The Australian Securities & Investments Commission (ASIC) has opened a feedback process on remaking two relief instruments for Australian financial services (AFS) licensees and foreign authorised deposit-taking institutions (ADIs) that are scheduled to sunset and repeal in 2026. ASIC’s assessment is that the instruments are operating effectively and remain a necessary part of the legislative framework, with the relief to remain largely unchanged. The proposal covers ASIC Corporations (Foreign Licensees and ADIs) Instrument 2016/186, which exempts foreign licensees from certain record-keeping obligations and from lodging and auditing financial statements under Division 6 of Part 7.8 of the Corporations Act, and exempts foreign ADIs from the requirement to hold an AFS licence when dealing in derivatives and foreign exchange contracts on their own behalf. It also covers ASIC Corporations (Licence Conditions—Treatment of Lease Assets) Instrument 2021/229, which allows certain AFS licensees to treat right-of-use lease assets as not being excluded assets when calculating net tangible assets and, where applicable, adjusted surplus liquid funds and surplus liquid funds. Changes are limited to an amendment to a relief condition, clarification of a note under section 5(2) of Instrument 2016/186, and other minor updates. Submissions on Consultation Paper CS 40 are due by 23 January 2026 (5 pm AEDT). Instrument 2016/186 is due to sunset on 1 April 2026, while Instrument 2021/229 is set to automatically repeal on 1 May 2026.

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