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This instrument implements temporary measures aimed at facilitating financial reporting by unlisted entities whose reporting processes take additional time due to current remote work arrangements, travel restrictions and other impacts of COVID-19. The temporary measures are intended to allow unlisted entities up to one additional month to complete financial reports and have those reports audited, in compliance with the financial reporting and audit requirements of the Corporations Act 2001.
Administered by: Treasury
Registered 24 Apr 2020
Tabling HistoryDate
Tabled HR12-May-2020
Tabled Senate12-May-2020
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ASIC Corporations (Extended Reporting and Lodgment Deadlines—Unlisted Entities) Instrument 2020/395

I, Grant Moodie, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

 

Date    22 April 2020

 

 

 

 

 

 

Grant Moodie

 



Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Extended Reporting and Lodgment Deadlines—Unlisted Entities) Instrument 2020/395.

2        Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at www.legislation.gov.au.

3        Authority

This instrument is made under subsections 341(1), 601QA(1) and 992B(1) of the Corporations Act 2001.

4        Definitions

In this instrument:

Act means the Corporations Act 2001.

financial year has the following meaning:

(a)     for a company, registered scheme or disclosing entity—the meaning given by section 323D of the Act;

(b)     for a financial services licensee—the meaning given by section 989A of the Act.


Part 2—Relief Orders and Exemptions

5        Reporting to members

(1)     A public company that is not listed and an unlisted disclosing entity that is not a registered scheme is relieved from subsection 315(1) of the Act for a financial year that ends between 31 December 2019 and 31 March 2020 (both inclusive) where it reports to members under section 314 of the Act by the earlier of:

(a)     21 days before the next AGM after the end of the financial year; or

(b)     5 months after the end of the financial year.

(2)     A registered scheme that is not listed is relieved from subsection 315(3) of the Act for a financial year that ends between 31 December 2019 and 31 March 2020 (both inclusive) where it reports to members under section 314 of the Act within 4 months after the end of the financial year.

(3)     A proprietary company that is not covered by subsection 315(1) or (2) of the Act is relieved from subsection 315(4) of the Act for a financial year that ends between 31 December 2019 and 31 March 2020 (both inclusive) where it reports to members under section 314 of the Act within 5 months after the end of the financial year.

6        Lodgment of financial reports with ASIC

Annual reports

(1)     An unlisted disclosing entity and a registered scheme that is not listed is relieved from subsection 319(3) of the Act for a financial year that ends between 31 December 2019 and 31 March 2020 (both inclusive) where it lodges the reports required to be prepared or obtained for the financial year under Division 1 of Part 2M.3 of the Act with ASIC within 4 months after the end of the financial year.

(2)     Any other entity that is not listed is relieved from subsection 319(3) of the Act for a financial year that ends between 31 December 2019 and 31 March 2020 (both inclusive) where it lodges the reports that it is required to prepare or obtain for the financial year under Division 1 of Part 2M.3 of the Act with ASIC within 5 months after the end of the financial year.

Half-year reports

(3)     An unlisted disclosing entity is relieved from subsection 320(1) of the Act for a half-year that ends between 31 December 2019 and 31 March 2020 (both inclusive) where it lodges the reports that it is required to prepare or obtain for the half-year under Division 2 of Part 2M.3 of the Act with ASIC within 105 days after the end of the half-year.

7        Lodgment of financial statements—financial services licensees

(1)     A financial services licensee that is not a body corporate is exempt from subsection 989D(1) of the Act for a financial year that ends between 31 December 2019 and 31 March 2020 (both inclusive) where it lodges the reports that it is required to prepare or obtain for the financial year under Subdivision C of Division 6 of Part 7.8 of the Act with ASIC before the day that is 3 months after the end of that financial year.

(2)     A financial services licensee that is an unlisted disclosing entity is exempt from subsection 989D(1) of the Act for a financial year that ends between 31 December 2019 and 31 March 2020 (both inclusive) where it lodges the reports that it is required to prepare or obtain for the financial year under Subdivision C of Division 6 of Part 7.8 of the Act with ASIC before the day that is 4 months after the end of that financial year.

(3)     Any other financial services licensee that is a body corporate and is not listed is exempt from subsection 989D(1) of the Act for a financial year that ends between 31 December 2019 and 31 March 2020 (both inclusive) where it lodges the reports that it is required to prepare or obtain for the financial year under Subdivision C of Division 6 of Part 7.8 of the Act with ASIC before the day that is 5 months after the end of that financial year.

8        Audit of compliance plan of registered scheme

An auditor of a compliance plan for a registered scheme that is not listed is exempt from subsection 601HG(3) of the Act for a financial year of the registered scheme that ends between 31 December 2019 and 31 March 2020 (both inclusive) where the auditor does the things required by that subsection within 4 months after the end of the financial year.

Part 3—Application

9        Statutory deadlines that have already passed

(1)     This instrument does not apply in relation to a statutory deadline that has passed before the commencement of this instrument.

(2)     In this section:

statutory deadline means:

(a)     a reporting deadline within section 315 of the Act;

(b)     a lodgment deadline within section 319 or 320 of the Act;

(c)     a lodgment deadline within section 989D of the Act;

Note:   Regulation 7.8.14A of the Corporations Regulations 2001 affects the operation of section 989D of the Act.

(d)     a reporting deadline within subsection 601HG(4) of the Act.