ASIC is seeking feedback on its proposal to update Regulatory Guide 43 Financial reports and audit relief (RG 43).

The proposed updates intend to ensure the currency and clarity of guidance on ASIC’s approach to granting relief from the financial record keeping, financial reporting and audit requirements by:

• reflecting legislative reform since the guidance was last updated
• incorporating relevant ASIC guidance including guidance from Regulatory Guide 29 Financial reporting by Australian entities in dual listed company arrangements (RG 29), and 
• simplifying the existing guidance. 

We propose to withdraw RG 29 after the updated RG 43 is published. The proposed updates are in line with ASIC’s work to improve our regulatory guidance and we are not revisiting financial reporting and audit relief policy settings at this time.

The draft RG 43 with proposed updates and a summary of the changes are available below.

Download

CS 42 Proposed update to ASIC’s guidance on financial reporting and audit relief

Providing feedback

Please send your feedback to rri.consultation@asic.gov.au by 5 pm AEDT Monday 9 February 2026.

Background

RG 43 was issued in May 2011. This proposed update to RG 43 provides guidance for entities seeking relief from the financial reporting and audit requirements of the Corporations Act 2001. These include companies, disclosing entities, registered managed investment schemes, corporate collective investment vehicles and registrable superannuation entities as well as their directors and auditors. It explains:

• how ASIC exercises its powers to grant relief from the financial record keeping, financial reporting and audit requirements of Pts 2M.2, 2M.3 and 2M.4 (other than Div 4) of the Corporations Act; and
• how to apply for individual relief if you are unable to rely on existing class relief.

ASIC is Australia’s corporate, markets and financial services regulator.