ASIC has released its latest report outlining decisions on relief applications, highlighting ASIC’s efforts to reduce red-tape and achieve a practical, positive outcome for companies seeking some regulatory flexibility.
The granting of relief which has a net regulatory benefit, or which facilitates business or cuts red tape without harming stakeholders, is an important part of ASIC’s regulatory function and demonstrates our commitment to helping the law work better for businesses.
The reporting of ASIC’s decisions on relief applications aims to provide transparency about our decision making and to better inform businesses about the circumstances in which we grant relief.
Report 530 Overview of decisions on relief applications (October 2016 to March 2017) notes that between 1 October 2016 and 31 March 2017, ASIC granted relief from provisions of the Corporations Act 2001 (Corporations Act) or the National Consumer Credit Protection Act 2009 (National Credit Act) in relation to 474 applications.
REP 530 discusses various publications released by ASIC during the six months that may be relevant to prospective applicants for relief.
It also 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. The report also highlights instances where ASIC has considered adopting a no‑action position regarding specified non‑compliance with statutory provisions.
The complete announcement can be seen here.