ASIC moves to renew key technical relief and credit disclosure rules

ASIC is seeking feedback on plans to remake two legislative instruments that provide technical relief to Australian financial services (AFS) licensees and update prescribed credit disclosure requirements.

ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 and ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200 (the Instruments) are due to sunset on 1 April 2026.

In a media release, ASIC said it has reviewed both measures and concluded “the instruments are operating effectively and continue to form a necessary part of the legislative framework.”

What ASIC is proposing to remake

Under the proposal, ASIC would largely preserve the existing framework while making targeted updates. ASIC proposes to remake:

• the relief provided under ASIC Instrument 2015/1115, “without substantial change other than amendments to ensure the instrument is up to date”, and
• the relief in paragraph 5(a) of ASIC Instrument 2016/200, but not paragraphs 5(b) and (c), as Schedules 7 and 9 of the National Consumer Credit Protection Regulations 2010 (Credit Regulations), to which those paragraphs relate, have been repealed.

Under the Legislation Act 2003, legislative instruments are repealed, or “sunset”, after 10 years unless ASIC acts to preserve them.

Miscellaneous technical relief: Exemptions and document lodgements

ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 makes technical or machinery changes to various provisions of the Corporations Act 2001. These relate to:

• those who are exempt from the requirement to hold an Australian financial services licence, to extend the operation of those provisions to persons exempted by ASIC under subsection 926A(2) of the Corporations Act
• the lodgment or publishing of supplementary or replacement documents under Chapter 6, Chapter 6D and Part 7.9 of the Corporations Act, to extend the operation of those provisions so that references to the original document in an ASIC instrument also include “any supplementary or replacement documents lodged or published after the original.”

The proposed remake is intended to ensure this technical relief remains current and workable without altering underlying policy.

Prescribed credit disclosure: Reverse mortgages and small loans

ASIC Credit (Updated details for prescribed disclosure) Instrument 2016/200 focuses on keeping key consumer credit disclosures accurate and up to date. It modifies:

• the reverse mortgage information statement prescribed in Schedule 5A of the Credit Regulations “to remove a paragraph containing out of date information”, and
• warnings about small amount credit contracts prescribed in the now repealed Schedules 7 and 9 of the Credit Regulations “to update out of date contact details for Centrelink.”

Because Schedules 7 and 9 have since been repealed, ASIC is only proposing to remake the remaining operative relief in paragraph 5(a).

How to provide feedback

ASIC is inviting submissions on the proposed remakes.

Stakeholders are asked to send feedback to rri.consultation@asic.gov.au by 5pm AEDT on Friday 23 January 2026, referring to CS 41 Proposed remake of miscellaneous technical relief and updated credit disclosure instruments.

Part of broader ASIC sunsetting review

Under the Legislation Act 2003, “legislative instruments are repealed, or ‘sunset’, after 10 years, unless ASIC acts to preserve them.” ASIC is currently running a broader program to remake key relief instruments ahead of the 1 April 2026 deadline, including a separate consultation (CS 40) on relief instruments for AFS licensees and overseas banks.

Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.