ASIC to remake major accounting groups’ key instrument

Mike Taylor

Managing Editor and Publisher

16 July 2026

The Australian Securities and Investments Commission (ASIC) has signalled its intention to leave the so-called “qualified accountant” legislative instrument which empowers the major accounting groups almost just as it is.

The regulator has announced that it intends to remake the legislative instrument with only minor amendments for a further 10 years and has sought feedback from stakeholders.

The instrument is key to the centrality of the major accounting groups, CPA Australia, Chartered Accountants ANZ (CAANZ) and the Institute of Public Accountants (IPA) maintaining what amounts to co-regulation of the profession.

The ASIC instrument enables members of the major accounting groups (specified professional bodies) to be declared “qualified accountants” under the Corporations Act.

ASIC’s consultation documentation notes that “a qualified accountant is a member of a professional body that is approved by ASIC under section 88B(2) of the Corporations Act.

The importance of ASIC’s proposal is reflected in the following explanation from the regulator:

“Under section 708(8)(c) of the Corporations Act, a body does not need to provide a disclosure document for an offer of its securities, if it appears from a certificate given by a qualified accountant that the person to whom the offer is made meets the prescribed net asset or gross income levels. The certificate must be given no more than six months before the offer is made.

“Under section 761G(7)(c) of the Corporations Act, certain financial products and financial services are provided to a person as a wholesale client where a certificate is given by a qualified accountant to a person that meets the prescribed net asset or gross income levels. The certificate must be given no more than six months before that financial product or financial service is provided.”

ASIC said that the effect of the instrument will remain unchanged when remade.