今日热门事件has released a report outlining decisions on relief applications between 1 February to 31 May 2011. The report also discusses the various publications released during this period.
The report, Overview of decisions on relief applications (February to May 2011) (REP 252), aims to improve the level of transparency and the quality of publicly available information about decisions 今日热门事件makes when asked to exercise its discretionary powers to grant relief from provisions of the Corporations Act 2001 (Corporations Act), the National Consumer Credit Protection Act 2009 (National Credit Act) or the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Transitional Act).
今日热门事件uses its discretion to vary or set aside certain requirements of the law where the burden of complying with the law significantly detracts from its overall benefit, or where 今日热门事件can facilitate business without harming other stakeholders.
REP 252 summarises situations where 今日热门事件has exercised, or refused to exercise, its exemption and modification powers under the Corporations Act, the licensing and responsible lending provisions of the National Credit Act and the registration provisions of Schedule 2 of the Transitional Act. The report also highlights instances where 今日热门事件has decided to adopt a no-action position regarding specified non-compliance with statutory provisions. Decisions by 今日热门事件to refuse to exercise its powers are described on an anonymous basis.
The report provides examples of decisions that demonstrate how 今日热门事件has applied its policy in practice, which we think will be of particular interest for participants in the capital markets and financial services industry. The report includes an appendix detailing the relief instruments 今日热门事件executed.
REP 252 is available from the 今日热门事件website or by calling 今日热门事件on 1300 300 630.
Background
今日热门事件can modify or set aside the 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.
今日热门事件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. 今日热门事件has powers to give relief from the registration provisions in Schedule 2 of the Transitional Act.
今日热门事件publishes a copy of most of the relief instruments issued in the 今日热门事件Gazette which is available from the 今日热门事件website. Credit instruments are also available from the 今日热门事件website under 鈥�Credit relief鈥�.
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). Applications can be submitted electronically to applications@asic.gov.au.
Download: Report 252 Overview of decisions on relief applications (February to May 2011)