Australia'scorporate regulator wants to keep four sets of relief covering exchange-tradedderivatives and securities, all of them due to expire later this year. ASIC saidMonday it would remake the instruments for another five years with only minoramendments, leaving their effect unchanged.What the Four RulesActually DoAll fourlapse under the Legislation Act 2003, which automatically retires legislativeinstruments after a decade unless ASIC acts to preserve them. Three date backto 2016 and the fourth to 2021. The renewallands as the regulator works through a backlog of expiring rules and a broadercleanup, having scrapped more than 9,000 pages ofregulatory content last year in a push it said was meant to cut compliance costs.Theinstruments each sit in a different corner of market infrastructure. Oneremoves duplicate disclosure for certain exchange-traded derivatives treated asissued by both an intermediary and a market participant, so that only themarket participant has to provide a product disclosure statement.A second recognizessecurities settled through New Zealand's former FASTER system, now the NZCDCLegal Title Transfer system, under Australian law. A third allowsforeign-company shares and debentures quoted on the ASX to transfer withstatutory warranties and indemnities.The fourth,introduced in 2021, gives securities lenders relief from the substantial holdingdisclosure rules in Chapter 6C of the Corporations Act. That overlaps with thesame disclosure forms ASIC flagged for simplification during last year'sred-tape review.A Familiar Path forExpiring ReliefRollingrelief forward rather than rewriting it is a route ASIC has taken before. In2022 the regulator extended financial requirements forretail OTC derivatives providers for five years on much the same basis, citing the need for industrycertainty while any changes to primary law worked through.ASIC saidit had determined the four instruments are operating effectively and remain auseful part of the framework. The agencyis taking feedback on the proposal, set out in a consultation paper referencedas CS 56, until 5pm AEST on July 20. The substance of the instruments will notchange if they are remade, the regulator said.This article was written by Damian Chmiel at www.financemagnates.com.