Australia proposes remaking legislative instruments for technical relief

One paragraph in ASIC Instrument 2016/200 is being repealed.

The Australian Securities and Investments Commission (ASIC) has proposed remaking two legislative instruments that provide technical relief to Australian financial services licensees.

ASIC is also seeking feedback to make minor updates to “certain” prescribed credit disclosures, it said on 4 December 2025.

This came about as ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115, and ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200 (the Instruments) are due to cease in April 2026.

Specifically, ASIC proposes to remake the relief provided in ASIC Instrument 2015/1115 without substantial change other than amendments to ensure the instrument is up to date.

For ASIC Instrument 2016/200, ASIC seeks to repeal the relief in paragraph 5(a), but not in other paragraphs related to the paragraph.

This will modify the reverse mortgage information statement prescribed in the credit regulations to remove a paragraph containing out of date information, ASIC said.

ASIC also seeks to modify warnings about small amount credit contracts prescribed in two now repealed sections, updating out-of-date contract details for Centrelink.

ASIC assessed that the expiring instruments are “operating effectively and continue to form a necessary part of the legislative framework.”