This update concerns administrative relief for financial reporting obligations to uncontactable members, which is procedural and does not directly address deposit-taking, payment services, or consumer banking products.
Low confidence — REQUIRES HUMAN REVIEW. The update is primarily administrative and procedural, addressing regulatory relief consolidation rather than investment services, asset management, or specific financial products.
Specialism
The update concerns ASIC's proposal to withdraw financial reporting relief provisions, which directly relates to regulatory reporting obligations and relief frameworks for financial services entities.
Mandatory inheritance: Regulatory Reporting is a child of Supervision, so Supervision must be raised as the secondary tag.
2026-06-05 08:41:58·kgurnani@vixio.com
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TITLE: Australian Securities and Investments Commission Proposes Withdrawing Financial Reporting Relief for Uncontactable Members
BODY:
On June 2026, the Australian Securities and Investments Commission (ASIC) launched a consultation on its proposal to withdraw ASIC Corporations (Uncontactable Members) Instrument 2016/187 before it expires on October 1, 2026.
ASIC assessed that the instrument is no longer being used due to changes in the Corporations Act 2001 (Corporations Act). Sections 110JA and 110F (4A) of the Corporations Act now provide similar relief where a member is uncontactable, making the instrument redundant. The relief previously provided exemptions to companies, registered schemes, disclosing entities, and notified foreign passport funds from obligations to provide annual reports to members who could not be contacted.
ASIC notes that entities not covered by the relief provisions in the Corporations Act may need to apply to ASIC for individual relief aligned with Regulatory Guide 43: Financial reporting and audit relief (RG 43) if the proposal to withdraw the instrument proceeds. This change affects financial services entities that currently rely on the instrument to manage reporting obligations for uncontactable members. The withdrawal would streamline regulatory relief by consolidating provisions into the primary legislation, reducing the need for separate instruments.
Stakeholders can submit feedback to rri.consultation@asic.gov.au by 5pm Australian Eastern Standard Time on Friday, July 17, 2026. ASIC will consider all submissions before determining whether to proceed with the withdrawal of the instrument.
ASIC proposes to withdraw financial reporting relief for uncontactable members | ASIC Newsroom Print Share Twitter Facebook LinkedIn Email ASIC is seeking feedback on its proposal to withdraw financial reporting relief for uncontactable members before it expires on 1 October 2026. We have assessed that ASIC Corporations (Uncontactable Members) Instrument 2016/187 is no longer being used due to changes in the Corporations Act 2001 (Corporations Act). Sections 110JA and 110F (4A) of the Corporations Act now provide similar relief where a member is uncontactable. Entities not covered by these requirements may need to apply to ASIC for individual relief aligned with Regulatory Guide 43: Financial reporting and audit relief ( RG 43 ) (if ASIC proceeds with our proposal to withdraw ASIC Instrument 2016/187). Providing feedback Stakeholders can send submissions with their feedback to rri.consultation@asic.gov.au by 5pm AEST on Friday 17 July 2026 . Background ASIC Instrument 2016/187 provided relief to companies, registered schemes, disclosing entities and notified foreign passport funds from obligations to provide annual reports to a member if that member was uncontactable. Related links CS 55 Proposed repeal financial reporting relief related to uncontactable members ASIC is Australia’s corporate, markets and financial services regulator.