{"id":"F2025L01162","name":"ASIC Corporations (Stapled Group Reports) Instrument 2025/439","slug":"asic-corporations-stapled-group-reports-instrument-2025-439","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":106939,"registerId":"commonwealth-F2025L01162-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Stapled Group Reports) Instrument 2025/439","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Stapled Group Reports) Instrument 2025/439\n\nI, Claire LaBouchardiere, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 19 September 2025\n\nClaire LaBouchardiere\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement...............................................3\n\n3 Authority....................................................3\n\n4 Simplified outline of this instrument...............................3\n\n5 Definitions...................................................3\n\nPart 2—Order 5\n\n6 Relief for the presentation of financial reports of stapled groups.........5\n\nPart 3—Repeal 7\n\n7 Repeal.......................................................7\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Stapled Group Reports) Instrument 2025/439.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\n> Note: The register may be accessed at www.legislation.gov.au.\n\n3 Authority\n\nThis instrument is made under subsection 341(1) of the Corporations Act 2001.\n\n4 Simplified outline of this instrument  \n\n| This instrument contains an exemption from the financial reporting requirements in Part 2M.3 of the Act for stapled issuers.Subject to meeting various requirements, the exemption allows a stapled issuer and its directors to include:(a) in the financial report or concise report of the stapled issuer—the single entity or consolidated financial statements of other stapled issuers in the same stapled group; and(b) in the directors’ report of the stapled issuer—the directors’ reports of the other stapled issuers. |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n5 Definitions\n\n(1) In this instrument:\n\nAct means the Corporations Act 2001.\n\ncombined financial statements means, in relation to a stapled group, financial statements that aggregate two or more entities that are members of the group, eliminating inter-entity transactions and balances, but without:\n\n(a) identifying an acquirer or one or more acquirees; and\n\n(b) eliminating equity or reserves of the acquirees that existed when the terms on which the securities of the entities were traded on a prescribed financial market first required the securities to be transferred together.\n\ncontrol has the same meaning as in Accounting Standard AASB 10 Consolidated Financial Statements.\n\nrelevant entity means a company, registered scheme or disclosing entity.\n\nstapled group means the group of entities consisting of:\n\n(a) a stapled issuer and each other stapled issuer a security of which under the terms on which it is traded on a prescribed financial market must be transferred with a security of the first-mentioned stapled issuer; and\n\n(b) all other entities controlled by the stapled issuers referred to in paragraph (a).\n\nstapled issuer means a relevant entity to which both of the following apply:\n\n(a) a security of the entity under the terms on which it is traded on a prescribed financial market, must be transferred together with a security of one or more other entities;\n\n(b) there are no securities in the same class as the security first mentioned in paragraph (a) which may be transferred separately.\n\n(2) A person is a director of a registered scheme at a particular time if the person is a director of the responsible entity of the registered scheme at that time.\n\nPart 2—Order\n\n6 Relief for the presentation of financial reports of stapled groups\n\nRelief\n\n(1) A stapled issuer and its directors do not have to comply with Part 2M.3 of the Act in relation to a half-year or a financial year (each a relevant period) to the extent that that Part prevents the inclusion of:\n\n(a) in the financial report or concise report (each a stapled issuer report) of the stapled issuer—the single entity or consolidated financial statements, notes to those statements and directors’ declaration of other stapled issuers (the other stapled issuers) in the same stapled group as the stapled issuer; and\n\n(b) in the directors’ report of the stapled issuer—the directors’ reports of the other stapled issuers.\n\n> Note: The relief in subsection (1) does not cover the inclusion of combined financial statements. Such financial statements may only be presented where doing so is otherwise permitted under Chapter 2M of the Act and applicable accounting standards.\n\nWhere relief applies\n\n(2) The relief in subsection (1) is available where all of the following apply:\n\n(a) all the other stapled issuers:\n\n    (i) are required to prepare financial reports for the relevant period under Chapter 2M of the Act; and\n    (ii) rely on the relief in subsection (1);\n\n(b) one of the following applies in relation to the financial statements for the relevant period:\n\n    (i) the financial statements of the stapled issuer and all the other stapled issuers (including any single entity financial statements presented where ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 is relied on) are presented in adjacent columns in the stapled issuer report;\n    (ii) the financial statements are presented as follows in separate sections of the stapled issuer report:\n      (A) in the first section—the consolidated financial statements or combined financial statements and, where ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 is relied on, the single entity financial statements of the stapled issuer; and\n      (B) in the second section in adjacent columns—all other consolidated financial statements of the stapled issuer and the other stapled issuers and any single entity financial statements (including those presented where ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195 is relied on); or\n    (iii) in the case of a financial report for a half-year or a concise report—one of the sets of financial statements permitted under subparagraphs (i) or (ii) (excluding any single entity financial statement that is not required under the Act and the accounting standard applicable to the report) is presented in adjacent columns in the stapled issuer report where, if the set includes consolidated or combined financial statements covering all of the entities in the stapled group, those