Draft the scheme booklet and explanatory memorandum for ASIC review
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- Draft scheme-booklet or explanatory-memorandum sections and list disclosures without a verification note. Do not draft court documents for scheme approval.
- What the lawyer must review
- Verify each disclosure under Ch 5A, RG 60 and RG 142 (14-day ASIC review)
- Note errors risk s 1041H liability
- Leave the expert report to the expert (RG 111)
- Check the timetable (LR 3.10.5, ASIC relief)
- Meet GPN-AI (16 April 2026) duties in Federal Court filings
- Do not use AI for the directors' recommendation
- Written for / version
- Commonwealth versionCth
Rules that apply
The document starts from the task name. Change it if this piece of work is different.
Who does what
| Role | What they do |
|---|---|
| Assistance | Potential support includes preparing preliminary structure or wording. Confirm the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Check the current court or regulator requirements, prescribed form and attachments for the intended document and filing.
- Check the specialist’s assumptions, qualifications and limits. Obtain the relevant expert or specialist review before relying on a technical conclusion.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.