{"id":"F2016L01485","name":"ASIC Corporations (Securities: NZ FASTER System) Instrument 2016/891","slug":"asic-corporations-securities-nz-faster-system-instrument-2016-891","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":95119,"registerId":"commonwealth-F2016L01485-current","compilationNumber":null,"startDate":"2026-04-02","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Securities: NZ FASTER System) Instrument 2016/891","content":"![](image.001.jpeg)\n\nASIC Corporations (Securities: NZ FASTER System) Instrument 2016/891\n\nAbout this compilation\n\nCompilation No. 1\n\nThis is a compilation of ASIC Corporations (Securities: NZ FASTER System) Instrument 2016/891 as in force on 22 December 2017. It includes any commenced amendment affecting the legislative instrument to that date.\n\nThis compilation was prepared by the Australian Securities and Investments Commission.\n\nThe notes at the end of this compilation (the endnotes) include information\n\nabout amending instruments and the amendment history of each amended provision.\n\nContents\n\n[Part 1—Preliminary](#_Toc501546165)\n\n[1 Name of legislative instrument](#_Toc501546166)\n\n[3 Authority](#_Toc501546167)\n\n[4 Definitions](#_Toc501546168)\n\n[Part 2—Declaration](#_Toc501546169)\n\n[5 Issue or transfers of securities covered by New Zealand FASTER system](#_Toc501546170)\n\n[Endnotes](#_Toc501546171)\n\n[Endnote 1—Instrument history](#_Toc501546172)\n\n[Endnote 2—Amendment history](#_Toc501546173)\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Securities: NZ FASTER System) Instrument 2016/891.\n\n3 Authority\n\nThis instrument is made under subsection 1075A(1) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nsecurities means any of the following:\n\n(a) shares in a company;\n\n(b) debentures of a company;\n\n(c) interests in a registered scheme.\n\nPart 2—Declaration\n\n5 Issue or transfers of securities covered by New Zealand FASTER system\n\nPart 7.11 of the Act applies to securities of a company as if section 1071H were modified by inserting after subsection (5):\n\n“(5A) A company need not comply:\n\n(a) with subsection (1) in relation to the issue of a security; or\n\n(b) with subsection (3) in relation to a transfer of a security;\n\nif:\n\n(c) the security is able to be traded on any of the following financial markets operated by New Zealand Exchange Limited (NZX):\n\n(i) NZX Main Board;\n\n(ii) NZX Debt Market;\n\n(iii) NZX Alternative Market; and\n\n(d) the issue or transfer of the security is covered by the system (the FASTER system) for the electronic transfer of securities operated by NZX known as the “FASTER” system; and\n\n(e) any document required to be sent or delivered to the person to whom the security is issued, or the transferee, under the FASTER system in relation to the issue or the transfer has been sent or delivered.\n\n> Note: Subsection (1) requires a company to complete, have ready for delivery and send or deliver to the holder the appropriate certificates or other title documents within 2 months after the company issues a security. A company that has issued securities will be able to rely on this subsection if the requirements of paragraphs (c) to (e) of this subsection are met no later than 2 months after the company issues a security.\n\n> Note: Subsection (3) requires a company to complete, have ready for delivery and send or deliver to the transferee the appropriate title and transfer documents within one month after the date on which a transfer of a security is lodged with the company. A company whose securities have been transferred will be able to rely on this subsection if the requirements of paragraphs (c) to (e) of this subsection are met no later than one month after the date on which a transfer of a security is lodged with the company.\n\n(5B) In subsection (5A), a security is able to be traded on a financial market even if, under the terms on which it is to be traded, it must be transferred together with one or more other securities.”.\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| 2016/891          | 19/9/2016 (see F2016L01485)  | 23/9/2016            |                                                |\n| 2017/1119         | 21/12/2017 (see F2017L01696) | 22/12/2017           | -                                              |\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| Section 5          | am. 2017/1119 |","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow purpose: facilitating cross-border securities trading between Australia and New Zealand by exempting certificate requirements for FASTER system transactions. The 2017 amendment was minor (amending section 5) and did not expand the scope beyond NZX-traded securities."},"complexity_factors":["Very short instrument (only 5 substantive sections, with section 2 repealed)","Only 3 defined terms in section 4 ('Act', 'securities', and implicit definitions through the modification)","Single operative provision (section 5) that inserts one new subsection into the Corporations Act","No nested exceptions or complex conditional logic—just a straightforward 5-condition exemption","Minimal cross-referencing (only references to Corporations Act sections 1071H and Part 7.11)","Clear explanatory notes included in the instrument itself"],"plain_english_summary":"This instrument lets Australian companies whose securities trade on NZX use New Zealand’s FASTER electronic settlement system instead of issuing physical share or title certificates. It affects cross‑listed Australian issuers, their investors and NZX, removing a legal and administrative conflict between Australian certificate rules and New Zealand’s paperless system. The change reduces red tape and costs while relying on FASTER’s electronic records for ownership and transfers."},"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"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"Section 5 was amended by instrument 2017/1119 (see Endnote 1 and Endnote 2). The current text inserts subsections (5A) and (5B) that create an explicit exemption from certificate/transfer‑document requirements in Part 7.11 where securities are tradeable on specified NZX markets and the NZX FASTER system and its document delivery satisfy the statutory conditions. The instrument history confirms the provision was altered on 22 December 2017; the compilation shows the amended text but does not include the prior wording for direct comparison."},"complexity_factors":["Cross-references to the Corporations Act (modifies operation of Part 7.11 and section 1071H): see section 5 (insertion of subsection (5A) and (5B)).","Delegated rulemaking basis: instrument made under subsection 1075A(1) of the Corporations Act (authority identified in section 3).","Dependence on an external electronic system and third‑party processes (NZX’s FASTER system) to satisfy statutory delivery obligations: see section 5(c)–(e).","Timing and compliance conditions tied to statutory timeframes (2 months for issue, 1 month for transfers) — compliance depends on meeting those deadlines via FASTER: see notes to section 5.","Limited definitional scope of ‘securities’ (shares, debentures, interests in registered schemes) which constrains applicability: see section 4.","A technical residual rule about bundled transfers (ability to be traded even if must be transferred together with other securities): see subsection (5B).","Amendment history affects interpretation and scope (section 5 was amended by instrument 2017/1119) — requires attention to commencement and amendment dates in endnotes."],"plain_english_summary":"This instrument amends Part 7.11 of the Corporations Act so that Australian companies do not have to produce and send paper certificates or transfer documents if an issue or transfer of shares, debentures or registered scheme interests is processed through NZX’s electronic FASTER system and the required FASTER documents are sent to the recipient within the statutory time limits. It applies only to securities that can be traded on specified NZX markets and where the NZX FASTER system handles the delivery of documents."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-securities-nz-faster-system-instrument-2016-891","history":"/api/acts/asic-corporations-securities-nz-faster-system-instrument-2016-891/history","analysis":"/api/acts/asic-corporations-securities-nz-faster-system-instrument-2016-891/analysis","conflicts":"/api/acts/asic-corporations-securities-nz-faster-system-instrument-2016-891/conflicts","importantCases":"/api/acts/asic-corporations-securities-nz-faster-system-instrument-2016-891/important-cases","documents":"/api/acts/asic-corporations-securities-nz-faster-system-instrument-2016-891/documents"}}