{"id":"F2016L01168","name":"ASIC Corporations (Revocation and Repeal) Instrument 2016/475","slug":"asic-corporations-revocation-and-repeal-instrument-2016-475","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":438882,"registerId":"F2016L01168-fast-fetch-1775955122057","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Revocation and Repeal) Instrument 2016/475","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 (Revocation and Repeal) Instrument 2016/475\n\nI, Stephen Yen PSM, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 27 June 2016\n\n \n\n \n\nStephen Yen\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc454188677)\n\n[1 Name of legislative instrument](#_Toc454188678)\n\n[2 Commencement](#_Toc454188679)\n\n[3 Authority](#_Toc454188680)\n\n[4 Schedules](#_Toc454188681)\n\n[5 Definitions](#_Toc454188682)\n\n[Schedule 1—Revocation of approval](#_Toc454188683)\n\n[2004 auditing competency standard approval](#_Toc454188684)\n\n[Schedule 2—Repeal](#_Toc454188685)\n\n[ASIC Class Order [CO 14/784]](#_Toc454188686)\n\n[Schedule 3—Transitional](#_Toc454188687)\n\n[2004 auditing competency standard approval](#_Toc454188688)\n\n[ASIC Class Order [CO 14/784]](#_Toc454188689)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Revocation and Repeal) Instrument 2016/475.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\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 subsection 1280A(4) of the Corporations Act 2001.\n\n4 Schedules\n\nEach instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\n5 Definitions\n\nIn this instrument:\n\n2004 auditing competency standard means the Auditing Competency Standard for Registered Company Auditors issued by CPA Australia and the Institute of Chartered Accountants in Australia as at 24 November 2004.\n\nAct means the Corporations Act 2001.\n\nrelevant applicant means a person who:\n\n(a) as at commencement of this instrument has made an application under section 1279 of the Act for registration as an auditor; or\n\n(b) between commencement of this instrument and 30 June 2017 makes an application under section 1279 of the Act for registration as an auditor.\n\n \n\nSchedule 1—Revocation of approval\n\n2004 auditing competency standard approval\n\n1 Revocation of approval\n\nThe approval of the 2004 auditing competency standard made in ASIC Class Order [CO 14/784] for the purposes of paragraph 1280(2)(b) of the Act is revoked.\n\n \n\n\nSchedule 2—Repeal\n\nASIC Class Order [CO 14/784]\n\n1 The whole of the instrument\n\nRepeal the instrument.\n\n \n\nSchedule 3—Transitional\n\n2004 auditing competency standard approval\n\n1 Continuing effect of approval\n\nThe approval of the 2004 auditing competency standard made in ASIC Class Order [CO 14/784] continues to apply for the purposes of paragraph 1280(2)(b) of the Act, despite its revocation, in relation to a relevant applicant.\n\nASIC Class Order [CO 14/784]\n\n2 The whole of the instrument\n\nThe instrument continues to apply, despite its repeal, in relation to a relevant applicant.\n\n \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"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument narrows future reliance on the 2004 auditing competency standard by revoking its approval and repealing the supporting class order, while preserving those instruments only for 'relevant applicants' (applicants in existence at commencement or who apply by 30 June 2017). Effectively, it removes the 2004 standard as a general basis for new registrations after the transitional period."},"complexity_factors":["Revocation and repeal operate together but are qualified by transitional provisions that preserve effect for a defined subset of applicants.","Definition of 'relevant applicant' ties continued effect to two dates (application as at commencement, or application made by 30 June 2017), creating a temporal eligibility test.","Commencement timing (‘day after registration’) affects application deadlines and applicant planning.","Instrument relies on ASIC's delegated power under subsection 1280A(4) of the Corporations Act, requiring cross-reference to primary legislation for full legal context.","Subject-matter is narrow (single competency standard and one class order), which reduces substantive complexity despite transitional nuances.","Continuing application ‘despite revocation/repeal’ creates procedural distinctions (who may rely on the old instruments) that can complicate compliance checks."],"plain_english_summary":"This instrument cancels ASIC’s approval of the 2004 Auditing Competency Standard and repeals the related ASIC class order, starting the day after registration. It removes those instruments as the default basis for auditor registration going forward.\n\nThe instrument preserves the old approval and class order only for people who had already applied for auditor registration at commencement or who apply by 30 June 2017; other applicants will need to meet whatever requirements ASIC specifies. Applicants bear the compliance cost and ASIC decides registration eligibility."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow purpose: removing an outdated auditing competency standard while providing transitional protection for existing applicants. There is no scope creep — it does exactly what its title suggests (revocation and repeal) with minimal transitional arrangements."},"complexity_factors":["Very short instrument (approximately 1.5 pages of substantive content)","Only 2 defined terms in section 5","Simple structure: preliminary provisions, three schedules with single operative provisions each","No nested exceptions or complex conditional logic — the transitional protection in Schedule 3 is straightforward (applies to defined group until fixed date)","No cross-references to other legislation beyond the basic authority provision (Corporations Act 2001, section 1280A(4)) and one substantive reference to section 1279","Clear linear operation: revoke, repeal, then save for transitional cases"],"plain_english_summary":"This ASIC housekeeping instrument removes an outdated 2004 auditor competency standard and the class order that approved it, because new competency requirements now apply. For most people there’s no effect; but applicants who applied (or apply before 30 June 2017) can finish their registration process under the old rules, so the change is transitional rather than retrospective."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-revocation-and-repeal-instrument-2016-475","history":"/api/acts/asic-corporations-revocation-and-repeal-instrument-2016-475/history","analysis":"/api/acts/asic-corporations-revocation-and-repeal-instrument-2016-475/analysis","conflicts":"/api/acts/asic-corporations-revocation-and-repeal-instrument-2016-475/conflicts","importantCases":"/api/acts/asic-corporations-revocation-and-repeal-instrument-2016-475/important-cases","documents":"/api/acts/asic-corporations-revocation-and-repeal-instrument-2016-475/documents"}}