Commonwealth legislation

ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229

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Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

5/10 complexity

This instrument tells all Australian financial services licence holders and ASIC how to treat a “right-of-use” lease asset when applying licence financial-resource rules. Mechanically, it amends the application of section 912A so that a right‑of‑use asset arising under a lease is not treated as an “excluded asset” and therefore may count for the purposes of paragraph 912A(1)(b). It matters because it changes which assets licence-holders can rely on for meeting financial‑resource conditions, affecting compliance reporting and capital assessments.

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Direct links to the current provisions in ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229.

ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229

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ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 26 April 2021

Grant Moodie

Contents

Part 1—Preliminary

1 Name of legislative instrument

5 “Excluded assets” in conditions of Australian financial services licences

Part 3—Repeal

6 Repeal

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under subsection 926A(2) of the Corporations Act 2001.

4 Definitions

In this instrument:

Act means the Corporations Act 2001.

Part 2—Declaration

5 “Excluded assets” in conditions of Australian financial services licences

Division 3 of Part 7.6 of the Act applies to all financial services licensees as if section 912A of the Act were modified or varied by inserting after subsection (4), the following subsection:

“(4A) For the purposes of paragraph 912A(1)(b), despite anything to the contrary in a condition of the licence (including in a definition in the licence that applies for the purposes of a condition), a right-of-use asset arising under a lease is taken not to be included in the definition of “excluded assets” in the licence.”.

Part 3—Repeal

6 Repeal

This instrument is repealed on 1 May 2026.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 title: ASIC Template (Principal Legislative Instruments - Jan 2019)

ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 26 April 2021

Grant Moodie

Contents

Part 1—Preliminary

1 Name of legislative instrument

5 “Excluded assets” in conditions of Australian financial services licences

Part 3—Repeal

6 Repeal

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at .