{"id":"F2025L01161","name":"ASIC Corporations (Related Scheme Reports) Instrument 2025/438","slug":"asic-corporations-related-scheme-reports-instrument-2025-438","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":106936,"registerId":"commonwealth-F2025L01161-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Related Scheme Reports) Instrument 2025/438","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Related Scheme Reports) Instrument 2025/438\n\nI, Claire LaBouchardiere, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 19 September 2025\n\nClaire LaBouchardiere\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement...............................................3\n\n3 Authority....................................................3\n\n4 Simplified outline of this instrument...............................3\n\n5 Definitions...................................................3\n\nPart 2—Order 5\n\n6 Relief enabling one financial report for related schemes................5\n\nPart 3—Repeal 8\n\n7 Repeal.......................................................8\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Related Scheme Reports) Instrument 2025/438.\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 341(1) of the Corporations Act 2001.\n\n4 Simplified outline of this instrument  \n\n| This instrument sets out an exemption from the financial reporting requirements under Part 2M.3 of the Act for a registered scheme that is related to other registered schemes.Subject to meeting various requirements, the exemption allows such a registered scheme and its directors to include:(a) in the financial report or concise report of the registered scheme— the single entity or consolidated financial statements of its related schemes; and(b) in the directors’ report of the registered scheme—the directors’ reports of its related schemes.Where the exemption is relied on in relation to a concise report, the concise report may omit the single entity report for the registered scheme provided that it includes consolidated financial statements for the scheme. |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n5 Definitions\n\n(1) In this instrument:\n\nAct means Corporations Act 2001.\n\ndirector means, in relation to a registered scheme, a director (as defined in section 9 of the Act) of the responsible entity of the scheme.\n\n(2) A registered scheme is related to another registered scheme if:\n\n(a) the schemes have the same responsible entity; or\n\n(b) the responsible entities of the schemes are wholly beneficially owned by the same entity.\n\n(3) A period is of the same kind as another period if:\n\n(a) both of the periods are financial years; or\n\n(b) both of the periods are half-years.\n\n  \n\nPart 2—Order\n\n6 Relief enabling one financial report for related schemes\n\nRelief\n\n(1) A registered scheme (the relevant scheme) and its directors do not have to comply with Part 2M.3 of the Act to the extent that that Part prevents:\n\n(a) the financial report for a financial year (the relevant period) or half year (the relevant period) or concise report for a financial year:\n\n    (i) including the single entity or consolidated financial statements, notes to those statements, directors’ report and directors’ declaration of one or more registered schemes (each an included scheme) that are related to the relevant scheme; and\n    (ii) in the case of a concise report—omitting the single entity report for the relevant scheme; and\n\n(b) the directors’ report of the relevant scheme including the directors’ report of related schemes.\n\nWhere the relief applies\n\n(2) The relief in subparagraph (1)(a)(i) and paragraph (1)(b) is available where all of the following apply:\n\n(a) each financial report of an included scheme is:\n\n    (i) a financial report for:\n      (A) the relevant period; or\n      (B) another period of the same kind that ends no more than 6 months before or after the end of the relevant period; and\n    (ii) audited by the same audit company, audit firm or individual auditor as the relevant scheme;\n\n(b) the financial statements for the relevant scheme and each included scheme are presented in adjacent columns in the financial report for the relevant scheme;\n\n(c) in any concise report for the relevant scheme, the consolidated financial statements or the consolidated financial statements and the single entity financial statements for the scheme and each included scheme are presented in adjacent columns;\n\n(d) if an included scheme does not have the same responsible entity as the relevant scheme:\n\n    (i) the financial report contains:\n      (A) a prominent statement to the effect that only the responsible entity of a scheme takes responsibility for the financial report for the scheme; and\n      (B) a separate directors’ declaration from each responsible entity covering the schemes that the responsible entity operates; and\n    (ii) there is a separate directors’ report from each responsible entity covering the schemes that the responsible entity operates;\n\n(e) where the directors’ declaration covers more than one registered scheme, each declaration required by subsection 295(4) or 303(4) of the Act (as relevant) is presented in a way that enables each scheme to which it relates to be readily identified;\n\n(f) the financial report for the relevant scheme includes statements indicating:\n\n    (i) the extent (if any) to which there are facilities in place for the proceeds of a withdrawal from the relevant scheme to be applied to the acquisition of an interest in any included scheme; and\n    (ii) whether further interests in the relevant scheme may be issued; and\n    (iii) where further interests in the relevant scheme may be issued—whether the proceeds of a withdrawal from any included scheme can be applied to acquire an interest in the relevant scheme;\n\n(g) where a directors’ report covers more than one registered scheme, the information included in it is presented in a way that enables each scheme for which any aspect is relevant to be readily identified.