CS 58 Proposed remake of qualified accountant legislative instrument

ASIC released Consultation Paper CS 58 on 15 July 2026, seeking feedback on a proposal to remake the ASIC Corporations (Qualified Accountant) Instrument 2016/786, which is due to sunset on 1 October 2026 under the automatic sunsetting provisions of the Legislation Act 2003. The instrument sets out which members of specified professional bodies can be declared qualified accountants for the purposes of the Corporations Act 2001.

A qualified accountant is able to give a certificate allowing 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. Under section 708(8)(c), a body does not need to provide a disclosure document for an offer of securities if a qualified accountant certifies that the person receiving the offer meets prescribed net asset or gross income thresholds. Under section 761G(7)(c), certain financial products and services can be provided to a person as a wholesale client on the basis of an equivalent certificate.

ASIC assessed that the existing instrument is operating effectively and continues to form a necessary and useful part of the regulatory framework, and proposed to remake it for a further ten years with only minor amendments to update it and align it with ASIC's current drafting style. ASIC has said the effect of the instrument would remain unchanged under the proposed remake. Submissions closed on 12 August 2026, and businesses relying on qualified accountant certificates should confirm the remade instrument is registered before the 1 October 2026 sunset date.