{"id":"F2020L00309","name":"Structured Finance Support (Coronavirus Economic Response Package) Rules 2020","slug":"structured-finance-support-coronavirus-economic-response-package-rules-2020","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":440418,"registerId":"F2020L00309-fast-fetch-1775956048932","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Structured Finance Support (Coronavirus Economic Response Package) Rules 2020","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![](image.001.jpeg)\n\n \n\nStructured Finance Support (Coronavirus Economic Response Package) Rules 2020\n\nI, Josh Frydenberg, Treasurer, make the following rules.\n\nDated    25 March 2020\n\nJosh Frydenberg\n\nTreasurer\n\n \n\n \n\n \n\n \n\nContents\n\n1 Name\n\n2 Commencement\n\n3 Authority\n\n4 Definitions\n\n5 Authorised debt securities\n\n6 Eligible delegates\n\n \n\n1  Name\n\n  This instrument is the Structured Finance Support (Coronavirus Economic Response Package) Rules 2020.\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The day after this instrument is registered.\n\n\nNote: This table relates only to the provisions of this instrument as originally made.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 Structured Finance Support (Coronavirus Economic Response Package) Act 2020.\n\n4  Definitions\n\nNote: Expressions have the same meaning in this instrument as in the Act as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.\n\n  In this instrument:\n\nAct means the Structured Finance Support (Coronavirus Economic Response Package) Act 2020.\n\n5  Authorised debt securities\n\n  For the purposes of paragraph 12(4)(d) of the Act, the debt security must not be a first loss security.\n\n6  Eligible delegates\n\n  For the purposes of subsection 18(2) of the Act, the Australian Office of Financial Management is prescribed.\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"},"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument does not expand or reduce the statutory scope of the Structured Finance Support Act; it operates within the Act's authority (s3). It narrows qualifying instruments by excluding first‑loss securities (s5) and specifies the Australian Office of Financial Management as the prescribed delegate to exercise functions under the scheme (s6), without altering the Act's underlying powers or beneficiaries."},"complexity_factors":["Very short, focused instrument — limited number of operative clauses reduces overall complexity.","Relies on cross‑references to the parent Act for key definitions and powers (see s3 and s4), so full effect requires reading the Act.","Substantive limit: prohibits first‑loss securities from being supported (s5); determining what counts as a \"first‑loss\" position may require market/contractual analysis.","Prescribes a single eligible delegate, the AOFM (s6); understanding delegated powers and decision‑making requires consulting the Act.","Immediate commencement the day after registration (s2) creates rapid operational effect for market participants.","No procedural or compliance detail in the instrument itself — enforcement and application mechanics are determined by the Act."],"plain_english_summary":"These rules, made by the Treasurer under the Structured Finance Support Act 2020, set two technical limits: debt securities eligible for support must not be first‑loss securities (s5), and the Australian Office of Financial Management (AOFM) is prescribed as an eligible delegate to act under the scheme (s6). The instrument takes effect on the day after registration and relies on definitions in the Act. It affects issuers, investors and the AOFM by narrowing which instruments qualify and naming who may exercise delegated functions."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument remains tightly scoped to its original purpose. It contains only two operative provisions: one excluding high-risk securities from government purchase, and one delegating authority to a specific government agency. There is no evidence of scope creep or expansion beyond the original intent of supporting structured finance markets during the COVID-19 pandemic."},"complexity_factors":["Extremely short instrument — only 6 sections covering 2 substantive matters","No defined terms of its own — relies entirely on definitions from the parent Act via the Legislation Act 2003","No cross-references beyond simple pointers to specific subsections of the parent Act","No conditional logic, exceptions, or nested provisions","Straightforward prescriptive rules with binary outcomes (is/is not prescribed, must not be)"],"plain_english_summary":"The Rules set which structured-finance debt securities the government could buy during Australia’s 2020 COVID response—excluding high‑risk “first loss” tranches so taxpayers don’t take the riskiest losses—and authorize the Australian Office of Financial Management to make delegated decisions for the Treasurer. \n\nIt affects financial institutions, investors in structured products, and the AOFM, and matters because it helped keep credit flowing while limiting taxpayer exposure."}},"importantCases":[],"_links":{"self":"/api/acts/structured-finance-support-coronavirus-economic-response-package-rules-2020","history":"/api/acts/structured-finance-support-coronavirus-economic-response-package-rules-2020/history","analysis":"/api/acts/structured-finance-support-coronavirus-economic-response-package-rules-2020/analysis","conflicts":"/api/acts/structured-finance-support-coronavirus-economic-response-package-rules-2020/conflicts","importantCases":"/api/acts/structured-finance-support-coronavirus-economic-response-package-rules-2020/important-cases","documents":"/api/acts/structured-finance-support-coronavirus-economic-response-package-rules-2020/documents"}}