\n\n(3) The relief in subparagraph (1)(a)(ii) is available where:\n\n(a) the relief in subparagraph (1)(a)(i) is being relied on in relation to a concise report; and\n\n(b) the concise report includes consolidated financial statements for the relevant scheme.\n\n(4) The headings to the columns referred to in paragraphs (2)(b) and (c) must specify the period covered by the financial statement that is presented in the columns.\n\n  \n\nPart 3—Repeal\n\n7 Repeal\n\nThis instrument is repealed at the start of 1 October 2030.","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":3,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: providing financial reporting relief for related registered schemes. The scope has not expanded beyond this specific administrative efficiency measure."},"complexity_factors":["Only 7 sections total, with a clear structure (Preliminary, Order, Repeal)","Minimal defined terms: just 3 explicit definitions in section 5, plus standard Corporations Act references","Single operative provision (section 6) with nested subparagraphs but logical flow","No cross-references to external legislation beyond basic Corporations Act citations (Part 2M.3, sections 295, 303)","Conditional requirements are enumerated (paragraphs (a)-(g)) rather than nested exceptions","Sunset clause is straightforward (automatic repeal on fixed date)"],"plain_english_summary":"This instrument lets related registered managed investment schemes (those with the same responsible entity or common parent) file one combined financial report instead of separate reports, with each scheme’s statements shown side‑by‑side, all directors’ reports and declarations, and disclosures about investor transfers. It cuts compliance duplication for responsible entities, affects investors and auditors who must review the combined filing, and automatically expires on 1 October 2030."},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"This instrument narrows the number of separate reports ordinarily required under Part 2M.3 by exempting related registered schemes from separate reporting and permitting combined reporting under specified conditions (s6). Responsible entities decide whether to rely on the relief, and the compliance burden (presentation, auditing and disclosure requirements) falls on responsible entities, their directors and auditors; the relief is time-limited, repealing 1 October 2030 (s7; s6; s5)."},"complexity_factors":["Multiple substantive conditions for relief in s6(2) that must all be met before the exemption applies.","Audit alignment requirement: included schemes must be audited by the same audit company, audit firm or individual auditor as the relevant scheme (s6(2)(a)(ii)).","Timing alignment: each included scheme’s financial report must cover the relevant period or a same-kind period ending no more than 6 months before or after (s6(2)(a)(i)).","Presentation requirements: financial statements for the relevant scheme and included schemes must be presented in adjacent columns (s6(2)(b),(c)).","Special concise-report rule allowing omission of the single-entity report if consolidated statements are included (s6(3)).","Additional disclosures required about withdrawal proceeds, issuance of further interests and cross-application of proceeds (s6(2)(f)).","Rules when responsible entities differ: prominent responsibility statement, separate directors’ declarations and separate directors’ reports are required (s6(2)(d)).","Directors’ declarations must be presented so each scheme is readily identified (s6(2)(e)), increasing formatting and labelling specificity.","Cross-references to existing Corporations Act provisions (Part 2M.3, subsections 295(4) and 303(4)) require reconciliation with existing statutory duties (s6(1), s6(2)(e)).","Limited temporal scope due to repeal date (1 Oct 2030) which affects planning and transition (s7).","Scope depends on the instrument’s definition of 'related' (same responsible entity or wholly beneficially owned by the same entity) which determines which schemes can be combined (s5(2))."],"plain_english_summary":"This instrument lets a registered scheme and its directors file a single financial or concise report that includes the financial statements and directors’ reports of related registered schemes, instead of separate reports, subject to specified auditing, presentation and disclosure conditions (see s6). It affects responsible entities, their directors and auditors by changing reporting choices and compliance steps, and it expires on 1 October 2030 (s7)."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-related-scheme-reports-instrument-2025-438","history":"/api/acts/asic-corporations-related-scheme-reports-instrument-2025-438/history","analysis":"/api/acts/asic-corporations-related-scheme-reports-instrument-2025-438/analysis","conflicts":"/api/acts/asic-corporations-related-scheme-reports-instrument-2025-438/conflicts","importantCases":"/api/acts/asic-corporations-related-scheme-reports-instrument-2025-438/important-cases","documents":"/api/acts/asic-corporations-related-scheme-reports-instrument-2025-438/documents"}}