{"id":"F2023L00281","name":"ASIC Corporations (Relevant interests, ASIC and ASIC Chairperson) Instrument 2023/194","slug":"asic-corporations-relevant-interests-asic-and-asic-chairperson-instrument-2023-194","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":103933,"registerId":"commonwealth-F2023L00281-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Relevant interests, ASIC and ASIC Chairperson) Instrument 2023/194","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Relevant interests, ASIC and ASIC Chairperson) Instrument 2023/194\n\nmade under paragraphs 655A(1)(b), 669(1)(b) and 673(1)(b) of the  \nCorporations Act 2001\n\nCompilation No. 1\n\nCompilation date: 28/9/2023\n\nIncludes amendments up to: F2023L01309\n\nAbout this compilation\n\nThis compilation\n\nThis is a compilation of the ASIC Corporations (Relevant interests, ASIC and ASIC Chairperson) Instrument 2023/194 that shows the text of the law as amended and in force on 28/9/2023 (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. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.\n\nApplication, saving and transitional provisions for provisions and amendments\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. For more information on any modifications, see the Register for the compiled law.\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\n[Part 1—Preliminary](#_Toc148340398)\n\n[1 Name of legislative instrument](#_Toc148340399)\n\n[3 Authority](#_Toc148340400)\n\n[4 Definitions](#_Toc148340401)\n\n[Part 2—Declaration](#_Toc148340402)\n\n[5 Relevant interests, ASIC and ASIC Chairperson](#_Toc148340403)\n\n[Part 3—Repeal](#_Toc148340404)\n\n[6 Repeal](#_Toc148340405)\n\n[Endnotes](#_Toc148340406)\n\n[Endnote 1—About the endnotes](#_Toc148340407)\n\n[Endnote 2—Abbreviation key](#_Toc148340408)\n\n[Endnote 3—Legislation history](#_Toc148340409)\n\n[Endnote 4—Amendment history](#_Toc148340410)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Relevant interests, ASIC and ASIC Chairperson) Instrument 2023/194.\n\n3 Authority\n\nThis instrument is made under paragraphs 655A(1)(b), 669(1)(b) and 573(1)(b) of Act.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nPart 2—Declaration\n\n5 Relevant interests, ASIC and ASIC Chairperson\n\n(1) Chapters 6 and 6C of the Act applies to all persons as if section 609 of the Act were modified or varied by, after subsection (9C), inserting:\n\n“ASIC\n\n(9D) Subject to subsection (9E), ASIC does not have a relevant interest in securities.\n\n(9E) ASIC may have a relevant interest in securities if:\n\n(a) the securities are vested in, or held by, ASIC for and on behalf of the Commonwealth; or\n\n(b) the securities are vested in, or held by, the Commonwealth on trust.\n\n(9F) To avoid doubt, the Chairperson of ASIC does not have a relevant interest in securities merely because ASIC has a relevant interest in securities and the Chairperson holds that office.”.\n\n(2) Chapters 6, 6A and 6C of the Act apply to all persons as if subsection 12(2) of the Act were modified or varied by, after “if, and only if,” inserting “neither of the persons is ASIC and”.\n\n  \n\nPart 3—Repeal\n\n6 Repeal\n\nThis instrument is repealed at the start of 1 April 2028.\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                                   | par = paragraph(s)/subparagraph(s)  |\n| amdt = amendment                               | /sub‑subparagraph(s)                |\n| c = clause(s)                                  | pres = present                      |\n| C[x] = Compilation No. x                       | prev = previous                     |\n| Ch = Chapter(s)                                | (prev…) = previously                |\n| def = definition(s)                            | Pt = Part(s)                        |\n| Dict = Dictionary                              | r = regulation(s)/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| F = Federal Register of Legislation            | s = section(s)/subsection(s)        |\n| gaz = gazette                                  | Sch = Schedule(s)                   |\n| LA = Legislation Act 2003                      | Sdiv = Subdivision(s)               |\n| LIA = Legislative Instruments Act 2003         | SLI = Select Legislative Instrument |\n| (md not incorp) = misdescribed amendment       | SR = Statutory Rules                |\n| cannot be given effect                         | Sub‑Ch = Sub‑Chapter(s)             |\n| mod = modified/modification                    | SubPt = Subpart(s)                  |\n| No. = Number(s)                                | underlining = whole or part not     |\n| o = order(s)                                   | commenced or to be commenced        |\n| Ord = Ordinance                                |                                     |\n\nEndnote 3—Legislation history\n\n| Name                                                                                    | Registration                 | Commencement      | Application, saving and transitional provisions |\n| --------------------------------------------------------------------------------------- | ---------------------------- | ----------------- | ----------------------------------------------- |\n| ASIC Corporations (Relevant interests, ASIC and ASIC Chairperson) Instrument 2023/194   | 20/03/2023 (see F2023L00281) | 21 March 