New ASIC instrument 2017/204: relief or uncertainty?

ASIC remakes financial reporting class orders

On 1 April 2017, two important and widely used Australian Securities and Investments Commission (ASIC) financial reporting class orders were repealed:

1. [CO 98/98] Small proprietary companies which are controlled by a foreign company but which are not part of a large group (CO 98/98)¹ and
2. [CO 02/1432] Registered foreign companies – financial reporting requirements (CO 02/1432).²

The class orders have both been simultaneously replaced by a new combined legislative instrument, the ASIC Corporations (Foreign-Controlled Company Reports) Instrument 2017/204 (Instrument 2017/204).³

However, some uncertainty has arisen regarding the drafting and interpretation of the transitional provisions of Instrument 2017/204.