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ASIC Corporations (Amendment) Instrument 2021/848

Authoritative Version
  • - F2021L01425
  • No longer in force
Other as made
This instrument amends the ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2021/268 to give effect to two temporary relief measures that facilitate access to timely and affordable personal advice for existing clients of providing entities that is in connection with the adverse economic effects of COVID-19.
Administered by: Treasury
Registered 13 Oct 2021
Tabling HistoryDate
Tabled HR18-Oct-2021
Tabled Senate18-Oct-2021
Date of repeal 29 Mar 2022
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Amendment) Instrument 2021/848

I, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.


Date    13 October 2021




Anthony Graham


Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations (Amendment) Instrument 2021/848.

2        Commencement

This instrument commences on the later of:

(a)     14 October 2021; and

(b)     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 subsection 951B(1) of the Corporations Act 2001.

4        Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1—Amendments

ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2021/268

1        Section 4


          client has the same meaning as in section 944A of the Act.

2        Section 5 (notional paragraph 946B(12)(d))

          Omit “client.”, substitute:

client; and

(e)     brief particulars of the information that would be required by paragraphs 947B(2)(d) and (e), or 947C(2)(e) and (f), if a Statement of Advice were to be given to the client.

3        After Part 2


Part 2A—Exemption

5A     Timing of giving a Statement of Advice—Urgent advice

(1)     A providing entity does not have to comply with section 946C of the Act for the provision of particular advice (the COVID-19 advice) to the extent it requires the providing entity to give a client a Statement of Advice any earlier than 20 business days after providing the COVID-19 advice to the client if subsection (2) applies.

(2)     This subsection applies where all of the following are satisfied:

(a)    the providing entity reasonably considers that the COVID-19 advice sought by the client is required on an urgent basis because of the adverse economic effects of COVID‑19;

(b)    the client expressly instructs the providing entity that they require the COVID-19 advice on an urgent basis because of the adverse economic effects of COVID-19;

(c)     if the COVID-19 advice is or includes a recommendation to acquire a financial product and section 1019B of the Act may apply to the acquisition—the providing entity, at the time of providing the COVID-19 advice, gives the client in writing a statement:

(i)      explaining the nature of the rights that the client may have under section 1019B of the Act if they acquire the product; and

(ii)     indicating that the client may not receive a Statement of Advice in relation to the COVID-19 advice until after those rights have expired.


(3)     The providing entity must take all reasonable steps to give the client a Statement of Advice in relation to the COVID-19 advice as soon as practicable after the COVID-19 advice is provided.

4        Section 6

Omit “15 October 2021”, substitute “15 April 2022”.