ASIC has today released a revised legislative instrument dealing with dual lodgement and electronic lodgement of directors’ reports, financial reports and auditor’s reports (reports). The instrument, ASIC Corporations (Electronic Lodgment of Financial Reports) Instrument 2016/181, replaces three class orders due to sunset under the Legislation Act 2003 in 2016 and 2017.
The class orders replaced are:
- Class Order [CO 00/2451] Electronic lodgment of certain reports with the ASX: approval
- Class Order [CO 06/6] Dual lodgment relief for NSX-listed disclosing entities
- Class Order [CO 98/104] Dual lodgment relief for ASX-listed entities.
ASIC has remade these class orders as a single instrument. In addition, the approval to lodge the reports electronically has been extended to include entities listed on SIM Venture Securities Exchange and Sydney Stock Exchange.
Relief from dual lodgement
The instrument relieves listed disclosing entities which are companies or registered schemes from the obligation to lodge the reports with both the market operator and ASIC. The reports can be lodged electronically with the market operator where the operator has been appointed as agent for ASIC.
The entity must keep a signed copy of the reports for a period of at least seven years following electronic lodgement.
The instrument may be subject to change in the future having regard to any developments in reporting, such as changes in the means of lodging and publishing financial reports.
ASIC consulted on our proposal to remake the instruments under Consultation Paper 243 Remaking ASIC class orders on electronic lodgement of financial reports and dual lodgement relief (CP 243). Four submissions were received on CP 243 and the revised instrument reflects the main comments provided by respondents.
ASIC Corporations (Amendment and Repeal) Instrument 2016/182 repeals the previous class orders and makes some minor or consequential amendments to other ASIC instruments.
Download
ASIC Corporations (Electronic Lodgment of Financial Reports) Instrument 2016/181
Background
Under the Legislation Act 2003, all class orders are repealed automatically or ‘sunset’ after a specified period of time (mostly 10 years) unless we take action to exempt or preserve them. This ensures that legislative instruments like class orders are kept up to date and only remain in force while they are fit for purpose and relevant.
All government organisations are responsible for considering whether the legislative instruments they have made that are due to sunset will be relevant after their sunset date.