{"id":"F2024L00537","name":"Corporations and Competition (CS Services) Instrument 2024","slug":"corporations-and-competition-cs-services-instrument-2024","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":442384,"registerId":"F2024L00537-fast-fetch-1775957400437","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Corporations and Competition (CS Services) Instrument 2024","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n![Commonwealth coat of arms of Australia](image.001.jpeg)\n\n \n\nCorporations and Competition (CS Services) Instrument 2024\n\nI, Stephen Jones, Assistant Treasurer and Minister for Financial Services, having regard to the matters specified in subsection 828B(5) of the Corporations Act 2001 and in subsection 153ZEF(4) of the Competition and Consumer Act 2010, make the following instrument.\n\nDated     13 May 2024\n\n \n\nStephen Jones\n\nAssistant Treasurer  Minister for Financial Services\n\n \n\n \n\n \n\n \n\nContents\n\nPart 1—Preliminary\n\n1  Name \n\n2  Commencement\n\n3  Authority\n\n4  Definitions\n\nPart 2—CS services in relation to which ASIC may impose rules\n\n5  Determined classes of CS services\n\nPart 3—CS services to which access may be subject to negotiation or arbitration\n\n6  Declared CS services\n\nPart 1—Preliminary\n\n \n\n1  Name\n\n  This instrument is the Corporations and Competition (CS Services) Instrument 2024.\n\n2  Commencement\n\n (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. The whole of this instrument The day after this instrument is registered.\n\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.\n\n3  Authority\n\n  This instrument is made under the following:\n\n (a) the Competition and Consumer Act 2010; and\n\n (b) the Corporations Act 2001.\n\n4  Definitions\n\nNote: Expressions have the same meaning in this instrument as in the Competition and Consumer Act 2010 and the Corporations Act 2001 (as the case requires) as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.\n\n  In this instrument:\n\ncash equity means any of the following:\n\n (a) a share in a body;\n\n (b) an interest in a managed investment scheme or notified foreign passport fund;\n\n (c) a legal or equitable right or interest in a share or interest covered by paragraph (a) or (b);\n\n (d) an option to acquire, by way of issue, a share, interest or right covered by paragraph (a), (b) or (c);\n\n (e) a right (whether existing or future and whether contingent or not) to acquire, by way of issue, a share, interest or right covered by paragraph (a), (b), (c) or (d).\n\nCCA means the Competition and Consumer Act 2010.\n\nCorporations Act means the Corporations Act 2001.\n\nPart 2—CS services in relation to which ASIC may impose rules\n\n5  Determined classes of CS services\n\n  Under subsection 828B(2) of the Corporations Act, all of the following classes of CS services are specified:\n\n (a) a CS service relating to cash equities (being a type of financial product).\n\nPart 3—CS services to which access may be subject to negotiation or arbitration\n\n6  Declared CS services\n\n  Under subsection 153ZEF(1) of the CCA, all of the following classes of CS services are declared as services to which access may be the subject of negotiations or arbitration under Part XICB of the CCA:\n\n (a) a CS service relating to cash equities.\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"},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument exercises powers in the Corporations Act and the Competition and Consumer Act to specify that CS services relating to cash equities are subject to ASIC rulemaking and to access negotiation/arbitration. It does not itself expand or narrow those statutory powers on its face; it simply identifies the cash-equities class as falling within existing rulemaking and access frameworks (see sections 5 and 6)."},"complexity_factors":["Very narrow substantive scope — only CS services relating to cash equities are specified (section 5, 6).","Few provisions and minimal bespoke definitions — short instrument with simple commencement clause (sections 1–4).","Depends on cross-references to two substantive Acts (Corporations Act 2001 and Competition and Consumer Act 2010), so legal effect requires reading those statutes and referenced subsections (see Authority, sections 3, 5, 6).","Delegated rulemaking and access processes introduce implementation discretion (ASIC rulemaking under subsection 828B(2); access negotiation/arbitration under Part XICB), creating variable operational outcomes despite simple text.","Compliance and commercial effects depend on subsequent instruments, ASIC rules, and arbitration outcomes — instrument sets framework but not detailed obligations.","Low administrative complexity to read, but potential transactional complexity for market participants once rules/arbitrations are applied."],"plain_english_summary":"This instrument designates CS services relating to cash equities as a class for two legal purposes: it authorises ASIC to make rules about those services under the Corporations Act and it declares those same services eligible for access negotiation or arbitration under the Competition and Consumer Act. It affects exchanges, trading venues and service providers in cash-equity markets by enabling regulatory rulemaking and CCA access processes that can alter contractual terms, impose compliance obligations, and shift bargaining leverage."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument appears to serve its original intended purpose of designating specific clearing and settlement services for regulatory oversight and access dispute resolution. It has not expanded beyond this narrow, technical function."},"complexity_factors":["Very short instrument (only 6 sections)","Minimal defined terms (only 4 explicit definitions in section 4, plus incorporated definitions from parent Acts)","No nested exceptions or conditional logic","Simple structure: preliminary matters, then two substantive provisions with single sub-paragraphs each","Heavy reliance on definitions in parent legislation (Corporations Act 2001 and Competition and Consumer Act 2010) rather than creating new complex definitions","Straightforward cross-referencing to specific subsections of parent Acts without complex interplay"],"plain_english_summary":"This instrument lets the Assistant Treasurer designate certain clearing and settlement (\"CS\") services for cash equities so ASIC can regulate access and require negotiation or arbitration. It targets the market infrastructure that finalizes share trades.\n\nIt affects operators who run these services, the investors and traders who rely on them, and ASIC’s power to ensure fair access, competition and dispute resolution in the market plumbing."}},"importantCases":[],"_links":{"self":"/api/acts/corporations-and-competition-cs-services-instrument-2024","history":"/api/acts/corporations-and-competition-cs-services-instrument-2024/history","analysis":"/api/acts/corporations-and-competition-cs-services-instrument-2024/analysis","conflicts":"/api/acts/corporations-and-competition-cs-services-instrument-2024/conflicts","importantCases":"/api/acts/corporations-and-competition-cs-services-instrument-2024/important-cases","documents":"/api/acts/corporations-and-competition-cs-services-instrument-2024/documents"}}