{"id":"F2025L00816","name":"Water (Water Markets Intermediaries Code—Exemptions) Instrument 2025","slug":"water-water-markets-intermediaries-code-exemptions-instrument-2025","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":106553,"registerId":"commonwealth-F2025L00816-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name","content":"#### 1 Name\n\n This instrument is the Water (Water Markets Intermediaries Code—Exemptions) Instrument 2025.\n\n#### Commencement\n\n 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```html\n

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  The whole of this instrument

Immediately after this instrument is registered.

\n```\n\n> Note: This table relates only to the provisions of this instrument as originally made.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 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.","sortOrder":0},{"sectionNumber":"Commencement","sectionType":"section","heading":"Commencement","content":"#### Commencement","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Authority","content":"#### 3 Authority\n\n This instrument is made under regulation 5.20 of the Water Regulations 2008.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Definitions","content":"#### 4 Definitions\n\n> Note: A number of expressions used in this instrument are defined in the Water Act 2007, including the following:\n\n eligible water markets intermediary;\n Water Markets Intermediaries Code;\n water markets intermediary services.\n\n In this instrument, regulations means the Water Regulations 2008.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Exemption from the requirements of the Water Markets Intermediaries Code","content":"#### 5 Exemption from the requirements of the Water Markets Intermediaries Code\n\n Application\n\n This section applies in relation to an eligible water markets intermediary:\n\n if the intermediary:\n\n is enrolled as a legal practitioner of a federal court or the Supreme Court of a State or Territory; or\n is licensed or registered under a law of a State or Territory as a conveyancer; and\n\n during any period when the intermediary\n\n provides water markets intermediary services; and\n in doing so, provides legal or conveyancing services under a law of a State or Territory covered by subsection (2).\n\n This subsection covers the following:\n\n (a) the Conveyancers Licensing Act 2003 (NSW);\n (b) the Conveyancers Licensing Regulation 2021 (NSW);\n (c) the Legal Profession Uniform General Rules 2015 (NSW);\n (d) the Legal Profession Uniform Law (NSW);\n (e) the Legal Profession Uniform Law Application Act 2014 (NSW);\n (f) the Legal Profession Uniform Law Application Regulation 2015 (NSW);\n (g) the Conveyancers Act 2006 (Vic.);\n (h) the Conveyancers (Professional Conduct) Regulations 2018 (Vic.);\n (i) the Legal Profession Uniform Law Application Act 2014 (Vic.);\n (j) the Legal Profession Uniform Law Application Regulations 2015 (Vic.);\n (k) the Legal Profession Act 2007 (Qld);\n (l) the Legal Profession Regulation 2017 (Qld);\n (m) the Conveyancers Act 1994 (SA);\n (n) the Land and Business (Sale and Conveyancing) Act 1994 (SA);\n (o) the Land and Business (Sale and Conveyancing) Regulations 2010 (SA);\n (p) the Legal Practitioners Act 1981 (SA);\n (q) the Legal Practitioners Regulations 2014 (SA);\n (r) the Legal Profession Act 2006 (ACT);\n (s) the Legal Profession Regulation 2007 (ACT).\n Exemption\n\n The intermediary is, during the period mentioned in paragraph (1)(b), exempted from Subdivisions B and C of Division 1 of Part 5 of the regulations, other than any provision in those Subdivisions made for the purposes of Division 5 of Part 5 of the Act (which establishes a statutory trust accounting framework for eligible water markets intermediaries).\n\n> Note: Section 100Q of the Act provides that Division 5 of Part 5 of the Act, or any provision in that Division specified by the regulations, is disapplied in relation to an eligible water markets intermediary during a period when the intermediary maintains a trust account in accordance with a prescribed law of a State or Territory. See Division 2 of Part 5 of the regulations.","sortOrder":4}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument performs a narrow, specific function consistent with its title and enabling regulation. It creates targeted exemptions for legally regulated professionals without expanding beyond the water markets intermediary framework established by the parent Act and regulations."},"complexity_factors":["Short instrument (only 5 sections)","Simple conditional structure: two-part test (professional status + service provision)","Extensive list of 19 specific state/territory statutes in subsection 5(2)","Single cross-reference to regulations (Subdivisions B and C of Division 1 of Part 5) and Act (Division 5 of Part 5)","One defined term ('regulations') plus three terms referenced from parent Act","No nested exceptions or recursive definitions"],"plain_english_summary":"This instrument carves out an exemption from parts of the Water Markets Intermediaries Code for lawyers and licensed conveyancers when they provide water market services as part of their legal or conveyancing work. Affected professionals remain subject to trust accounting and their existing professional rules. The change avoids double regulation by deferring to state/territory legal frameworks."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"This instrument narrows the federal Code’s reach by exempting specified intermediaries from Subdivisions B and C of Division 1 of Part 5 of the Water Regulations while they provide legal or conveyancing services under listed State laws (s5(1)–(2)). It preserves the Water Act’s statutory trust‑accounting requirements (exception in s5 and the note re s100Q), so compliance and oversight shift to State legal frameworks during those periods."},"complexity_factors":["Cross-references to multiple instruments: relies on the Water Act 2007 (definitions) and the Water Regulations 2008 (primary instrument) (see reg 5.20 authority and note to s4).","Conditional exemption based on status and activity: applies only if the intermediary is an enrolled legal practitioner or licensed/registered conveyancer and is providing legal/conveyancing services while also providing water markets intermediary services (s5(1)).","List of specific State laws: the exemption operates only when services are provided under a long list of named State statutes and regulations, requiring mapping to those instruments to determine applicability (s5(2) list).","Limited carve‑out: exemption removes Subdivisions B and C of Division 1 of Part 5, but preserves provisions made for Division 5 of Part 5 of the Water Act (statutory trust accounting), so two regulatory regimes overlap (s5 Exemption; note re s100Q).","Dependence on defined terms outside the instrument: key terms like 'eligible water markets intermediary' and 'water markets intermediary services' are defined in the Water Act, adding interpretive steps.","Compliance-shift risk: determining when federal rules are displaced by State professional regulation requires factual and legal assessment of the practitioner’s activities and applicable State law."],"plain_english_summary":"This instrument exempts eligible water markets intermediaries who are enrolled federal or state legal practitioners, or who are licensed/registered conveyancers, from specified parts of the Water Regulations (Subdivisions B and C of Division 1, Part 5) while they are providing legal or conveyancing services under listed State laws. It retains the Water Act’s statutory trust‑accounting requirements. \n\nEffect: during those periods these intermediaries follow the relevant State legal/conveyancing rules rather than the exempted parts of the federal Code, changing which rules and regulators oversee their conduct."},"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/water-water-markets-intermediaries-code-exemptions-instrument-2025","history":"/api/acts/water-water-markets-intermediaries-code-exemptions-instrument-2025/history","analysis":"/api/acts/water-water-markets-intermediaries-code-exemptions-instrument-2025/analysis","conflicts":"/api/acts/water-water-markets-intermediaries-code-exemptions-instrument-2025/conflicts","importantCases":"/api/acts/water-water-markets-intermediaries-code-exemptions-instrument-2025/important-cases","documents":"/api/acts/water-water-markets-intermediaries-code-exemptions-instrument-2025/documents"}}