{"id":"F2016L01541","name":"ASIC Corporations (Qualified Accountant) Instrument 2016/786","slug":"asic-corporations-qualified-accountant-instrument-2016-786","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":95203,"registerId":"commonwealth-F2016L01541-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"(ii) is providing a certificate for the ","sectionType":"section","heading":"(ii) is providing a certificate for the purposes of paragraph 708(8)(c) or 761G(7)(c) of the Act to a person who is resident in the same country (being a country other than Australia) as that member.","content":"#### (ii) is providing a certificate for the purposes of paragraph 708(8)(c) or 761G(7)(c) of the Act to a person who is resident in the same country (being a country other than Australia) as that member.\n\n  \n\nEndnotes\n\nEndnote 1—Instrument history\n\n| Instrument number | Date of FRL registration     | Date of commencement | Application, saving or transitional provisions |\n| ----------------- | ---------------------------- | -------------------- | ---------------------------------------------- |\n| 2016/786          | 29/9/2016 (see F2016L01541)  | 29/9/2016            |                                                |\n| 2021/868          | 28/10/2021 (see F2021L01472) | 29/10/2021           | -                                              |\n\nEndnote 2—Amendment history\n\n> Note: ad. = added or inserted am. = amended LA = Legislation Act 2003 rep. = repealed rs. = repealed and substituted\n\n| Provision affected   | How affected |\n| -------------------- | ------------ |\n| Section 2            | rep. s48D LA |\n| Subparagraph 5(b)(i) | am. 2021/868 |","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"rejected","complexity_score":3,"rejection_reason":"The content provided is clearly incomplete - it shows only fragmented, duplicated partial clauses (the same subparagraph repeated twice) and endnotes. The actual operative provisions, definitions, and substantive content of ASIC Corporations (Qualified Accountant) Instrument 2016/786 are missing. This appears to be a stub, error page, or incomplete extract.","scope_assessment":{"changed":false,"description":"Cannot assess scope changes from this fragment. The amendment history shows one amendment in 2021, but without the full text, cannot determine if scope expanded."},"complexity_factors":["Content is a fragment/duplicate text - only partial clauses visible","Heavy cross-referencing to Corporations Act sections (708, 761G)","Conditional logic regarding residency and membership of professional bodies","Amendment history table shows at least one amendment (2021/868)","Unable to assess full complexity due to incomplete content"],"plain_english_summary":"This instrument modifies how a “qualified accountant” is recognised for issuing sophisticated‑investor certificates and wholesale‑client determinations under the Corporations Act, affecting who can certify income/asset thresholds that exempt investors from disclosure requirements. It focuses on cross‑border situations where the accountant is a member of an overseas accounting body and the certificate recipient resides in the same foreign country, clarifying eligibility for those exemptions."},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"The instrument has been amended since first registered (see Endnote 1 and Endnote 2). Endnote 2 records an amendment to subparagraph 5(b)(i) by Instrument 2021/868 and a repeal of section 2 under the Legislation Act 2003. Those changes indicate the criteria for when a qualified accountant may issue certificates under paragraphs 708(8)(c) and 761G(7)(c) have been altered from the original 2016 text, narrowing or clarifying the permitted cross‑border certification scenario in the excerpt."},"complexity_factors":["Cross‑references to external Corporations Act provisions (paragraphs 708(8)(c) and 761G(7)(c)) require reading multiple statutes to understand effect.","Residency condition (‘resident in the same country (being a country other than Australia) as that member’) creates fact‑sensitive application and potential evidential issues for accountants and recipients.","Dependence on defined terms (eg. “member”, “qualified accountant”, “resident”) that are not defined in the excerpt increases interpretive work.","Amendment history (Instrument 2021/868 amended subparagraph 5(b)(i)) and the note that Section 2 was repealed under the Legislation Act 2003 add legislative complexity and require tracking versions.","Very terse operative wording — limited explanatory material in the excerpt — raises compliance and administration burdens because implementers must infer procedural steps from the short text."],"plain_english_summary":"This instrument clarifies when a \"qualified accountant\" may provide a statutory certificate under paragraphs 708(8)(c) or 761G(7)(c) of the Corporations Act: specifically where the accountant (or member) issues the certificate to a person who is resident in the same country as that member, where that country is not Australia. It affects qualified accountants and entities relying on those certificates for disclosure or offer exemptions, because it narrows the permitted cross‑border certification scenario and so changes who must meet the compliance steps."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-qualified-accountant-instrument-2016-786","history":"/api/acts/asic-corporations-qualified-accountant-instrument-2016-786/history","analysis":"/api/acts/asic-corporations-qualified-accountant-instrument-2016-786/analysis","conflicts":"/api/acts/asic-corporations-qualified-accountant-instrument-2016-786/conflicts","importantCases":"/api/acts/asic-corporations-qualified-accountant-instrument-2016-786/important-cases","documents":"/api/acts/asic-corporations-qualified-accountant-instrument-2016-786/documents"}}