Overview
ASIC is consulting on remaking a legislative instrument that defines which professional accounting bodies have members who qualify as 'qualified accountants' under the Corporations Act 2001. The current instrument, ASIC Corporations (Qualified Accountant) Instrument 2016/786, expires on 1 October 2026.
What the instrument covers
The instrument identifies which professional accounting bodies have members recognised as 'qualified accountants' for the purposes of the Corporations Act 2001. Qualified accountants are authorised to sign certificates that allow a person to be treated as a wholesale client or sophisticated investor under sections 708(8)(c) and 761G(7)(c) of the Corporations Act. This classification affects what financial products and advice those persons can access.
What is proposed
ASIC proposes to renew the instrument for another 10 years with only minor wording changes. The practical effect of the instrument stays the same.
Key dates
- Expiry of current instrument: 1 October 2026
- Consultation closes: 5pm AEST on 12 August 2026
Consultation process
The consultation is conducted under Consultation Sheet 58 (CS 58), titled 'Proposed remake of qualified accountant legislative instrument'. The full consultation document is available on the ASIC website at asic.gov.au.
Submissions are required to be sent to rri.consultation@asic.gov.au by 5pm AEST on 12 August 2026. Submissions are required to reference CS 58.
The current instrument expires on 1 October 2026. ASIC's website is the source for confirmation that the remake is finalised before that date.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.