ASIC reports on decisions to cut red tape

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 to 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 506 Overview of decisions on relief applications (April to September 2016) notes that between 1 April 2016 and 30 September 2016, 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 602 applications.

REP 506 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. Further, the report highlights instances where ASIC has considered adopting a no‑action position regarding specified non‑compliance with statutory provisions.

Finally, the report includes an appendix detailing the publicly available individual relief instruments referred to in the report.


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