financial statements are presented first;\n\n(c) a directors’ declaration covers more than one stapled issuer only where:\n\n    (i) each person who was a director of an issuer covered by the declaration at any time during the relevant period or when the declaration is made was also a director of each other issuer covered by the declaration at all times during the relevant period and when the declaration is made; and\n    (ii) each declaration required by subsection 295(4) or 303(4) of the Act (as relevant) is presented in a way that enables each issuer to which it relates to be readily identified;\n\n(d) where the stapled issuer or one or more of the other stapled issuers is a registered scheme, the financial report or concise report (as applicable) contains a prominent statement to the effect that only the responsible entity of a scheme takes responsibility for the financial report or concise report (as applicable) for the scheme;\n\n(e) a directors’ report covers more than one stapled issuer only where:\n\n    (i) each person who was a director of an issuer covered by the report at any time during the relevant period or when the report is made was also a director of each other issuer covered by the report at all times during the relevant period and when the report is made; and\n    (ii) the information included in the report is presented in a way that enables each issuer for which any aspect is relevant to be readily identified.\n\nPart 3—Repeal\n\n7 Repeal\n\nThis instrument is repealed at the start of 1 October 2030.","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":5,"scope_assessment":{"changed":false,"description":"The instrument remains focused on its original purpose: providing reporting relief for stapled groups. It does not expand beyond financial reporting exemptions for stapled issuers into unrelated areas."},"complexity_factors":["Multiple defined terms (5 defined terms in section 5, including recursive definitions for 'stapled group' and 'stapled issuer')","Cross-references to external instruments (ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195)","Cross-references to the Corporations Act 2001 (Part 2M.3, subsections 295(4), 303(4), Chapter 2M)","Cross-references to accounting standards (AASB 10 Consolidated Financial Statements)","Nested conditional logic in subsection 6(2) with multiple sub-paragraphs and clauses (e.g., (b)(ii)(A) and (B))","Three alternative presentation formats for financial statements with specific ordering requirements","Temporal conditions for director overlap ('at any time during the relevant period' vs 'at all times during the relevant period')","Sunset clause (automatic repeal on 1 October 2030)"],"plain_english_summary":"This instrument lets stapled issuers—entities whose securities are legally tied and traded as a package—file a single financial report that combines the relevant statements and directors’ reports for the group, reducing duplication and cost while aiming to keep investor comparability and transparency.\n\nIt requires uniform participation by all stapled members, consistent directors across covered entities for joint declarations, and a responsible-entity statement for managed funds; it does not permit true \"combined financial statements\" beyond existing Corporations Act and accounting rules."},"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":false,"description":"The instrument itself defines a targeted, temporary exemption to Part 2M.3 for stapled groups and specifies the conditions for that relief. The text does not identify or purport to alter the broader scope of the Corporations Act; it grants conditional relief within the Act’s framework and is time-limited (repeal at 1 October 2030)."},"complexity_factors":["Multiple alternative presentation formats and sequencing requirements for financial statements (see s6(2)(b)(i)-(iii)) increase options but require careful drafting.","Director declaration and directors’ report overlap conditions require identical director composition across covered issuers and clear issuer-identification (see s6(2)(c)(i)-(ii) and s6(2)(e)(i)-(ii)), raising verification burdens.","Relief expressly excludes combined financial statements and limits when those may be used; definition of 'combined financial statements' imposes accounting constraints (see s5(1) definition and s6(1) note).","Cross-references to multiple Corporations Act provisions (Part 2M.3, subsections 295(4), 303(4)) create dependency on external statutory drafting and timing obligations (see ss3 and s6).","Interaction with another ASIC instrument (ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195) requires coordination where single-entity statements are relied on (see s6(2)(b)(ii) and s5(1) note).","Special disclosure requirement when a stapled issuer or other stapled issuers are registered schemes imposes a prominent statement and thus additional formatting/compliance for responsible entities (see s6(2)(d)).","Temporary nature of the relief (automatic repeal at start of 1 October 2030) adds temporal complexity for planning and transition (see s7).","Instrument authority and enactment by an ASIC delegate under subsection 341(1) affects who decides and may influence administrative discretion (see s3)."],"plain_english_summary":"This instrument allows a stapled issuer and its directors to include the single-entity or consolidated financial statements and directors’ reports of other stapled issuers in the same stapled group within the stapled issuer’s financial or concise report, despite Part 2M.3’s usual format rules, subject to detailed presentation and director-overlap conditions. It affects stapled issuers, their directors and registered schemes. Who pays: the stapled issuers (compliance and presentation costs). Who decides: ASIC (delegate). Behaviour change: issuers will present multiple issuers’ statements together under specified layouts."},"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"}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-stapled-group-reports-instrument-2025-439","history":"/api/acts/asic-corporations-stapled-group-reports-instrument-2025-439/history","analysis":"/api/acts/asic-corporations-stapled-group-reports-instrument-2025-439/analysis","conflicts":"/api/acts/asic-corporations-stapled-group-reports-instrument-2025-439/conflicts","importantCases":"/api/acts/asic-corporations-stapled-group-reports-instrument-2025-439/important-cases","documents":"/api/acts/asic-corporations-stapled-group-reports-instrument-2025-439/documents"}}