{"id":"F2017L00339","name":"ASIC Corporations (Repeal and Transitional) Instrument 2017/271","slug":"asic-corporations-repeal-and-transitional-instrument-2017-271","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439159,"registerId":"F2017L00339-fast-fetch-1775955273834","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Repeal and Transitional) Instrument 2017/271","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Corporations (Repeal and Transitional) Instrument 2017/271\n\nI, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate: 28 March 2017\n\n \n\n \n\n \n\nStephen Yen\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc478465859)\n\n[1 Name of legislative instrument](#_Toc478465860)\n\n[2 Commencement](#_Toc478465861)\n\n[3 Authority](#_Toc478465862)\n\n[4 Schedules](#_Toc478465863)\n\n[Schedule 1—Repeal](#_Toc478465864)\n\n[ASIC Class Order [CO 04/526]](#_Toc478465865)\n\n[Schedule 2—Savings](#_Toc478465866)\n\n[Transitional continuation of relief given by repealed ASIC Class Order](#_Toc478465867)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Repeal and Transitional) Instrument 2017/271.\n\n2 Commencement\n\nThis instrument commences on the later of:\n\n(a) the date of its gazettal; and\n\n(b) the day after it is registered on the Federal Register of Legislative Instruments.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under paragraphs 601QA(1)(a), 911A(2)(l) and 926A(2)(a) of the Corporations Act 2001.\n\n4 Schedules\n\nEach instrument that is specified in a Schedule to this instrument is repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\nSchedule 1—Repeal\n\nASIC Class Order [CO 04/526]\n\n1 The whole of the instrument\n\nRepeal the instrument.\n\n \n\nSchedule 2—Savings\n\nTransitional continuation of relief given by repealed ASIC Class Order\n\n1 Transitional relief\n\n(1) An exemption specified in an ASIC Class Order specified in Schedule 1 as in force immediately before its repeal, continues to apply by force of this item, in the circumstances and on the conditions specified in relation to the exemption. If the exemption was expressed to have been made under paragraph 911A(2)(l) of the Corporations Act 2001, it continues to apply under paragraph 926A(2)(a) of that Act instead.\n\n(2) Subitem (1) has effect for a period of 2 years commencing on the day this instrument commences.\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":2,"scope_assessment":{"changed":false,"description":"The instrument performs exactly the function its title suggests: repealing a specific class order and providing transitional arrangements. There is no scope creep beyond this limited housekeeping purpose."},"complexity_factors":["Very short instrument (approximately 1.5 pages)","Only 4 defined structural sections (Parts/Schedules) with minimal operative provisions","Single repeal target (one class order)","Simple transitional mechanism: automatic continuation of existing exemptions for fixed 2-year period","Only one conditional element (the 'later of' commencement date in section 2)","Single cross-reference (recharacterising the statutory basis of the exemption from s 911A(2)(l) to s 926A(2)(a))"],"plain_english_summary":"This ASIC instrument repeals an old class order (CO 04/526) but grants anyone relying on that exemption a two‑year transitional relief period so existing arrangements aren’t immediately disrupted. It also makes a technical re‑characterisation of the exemption from one statutory subsection to another. It affects businesses and individuals using CO 04/526 and is routine regulatory housekeeping to preserve legal continuity while the repeal takes effect."},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":true,"description":"The instrument repeals the entire ASIC class order (Schedule 1) but preserves its exemptions for a limited period (Schedule 2). Functionally, the relief that existed immediately before repeal continues, but only for two years and under a different statutory footing (from paragraph 911A(2)(l) to paragraph 926A(2)(a)), so the effective scope is time‑limited and the legal basis has changed."},"complexity_factors":["Single-purpose instrument: a straight repeal with a short transitional saving reduces structural complexity (Schedules 1 and 2).","Temporal limitation: exemptions continue for a fixed 2‑year period only (Schedule 2, subitem (2)), creating a clear but time‑limited compliance horizon.","Statutory re‑basing: exemptions expressed under paragraph 911A(2)(l) are continued under paragraph 926A(2)(a), requiring attention to different statutory provisions (Schedule 2, subitem (1); Part 1, s3).","Cross-references to the Corporations Act create interpretive dependency on external provisions (Part 1, s3 cites Corporations Act paragraphs).","No new administrative discretions or procedures are created; instrument does not impose substantive new duties or fees on third parties."],"plain_english_summary":"This instrument repeals ASIC Class Order CO 04/526 and keeps any exemptions it granted in force for two years after commencement. It preserves relief for parties that relied on the class order but moves the statutory basis for those exemptions from paragraph 911A(2)(l) to paragraph 926A(2)(a) of the Corporations Act, so affected entities must plan for the relief to end when the two‑year transitional period expires."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-repeal-and-transitional-instrument-2017-271","history":"/api/acts/asic-corporations-repeal-and-transitional-instrument-2017-271/history","analysis":"/api/acts/asic-corporations-repeal-and-transitional-instrument-2017-271/analysis","conflicts":"/api/acts/asic-corporations-repeal-and-transitional-instrument-2017-271/conflicts","importantCases":"/api/acts/asic-corporations-repeal-and-transitional-instrument-2017-271/important-cases","documents":"/api/acts/asic-corporations-repeal-and-transitional-instrument-2017-271/documents"}}