Subpart(s)                      |\n|                                                | underlining = whole or part not          |\n|                                                | commenced or to be commenced             |\n\nEndnote 3—Legislation history\n\n| Name                                                                           | Registration | Commencement | Application, saving and transitional provisions |\n| ------------------------------------------------------------------------------ | ------------ | ------------ | ----------------------------------------------- |\n| ASIC Corporations (Offers over the internet) Instrument 2017/181 [F2017L00189] | 6/3/2017     | 7/3/2017     |                                                 |\n| ASIC Corporations (Amendment and Repeal) Instrument 2025/617 [F2025L01152]     | 23/09/2025   | 24/09/2025   |                                                 |\n\nEndnote 4—Amendment history\n\n| Provision affected | How affected |\n| ------------------ | ------------ |\n| s 2                | rep LA s 48D |\n| para (5)(2)(c)     | am 2025/617  |\n|                    |              |","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 legislation maintains its original narrow purpose. The 2025 amendment added a cross-reference to a related instrument (ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2025/615) in paragraph 5(2)(c), but this does not expand the substantive scope — it merely ensures consistency with a parallel exemption regime. The core function remains unchanged since 2017: providing a targeted exemption for incidental online offers to offshore clients."},"complexity_factors":["Extremely short length (only 5 substantive sections, with section 2 repealed)","Minimal defined terms (only 2 definitions: 'Act' and 'offer')","Single operative provision (section 5) with straightforward conditional logic","No nested exceptions or complex cross-referencing (only one external reference to a related 2025 instrument)","Clear, plain language structure with simple cumulative conditions in subsection (2)","No transitional provisions, application provisions, or saving clauses in the body of the instrument"],"plain_english_summary":"This ASIC rule gives financial services firms a limited exemption from Australia’s PDS and advertising rules for online offers aimed primarily at customers overseas, provided visibility to Australians is merely incidental, the firm takes reasonable steps to prevent Australians from accepting the offer, and the offer isn’t actively promoted in Australia. It eases compliance for global digital sellers while preserving protections for Australians. A 2025 amendment aligns this exemption with a new related foreign‑securities instrument."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":true,"description":"The 2025 amendment altered paragraph 5(2)(c) to add an express exception: the exemption does not apply where the offer is made in Australia by other means unless the ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2025/615 applies. That amendment modifies the instrument’s scope by creating a defined interaction with another ASIC instrument (2025/615), narrowing or clarifying when the online‑offer exemption is available and requiring readers to consider both instruments together to determine whether Australian disclosure/advertising obligations apply."},"complexity_factors":["Very short instrument (5 substantive clauses: name, authority, definitions, one substantive exemption clause).","Only 2 defined items in the definitions section (Act; offer), minimal internal definitions.","Single substantive provision (s 5) with three conjunctive conditions (s 5(2)(a)–(c)).","Cross‑references to external law: Divisions 2 and 4 of Part 7.9 of the Corporations Act (external substantive rules) and subsection 1020F(1) (instrument‑making power).","Cross‑reference to a separate ASIC instrument (ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2025/615) introduced by the 2025 amendment, creating instrument interaction complexity.","\"Reasonable steps\" and \"merely incidental\" rely on fact‑specific judgment and ASIC interpretation, adding legal uncertainty despite the instrument’s brevity.","Amendment history (2025) changes interplay between instruments, so users must read both instruments for full effect."],"plain_english_summary":"**What this instrument does (mechanically)\n\n- Grants an exemption (s 5(1)) from two specific obligations in the Corporations Act — the rules in Divisions 2 and 4 of Part 7.9 — for certain internet offers of financial products.  (Those Divisions deal principally with Product Disclosure Statements (PDSs) and certain advertising/offer‑making obligations.)\n\n- The exemption applies only where all three conditions in s 5(2) are met:\n  - (a) receipt of the online offer in Australia is merely incidental to an offer that was made outside Australia;\n  - (b) the person making the offer takes reasonable steps to ensure Australians are excluded from being able to accept the offer; and\n  - (c) the offer is not otherwise made in Australia by any other means, unless another ASIC instrument (the ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2025/615) applies to the offer (s 5(2)(c)).