I, Susanne Noack, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.Date 23 September 2026Susanne NoackContentsPart 1—Preliminary 31 Name of legislative instrument....................................32 Commencement...............................................33 Authority....................................................34 Schedules....................................................35 Simplified outline of this instrument...............................36 Definitions...................................................3Part 2—Exemption 67 Relief for persons providing general advice in certain documents........68 Documents to which the relief applies..............................6Part 3—Repeal 8Schedule 1—Repeals 9ASIC Corporations (Financial Product Advice – Exempt Documents) Instrument 2016/356 9
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.
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
This instrument provides relief for persons who provide general advice in certain specified documents from certain Australian financial services licensing, conduct and disclosure requirements.The specified documents include certain documents that are required to be prepared under Commonwealth legislation, including the Corporations Act 2001, and certain documents relating to foreign schemes of arrangement and control transactions that are required under the laws of certain specified foreign jurisdictions.The instrument also exempts certain entities from Australian financial services licensing requirements for the provision of general advice to wholesale clients in a document offering the entities’ own securities, debentures, stocks or bonds for issue.
In this instrument:Act means the Corporations Act2001.foreign regulated control transaction document means an offer document (however described) or a document responding to the offer document:(a) in relation to a transaction involving the acquisition of control or potential control of, or the acquisition of a substantial interest in:(i) an issuer of securities; or(ii) a managed investment scheme;where the offer under the offer document:(iii) is regulated by or under a law or other rules (however described) that are in force or apply in, or in a part of, a relevant foreign jurisdiction and that apply to the acquisition of:(A) the control or potential control of an entity; or(B) a substantial interest in an entity; and(iv) involves offers being made to acquire all or some of the securities or interests in a managed investment scheme (as applicable) forming all or a part of the class or classes (bid class) of securities or interests being bid for, held by:(A) all holders of securities or interests in the bid class; or(B) all such holders other than the person making the offers, that person and their associates or any other person to whom, under the regulatory requirements applicable to the transaction, the offers do not have to be made; and(b) that has been prepared because it is required by or under the law or the other rules.relevant foreign jurisdiction means each of:(a) Canada;(b) France;(c) Germany;(d) Hong Kong;(e) Italy;(f) Japan;(g) Malaysia;(h) The Netherlands;(i) New Zealand;(j) Singapore;(k) South Africa;(l) Switzerland;(m) United Kingdom;(n) United States of America.
A person providing general advice in a document that complies with section 8 does not have to comply with:(a) the requirement in subsection 911A(1) to hold an Australian financial services licence covering the provision of that advice; or(b) where the person is a financial services licensee or an authorised representative of such a licensee—Divisions 2 and 4 of Part 7.7 of the Act in relation to that advice.
A document complies with this section if it is:(a) prepared in accordance with a requirement of the Act, any other Act or a disallowable legislative instrument made under an Act and is not:(i) an exempt document or statement as defined in subsection 766B(9); or(ii) a document or statement of the kind referred to in paragraphs (a)(i) or (ii) of that definition; or(iii) a recommendation or statement of opinion made by an outside expert or a report of such a recommendation or statement of opinion as referred to in subsection 766B(1B); or(b) an explanatory statement (however described) about a compromise or arrangement:(i) between a foreign company and its members or any class of them; and(ii) that is regulated by or under a law that is in force in or in a part of one of the following:(A) Hong Kong;(B) Malaysia;(C) New Zealand;(D) Singapore;(E) South Africa;(F) United Kingdom;where the statement has been prepared because it is required by or under a law; or(c) a foreign regulated control transaction document.9Self-dealers who provide general advice about own securitiesAn entity to which subsection 766C(4) of the Act applies does not have to comply with the requirement in subsection 911A(1) of the Act to hold an Australian financial services licence covering the provision to wholesale clients of general advice that relates to securities, debentures, stocks or bonds of the entity and is contained in a document offering those securities, debentures, stocks or bonds for issue.