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13-012MR ASIC reports on relief decisions - June to September 2012

Thursday 31 January 2013


ASIC has released its latest report outlining decisions on relief applications covering the period 1 June to 30 September 2012.

Report 325 Overview of decisions on relief applications (June to September 2012) (REP 325), aims to improve the level of transparency and the quality of publicly available information about decisions ASIC makes when asked to exercise its discretionary powers to grant relief from provisions of the:

REP 325 also discusses the various relevant publications released by ASIC during the three months.

ASIC uses its discretion to vary or set aside certain requirements of the law where there is a net regulatory benefit or where ASIC can facilitate business without harming other stakeholders.

REP 325 summarises examples of situations where ASIC has exercised, or refused to exercise, its exemption and modification powers under the Corporations Act and the licensing and responsible lending provisions of the National Credit Act. It also highlights instances where ASIC has considered adopting a no-action position regarding specified non-compliance with statutory provisions.

REP 325 provides examples of decisions that demonstrate how ASIC has applied its policy in practice which ASIC thinks will be of particular interest for capital market participants and for participants in the consumer credit and financial services industries. The report includes an appendix detailing the relief instruments referred to in the report.


Background


ASIC can modify or set aside certain provisions of Chapters 2D (officers and employees), 2J (share buy-backs), 2L (debentures), 2M (financial reporting and audit), 5C (managed investment schemes), 6 (takeovers), 6A (compulsory acquisitions and buy-outs), 6C (information about ownership of entities), 6D (fundraising) and 7 (financial services) of the Corporations Act.

ASIC also has powers to grant relief under the National Credit Act from the licensing provisions in Chapter 2 and the responsible lending conduct provisions in Chapter 3. ASIC has powers to give relief from the registration provisions in Schedule 2 of the Transitional Act.

ASIC publishes a copy of most of the relief instruments issued in the ASIC Gazette, which is available from the ASIC website. Credit instruments are available from the ASIC website under ‘Credit relief’.


Applying for relief


Applications for relief must be in writing and should address the requirements set out in Regulatory Guide 51 Applications for relief (RG 51) (and any other regulatory guides relevant to the application), which can be found at www.asic.gov.au/rg.

Applications can be submitted electronically to applications@asic.gov.au. Fees are applicable for relief applications.

Download


Report 325 Overview of decisions on relief applications (June to September 2012) (REP 325)




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