\n\n- Definitions and authority: the instrument is made under s 1020F(1) of the Corporations Act (s 3) and uses a minimal definition list (s 4: Act = Corporations Act 2001; offer includes invitation to make an offer).\n\nWho this affects\n\n- Offshore issuers, platforms and intermediaries that offer financial products online to people outside Australia but whose offers may incidentally be accessible to people in Australia (s 5(1)).\n- Australian consumers who might receive or access such offers (because the instrument determines whether consumer protection duties like PDS and advertising rules apply).\n- Australian advisers, platforms or marketers if they are involved in making an offer into Australia by other means (s 5(2)(c)).\n\nWhy it matters (stated purpose and practical effect)\n\n- The instrument reduces the compliance burden (no need to provide a PDS or meet the advertising rules in Divisions 2 and 4 of Part 7.9) for certain cross‑border internet offers where Australian receipt is incidental and steps are taken to exclude Australians (s 5).\n- The stated rationale (implicit in the carve‑out) is to avoid applying domestic PDS/advertising obligations to offers that are genuinely targeted and made offshore but which can be incidentally accessed from Australia.\n\nTesting that stated purpose against costs, incentives and implementation issues\n\n- Who pays: issuers and platforms pay the implementation cost of restricting Australian acceptances (technical blocks, identity checks, terms of service, monitoring) required by s 5(2)(b). If those steps are inadequate, issuers may face enforcement risk and potential retrospective liability for failing to comply with Part 7.9.\n\n- Who decides: ASIC retains regulatory oversight. The instrument sets criteria but leaves assessment of \"merely incidental\" and \"reasonable steps\" to regulatory interpretation and enforcement practice (s 5(2)). This creates discretion for ASIC when deciding whether an exemption properly applies.\n\n- Behaviour changes encouraged: firms will be incentivised to implement access‑controls and contractual exclusions to identify and block Australian users rather than complying with PDS/advertising rules for cross‑border offers. Conversely, some offers may be routed or restructured (different marketing channels, geo‑targeting) to avoid being treated as \"made in\" Australia (s 5(2)(c)).\n\n- Compliance burden and ambiguity: the key tests (\"merely incidental\", \"reasonable steps\") are fact‑sensitive and not exhaustively defined in the instrument, creating compliance uncertainty and possible uneven outcomes depending on ASIC’s factual assessment (s 5(2)(a)–(b)).\n\n- Market effects and substitution: the exemption lowers the cost of making offshore offers accessible online (subject to exclusion steps), which may increase cross‑border product availability and competition from foreign issuers. That may benefit some consumers but also reduces the automatic application of Australian disclosure protections for any Australian who nevertheless receives the offer.\n\n- Interaction with other instruments: paragraph 5(2)(c) was amended to refer to the ASIC Corporations (Foreign Securities—Incidental Advertising) Instrument 2025/615; that creates a specific carve‑in/out relationship between this exemption and that other instrument, changing how offers that could be covered by both instruments are treated.\n\nConcrete trade‑offs and implementation risks\n\n- Concentrated benefits: offshore issuers and online platforms offering products primarily to non‑Australians benefit directly from reduced disclosure obligations (s 5(1)).\n- Diffuse costs: the public protection provided by PDS/advertising rules can be reduced for the subset of Australians who nonetheless access or receive an incidental offshore offer.\n- Enforcement and avoidance risk: because the exemption depends on demonstrable \"reasonable steps\" and incidental receipt, firms may design offers narrowly to fit the exemption, or conversely may underestimate ASIC scrutiny and face enforcement action if steps are inadequate (s 5(2)).\n\nBottom line (mechanical summary)\n\n- Section 5 creates a narrow, conditional exemption from Australian PDS and advertising obligations for online offers of financial products made to people overseas that are incidentally available in Australia, provided the issuer takes reasonable exclusionary steps and the offer is not otherwise made in Australia (s 5(1)–(2)). The 2025 amendment (para 5(2)(c)) adds an express interaction with ASIC Instrument 2025/615, modifying the scope of the exemption where that other instrument applies."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-offers-over-the-internet-instrument-2017-181","history":"/api/acts/asic-corporations-offers-over-the-internet-instrument-2017-181/history","analysis":"/api/acts/asic-corporations-offers-over-the-internet-instrument-2017-181/analysis","conflicts":"/api/acts/asic-corporations-offers-over-the-internet-instrument-2017-181/conflicts","importantCases":"/api/acts/asic-corporations-offers-over-the-internet-instrument-2017-181/important-cases","documents":"/api/acts/asic-corporations-offers-over-the-internet-instrument-2017-181/documents"}}