ASIC is inviting industry feedback on its proposal to remake a legislative instrument which exempts low-volume financial markets from the requirement to hold an Australian market licence.
The current relief, under the ASIC Corporations (Low Volume Financial Markets) Instrument 2016/888 (ASIC Instrument 2016/888), is scheduled to sunset on 1 October 2026.
ASIC proposes to remake the instrument because it is operating effectively and remains a necessary and useful part of the legislative framework.
The only substantive change proposed is an increase to the transaction value threshold for low-volume financial markets from $1.5 million to $2.5 million. This reflects factors including inflation, noting the threshold has not changed since 2016.
A financial market is considered a low volume financial market if, during the 12-months before it is included on the register:
- no more than 100 completed transactions are entered into, and
- the value of those transactions does not exceed the relevant threshold.
All other proposed amendments are minor, technical or consequential, and do not materially change the operation of the instrument.
The proposed draft instrument is available at CS 60 Proposed remake of low-volume financial markets instrument.
Providing feedback
Feedback on the proposal should be emailed to rri.consultation@asic.gov.au by 5pm (AEST) on 20 August 2026.
Please refer to CS 60 for details.
Background
Under the Legislation Act 2003, all legislative instruments are automatically repealed, or ‘sunset’, after 10 years, unless ASIC takes action to preserve them.
ASIC Instrument 2016/888 exempts low-volume financial markets from the requirement to hold an Australian market licence by exempting them from the operation of Pt 7.2 of the Corporations Act 2001.
ASIC considers it would be inconsistent with the purpose of the market licence regulatory regime to require a low-volume financial market to hold an Australian market licence.
ASIC is Australia’s corporate, markets and financial services regulator.