{"id":"F2019L00290","name":"ASIC Corporations (Warrants: Out-of-use notices) Instrument 2019/148","slug":"asic-corporations-warrants-out-of-use-notices-instrument-2019-148","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439976,"registerId":"F2019L00290-fast-fetch-1775955788070","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Warrants: Out-of-use notices) Instrument 2019/148","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: ASIC Corporations (Warrants Out of Use Notices) 2019-148\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Warrants: Out-of-use notices) Instrument 2019/148\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate: 12 March 2019\n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc3285897)\n\n[1 Name of legislative instrument](#_Toc3285898)\n\n[2 Commencement](#_Toc3285899)\n\n[3 Authority](#_Toc3285900)\n\n[4 Definitions](#_Toc3285901)\n\n[Part 2—Exemption](#_Toc3285902)\n\n[5 Exemption from out-of-use notice requirement for Multiple Warrant Statements](#_Toc3285903)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Warrants: Out-of-use notices) Instrument 2019/148.\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 paragraph 1020F(1)(a) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\ndocument includes, in relation to a Product Disclosure Statement, 2 or more separate documents given at the same time which make up the Product Disclosure Statement in accordance with section 1013L of the Act.\n\nissue situation has the meaning given by subsection 1012B(2) of the Act.\n\nMultiple Warrant Statement means a document in relation to which the following apply:\n\n(a) the document has set out in it 2 or more Product Disclosure Statements or Supplementary Product Disclosure Statements for warrants;\n\n(b)    the responsible person for each Statement is the same.\n\nrecommendation situation has the meaning given by subsection 1012A(2) of the Act.\n\nresponsible person has the same meaning as in Division 2 of Part 7.9 of the Act (see subsection 1013A(3) and section 1014F).\n\nsale situation has the meaning given by subsection 1012C(2) of the Act.\n\nStatement means a Product Disclosure Statement or a Supplementary Product Disclosure Statement.\n\nwarrant has the meaning given by subregulation 1.0.02(1) of the Corporations Regulations 2001.\n\nPart 2—Exemption\n\n5 Exemption from out-of-use notice requirement for Multiple Warrant Statements\n\n A responsible person for a Statement for warrants that forms part of a Multiple Warrant Statement does not have to comply with subsection 1015D(2) of the Act for the event referred to in paragraph 1015D(2)(c) until all the warrants to which the Multiple Warrant Statement relates cease to be available to be recommended or offered to new clients in a recommendation, issue or sale situation.\n\n \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"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument remains tightly scoped to its original purpose: providing targeted relief from a specific disclosure requirement for bundled warrant products. No expansion beyond the original regulatory intent is evident."},"complexity_factors":["Very short instrument: only 5 sections across 2 Parts","Minimal conditional logic: single exemption in section 5 with straightforward trigger condition","8 defined terms in section 4, but most are simple incorporations by reference to the Corporations Act (e.g., 'issue situation', 'sale situation')","No nested exceptions or cross-references beyond basic statutory citations","Single substantive provision (section 5) with clear temporal trigger ('until all the warrants... cease to be available')","No operational provisions, penalty clauses, or enforcement mechanisms"],"plain_english_summary":"This instrument exempts warrant issuers from having to issue an \"out-of-use\" notice for a bundled Multiple Warrant Statement when only some warrants in the bundle become unavailable. Providers may wait until every warrant in the bundle is unavailable before issuing the notice. It eases administrative burden for financial services licensees while preserving investor protection, applying narrowly to the s.1015D(2)(c) notice and same-provider bundled statements."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"Narrows the immediate application of the out‑of‑use notice requirement in subsection 1015D(2) by exempting responsible persons for Statements that are part of a Multiple Warrant Statement from issuing the notice for the event in paragraph 1015D(2)(c) until all warrants in the Multiple Warrant Statement cease to be available to be recommended or offered to new clients (s 5). This defers, rather than removes, the disclosure obligation and shifts monitoring responsibility to the responsible person."},"complexity_factors":["Short instrument but depends on multiple cross‑references to the Corporations Act and Regulations (see definitions and use of subsections 1012A, 1012B, 1012C, 1013L and 1015D) (Definitions; s 5).","Key concept 'Multiple Warrant Statement' aggregates two or more PDS/Supplementary PDSs and creates treatment differences for bundled versus standalone Statements (Definitions).","Operational determination of when a warrant 'ceases to be available to be recommended or offered to new clients' is fact‑sensitive and may require continuous monitoring by the responsible person (s 5).","Compliance burden shifts timing rather than removing obligation: responsible persons must track availability across multiple warrants and apply exemption only while any warrant remains available (s 5).","Limited scope and delegation: instrument is an ASIC exemption under paragraph 1020F(1)(a) of the Act, so it delegates a narrow discretion to ASIC consistent with that power (s 3)."],"plain_english_summary":"This instrument lets a person responsible for Product Disclosure Statements for warrants that are bundled together (a “Multiple Warrant Statement”) delay issuing an ‘out‑of‑use’ notice for each individual Statement under s.1015D(2)(c). The delay lasts until every warrant in the bundled document is no longer available to be recommended, issued or sold to new clients. It therefore changes when issuers and advisers must update investors — reducing immediate paperwork for bundled warrants but requiring ongoing monitoring of when each warrant becomes unavailable."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-warrants-out-of-use-notices-instrument-2019-148","history":"/api/acts/asic-corporations-warrants-out-of-use-notices-instrument-2019-148/history","analysis":"/api/acts/asic-corporations-warrants-out-of-use-notices-instrument-2019-148/analysis","conflicts":"/api/acts/asic-corporations-warrants-out-of-use-notices-instrument-2019-148/conflicts","importantCases":"/api/acts/asic-corporations-warrants-out-of-use-notices-instrument-2019-148/important-cases","documents":"/api/acts/asic-corporations-warrants-out-of-use-notices-instrument-2019-148/documents"}}