{"id":"F2026L00345","name":"ASIC Corporations (Substituted Supplementary Disclosure Documents) Instrument 2026/92","slug":"asic-corporations-substituted-supplementary-disclosure-documents-instrument-2026-92","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107935,"registerId":"commonwealth-F2026L00345-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Substituted Supplementary Disclosure Documents) Instrument 2026/92","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Substituted Supplementary Disclosure Documents) Instrument 2026/92\n\nI, Amanda Zeller, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 23 March 2026\n\nAmanda Zeller\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement...............................................3\n\n3 Authority....................................................3\n\n4 Schedules....................................................3\n\n5 Simplified outline of this instrument...............................3\n\n6 Definitions...................................................3\n\nPart 2—Declaration 4\n\n7 Substituted supplementary disclosure documents.....................4\n\nPart 3—Repeal 5\n\n8 Repeal.......................................................5\n\nSchedule 1—Repeals 6\n\nASIC Corporations (Substituted Supplementary Disclosure Documents) Instrument 2016/78 6\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Substituted Supplementary Disclosure Documents) Instrument 2026/92.\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 2026.\n\n> Note: The register may be accessed at www.legislation.gov.au.\n\n3 Authority\n\nThis instrument is made under subsection 741(1) 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Act 2001.\n\n4 Schedules\n\nEach instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\n5 Simplified outline of this instrument\n\nThis instrument modifies Chapter 6D of the Act to enable an issuer of securities to provide the original disclosure document and the most recent supplementary document to investors rather than being required to provide the original disclosure document and every supplementary document.\n\nThe most recent supplementary document must disclose all of the substantive information contained in any previous supplementary documents.\n\n6 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nPart 2—Declaration\n\n7 Substituted supplementary disclosure documents\n\nChapter 6D of the Act applies to all persons as if section 719 were modified or varied as follows:\n\n(a) omit paragraph (2)(d), substitute:\n\n  “(d) if the supplementary document (substituted supplementary document) lodged with ASIC contains all the substantive information in all previous supplementary documents lodged with ASIC in relation to the offer except to the extent the substituted supplementary document corrects deficiencies in or updates that information or provides additional information—a statement that it is issued in substitution for the previous supplementary documents and it is to be read together with the disclosure document it supplements; and\n  (e) if paragraph (d) does not apply—a statement that it is to be read together with the disclosure document it supplements and any previous supplementary documents.”;\n\n(b) omit subsection (4) (not including the heading and the note), substitute:\n\n  “(4) If:\n  (a) a supplementary document is lodged with ASIC, the disclosure document is taken to be the disclosure document together with the supplementary document for the purposes of the application of this Chapter to events that occur after the lodgement of the supplementary document; and\n  (b) a substituted supplementary document is lodged with ASIC, the disclosure document is taken to be the disclosure document together with the substituted supplementary document (and not the previous supplementary documents that have been substituted by it) for the purposes of the application of this Chapter to events that occur after the lodgement of the substituted supplementary document.”.\n\n  \n\nPart 3—Repeal\n\n8 Repeal\n\nThis instrument is repealed at the start of 1 April 2031.\n\n  \n\nSchedule 1—Repeals\n\nASIC Corporations (Substituted Supplementary Disclosure Documents) Instrument 2016/78\n\n1 The whole of the instrument\n\nRepeal the instrument.","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 remains tightly focused on its original purpose: modifying disclosure requirements for supplementary documents under Chapter 6D of the Corporations Act. The 2026 version replaces the 2016 instrument but does not expand beyond the original scope of streamlining disclosure document processes. The sunset clause (2031) indicates this is a time-limited, targeted regulatory relief measure consistent with its original intent."},"complexity_factors":["Only 6 defined terms, with most being standard references (e.g., 'Act' = Corporations Act 2001)","Single substantive modification to one section (section 719) of the Corporations Act","Straightforward conditional logic: either a document qualifies as a 'substituted supplementary document' (containing all substantive information from previous supplements) or it doesn't","No nested exceptions or complex cross-referencing beyond the single modification to Chapter 6D","Short length (8 sections plus a single repeal schedule)","Clear structure with simplified outline provided (section 5)"],"plain_english_summary":"This instrument allows companies issuing securities to replace multiple prospectus supplements with a single “substituted supplementary document” that consolidates all material changes, so new investors need only the original disclosure plus the latest substituted supplement. It streamlines disclosure for issuers and clarity for investors, requires lodgment with ASIC, repeals Instrument 2016/78, and sunsets on 1 April 2031 unless renewed."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"Yes. The instrument narrows the practical scope of required investor delivery and filing by allowing a substituted supplementary document to stand in for earlier supplementary documents when it contains their substantive information, instead of requiring every supplementary document to be provided (s5; s7). It also repeals the 2016 instrument (Schedule 1) and includes a five-year sunset (s8), so the change is temporary and alters who must ensure consolidated disclosure (issuers) and how ASIC treats lodged documents for post-lodgement events (s7(b))."},"complexity_factors":["Legal modification of Corporations Act s719 wording rather than a standalone regime — requires reading the instrument together with existing Chapter 6D (s7).","Conceptual ambiguity over what counts as 'all the substantive information' and how exceptions for 'corrects deficiencies or updates' operate; leaves factual determination to issuers, ASIC or courts (s7(a)).","Shifts compliance burden: issuers must ensure substituted supplementary documents consolidate prior substantive changes and state substitution; failure risks disclosure breaches and enforcement (s5; s7(a),(b)).","Administrative effect on ASIC records and reliance: lodgement treatment changes which supplementary documents are treated as operative for events after lodgement, altering compliance checks and regulatory reliance points (s7(b)).","Transitional and temporal limits: commencement rules and a five-year repeal/sunset (commences later of registration and 1 Apr 2026; repealed 1 Apr 2031) create implementation and review timing considerations (s2; s8).","Repeal of prior instrument (2016/78) may create interpretive or process changes for market participants used to the prior practice (Schedule 1)."],"plain_english_summary":"This instrument lets a securities issuer supply investors with the original disclosure document and only the most recent supplementary document, instead of every separate supplementary notice, provided the latest supplementary contains all substantive information from earlier supplements. It changes how Chapter 6D treats lodged supplementary documents, affecting issuers’ filing and investor receipt practices and shifting the onus onto issuers to ensure the substituted document fully captures prior updates (see s5, s7)."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-substituted-supplementary-disclosure-documents-instrument-2026-92","history":"/api/acts/asic-corporations-substituted-supplementary-disclosure-documents-instrument-2026-92/history","analysis":"/api/acts/asic-corporations-substituted-supplementary-disclosure-documents-instrument-2026-92/analysis","conflicts":"/api/acts/asic-corporations-substituted-supplementary-disclosure-documents-instrument-2026-92/conflicts","importantCases":"/api/acts/asic-corporations-substituted-supplementary-disclosure-documents-instrument-2026-92/important-cases","documents":"/api/acts/asic-corporations-substituted-supplementary-disclosure-documents-instrument-2026-92/documents"}}