{"id":"F2021L00341","name":"ASIC Corporations (Short Term Trading Market) Instrument 2021/218","slug":"asic-corporations-short-term-trading-market-instrument-2021-218","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":440798,"registerId":"F2021L00341-fast-fetch-1775956303325","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Short Term Trading Market) Instrument 2021/218","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.png)\n\nASIC Corporations (Short Term Trading Market) Instrument 2021/218\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 24 March 2021\n\n \n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc67499003)\n\n[1 Name of legislative instrument](#_Toc67499004)\n\n[2 Commencement](#_Toc67499005)\n\n[3 Authority](#_Toc67499006)\n\n[4 Definitions](#_Toc67499007)\n\n[Part 2—Exemption](#_Toc67499008)\n\n[5 Exemption from the requirement for AEMO to hold an AFS licence](#_Toc67499009)\n\n[6 Exemption from the requirement for Trading Participants of AEMO to hold an AFS licence](#_Toc67499010)\n\n[Part 3—Repeal](#_Toc67499011)\n\n[7 Repeal](#_Toc67499012)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Short Term Trading Market) Instrument 2021/218.\n\n2 Commencement\n\nThis instrument commences on the later of:\n\n(a) the day after it is registered on the Federal Register of Legislation; and\n\n(b)  1 April 2021.\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 paragraph 926A(2)(a) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nAEMO means Australian Energy Market Operator Limited ACN 072 010 327.\n\nex ante rights means the rights and obligations created when AEMO issues or determines an ex ante market schedule or when a schedule is required to be used or taken as an ex ante market schedule in accordance with Subdivision 2 or 6 of Division 7 of Part 20 of the National Gas Rules as in force at the date of this instrument .\n\nNational Gas Rules has the meaning given in the National Gas (South Australia) Law (as in force at the date of this instrument) set out in the Schedule to the National Gas (South Australia) Act 2008 of South Australia.\n\nTrading Participant has the meaning given by rule 364 of the National Gas Rules as in force at the date of this instrument.\n\nPart 2—Exemption\n\n5 Exemption from the requirement for AEMO to hold an AFS licence\n\nAEMO does not have to comply with subsection 911A(1) of the Act for the provision of the following financial services to a Trading Participant that is a wholesale client:\n\n(a) providing general advice in relation to ex ante rights;\n\n(b) dealing in ex ante rights by issuing them;\n\n(c) making a market in ex ante rights.\n\n6 Exemption from the requirement for Trading Participants of AEMO to hold an AFS licence\n\nA Trading Participant does not have to comply with subsection 911A(1) of the Act for dealing in ex ante rights on its own behalf by issuing the ex ante rights where the ex ante rights are also issued by AEMO to the Trading Participant as a wholesale client of AEMO.\n\nPart 3—Repeal\n\n7 Repeal\n\nThis instrument is repealed on 1 April 2026.\n","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":2,"scope_assessment":{"changed":false,"description":"The instrument maintains its original narrow scope. It was designed to provide targeted relief from AFS licensing requirements for gas market operations, and it does exactly that without expansion into adjacent areas."},"complexity_factors":["Very short document (7 sections, approximately 1.5 pages)","Only 4 defined terms in the interpretation section","Single cross-reference to the Corporations Act 2001 (section 911A)","No nested exceptions or conditional logic beyond basic wholesale client qualification","Straightforward structure: preliminary provisions, two exemption clauses, repeal clause","Limited operational scope — applies only to specific activities (ex ante rights) by specific entities (AEMO and Trading Participants)"],"plain_english_summary":"This instrument exempts AEMO and certain gas trading participants from needing an Australian Financial Services (AFS) licence for activities tied to \"ex ante rights\" in the short‑term gas market, provided those dealings are with wholesale clients and, for trading participants, the rights were issued by AEMO.\n\nIt avoids imposing costly AFS licensing on specialised wholesale energy market activity governed by the National Gas Rules, affects AEMO and market traders, and expires 1 April 2026."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"Yes. The instrument narrows the application of subsection 911A(1) of the Corporations Act by exempting AEMO from holding an AFS licence for specified services to wholesale Trading Participants and by exempting Trading Participants dealing in ex ante rights issued by AEMO. The exemption is limited to the defined concept of 'ex ante rights' (which imports the National Gas Rules) and is time‑limited, expiring on 1 April 2026 (see s4, s5, s6, s7)."},"complexity_factors":["Narrow, limited scope (only 'ex ante rights' and three service types: advice, issuing, market‑making) (see s5–s6).","Dependent on defined terms that import external instruments — 'ex ante rights', National Gas Rules, Trading Participant (see s4).","Conditional on client classification: exemptions apply only where the Trading Participant is a wholesale client (s5).","Temporal limitation: instrument repeals on 1 April 2026, so effect is time‑bounded (s7).","Interacts with primary market licensing regime (subsection 911A(1) of the Corporations Act) — requires reading against that Act (s3, s5–s6).","Made under delegated power (paragraph 926A(2)(a) of the Act) which may constrain scope and review avenues (s3).","Operational interpretation depends on how AEMO and market participants implement issuance and market‑making mechanics under the National Gas Rules."],"plain_english_summary":"Grants AEMO and its Trading Participants an exemption from the Corporations Act requirement to hold an Australian Financial Services (AFS) licence for specified activities involving \"ex ante rights\" — providing general advice, issuing those rights, and market‑making — when provided to wholesale clients or issued by AEMO. \n\nIt affects AEMO and wholesale Trading Participants by removing the AFS‑licence and related compliance cost for those services until 1 April 2026."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-short-term-trading-market-instrument-2021-218","history":"/api/acts/asic-corporations-short-term-trading-market-instrument-2021-218/history","analysis":"/api/acts/asic-corporations-short-term-trading-market-instrument-2021-218/analysis","conflicts":"/api/acts/asic-corporations-short-term-trading-market-instrument-2021-218/conflicts","importantCases":"/api/acts/asic-corporations-short-term-trading-market-instrument-2021-218/important-cases","documents":"/api/acts/asic-corporations-short-term-trading-market-instrument-2021-218/documents"}}