Australian Securities & Investments Commission consults on remaking three financial market relief instruments for five years

The Australian Securities & Investments Commission has opened a consultation on remaking three legislative instruments that provide relief for financial market operations and are due to sunset on 1 October 2026. ASIC assessed the instruments as operating effectively and remaining necessary, and proposes to renew them for five years with only minor amendments to simplify drafting, improve clarity and, where appropriate, adopt market-neutral language. The overall effect of the instruments would remain largely unchanged. The three instruments cover dematerialised securities in the Austraclear system, disclosure of directors' interests, and record-keeping for Australian financial services licensees dealing on foreign financial markets. The Austraclear relief allows securities to be issued, settled and transferred electronically without physical certificates by modifying how parts of the Corporations Act 2001 apply. The directors' interests instrument addresses practical compliance issues and aligns disclosure requirements with listing rules, with the draft extending that relief to other declared financial markets with similar listing rule requirements. The foreign markets instrument relieves certain record-keeping obligations under the Corporations Act 2001 and Corporations Regulations 2001 by modifying regulation 7.8.19 to reflect practical differences in overseas execution and documentation. Feedback on the proposal is due by 31 July 2026.