2023     | -                                               |\n| ASIC Corporations, Credit and Superannuation (Amendment and Repeal) Instrument 2023/699 | 27/09/2023 (see F2023L01309) | 28 September 2023 | -                                               |\n\nEndnote 4—Amendment history\n\n| Provision affected | How affected                                                                                  |\n| ------------------ | --------------------------------------------------------------------------------------------- |\n| Section 2          | rep. 48D LA (section 48D of the LA repeals a provision that provides solely for commencement) |\n| Section 5          | rs. 2023/699                                                                                  |\n|                    |                                                                                               |","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","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 of exempting ASIC and the ASIC Chairperson from relevant interest obligations under the Corporations Act. The 2023 amendment (Instrument 2023/699) refined the drafting of section 5 but did not expand the scope beyond the original intent of clarifying ASIC's status regarding relevant interests."},"complexity_factors":["Very short instrument (only 6 sections, effectively 2 substantive provisions)","Minimal defined terms (only 'Act' defined)","Simple conditional logic (two exceptions in subsection 5(1) paragraphs (a) and (b))","No nested exceptions or complex cross-referencing beyond the specific Corporations Act sections being modified","Straightforward modification structure using 'as if' drafting technique common in ASIC instruments","Self-repealing provision with clear date (1 April 2028)","Single subject matter focus (relevant interests of ASIC and Chairperson only)"],"plain_english_summary":"This instrument is a technical amendment clarifying that ASIC, when holding or controlling securities in its official capacity, generally does not have a \"relevant interest\" under the Corporations Act takeover and disclosure rules — so it won’t trigger takeover or disclosure obligations. Narrow exceptions apply where securities are held for/on behalf of the Commonwealth or on trust, it protects the Chair from personal attribution, fixes an \"associate\" drafting issue, and automatically repeals on 1 April 2028."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument narrows the scope of who is treated as having a relevant interest under the Corporations Act by declaring ASIC does not have a relevant interest in securities except in two specified circumstances, and by providing that the Chairperson does not acquire a relevant interest merely because ASIC does (see instrument s5(1) paras (9D)–(9F)). It also modifies the application test in subsection 12(2) to exclude ASIC from the pairwise condition (‘neither of the persons is ASIC and’) (see instrument s5(2)). The instrument therefore changes the Act’s coverage of ASIC and its Chairperson for the specified chapters, and is time-limited by repeal at the start of 1 April 2028 (instrument s6)."},"complexity_factors":["Cross-references to multiple parts of the Corporations Act (Chapters 6, 6A, 6C; s609; s12(2)) requiring readers to track interactions (see instrument s5(1)–(2)).","Narrow, conditional exceptions that turn on factual holdings (‘vested in, or held by, ASIC for and on behalf of the Commonwealth’ and ‘vested in, or held by, the Commonwealth on trust’) which require factual and legal characterisation.","Clarification that an office-holder (the Chairperson) is not automatically treated as having a relevant interest when the body does (instrument s5(1) para (9F)), raising questions about agency and attribution.","Temporary operation: explicit repeal/sunset date (instrument s6) adds time-bound complexity for planning and compliance.","Potential downstream effects across takeover/substantial holding and disclosure rules because the change alters who is treated as having a relevant interest (instrument applies Chapters 6/6A/6C as modified)."],"plain_english_summary":"This instrument changes how the Corporations Act treats ‘relevant interests’ for the Australian Securities and Investments Commission (ASIC) and its Chairperson. It declares ASIC generally does not have a relevant interest in securities, except when ASIC holds securities for and on behalf of the Commonwealth or the Commonwealth holds them on trust. It also clarifies the Chairperson does not acquire a relevant interest just because ASIC does, and the instrument includes a sunset date of 1 April 2028."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-relevant-interests-asic-and-asic-chairperson-instrument-2023-194","history":"/api/acts/asic-corporations-relevant-interests-asic-and-asic-chairperson-instrument-2023-194/history","analysis":"/api/acts/asic-corporations-relevant-interests-asic-and-asic-chairperson-instrument-2023-194/analysis","conflicts":"/api/acts/asic-corporations-relevant-interests-asic-and-asic-chairperson-instrument-2023-194/conflicts","importantCases":"/api/acts/asic-corporations-relevant-interests-asic-and-asic-chairperson-instrument-2023-194/important-cases","documents":"/api/acts/asic-corporations-relevant-interests-asic-and-asic-chairperson-instrument-2023-194/documents"}}