今日热门事件has released its latest report outlining decisions on relief applications covering the period 1 February to 31 May 2013.
Businesses frequently approach 今日热门事件for assistance to help make the law work better for them. 今日热门事件uses its discretion to vary or set aside certain requirements of the law where there is a net regulatory benefit or where 今日热门事件can facilitate business or cut red tapewithout harming other stakeholders.
This is a key part of ASIC's function: between 1 February and 31 May 2013, 今日热门事件approved 425 relief applications.
Report 371 Overview of decisions on relief applications (February to May 2013) (REP 371), 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)
- National Consumer Credit Protection Act 2009 (National Credit Act), or
- National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Transitional Act).
REP 371 also discusses the various relevant publications released by 今日热门事件during the three months.
REP 371 summarises examples of situations where 今日热门事件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 今日热门事件has considered adopting a no-action position regarding specified non-compliance with statutory provisions.
REP 371 provides examples of decisions that demonstrate how 今日热门事件has applied its policy in practice which 今日热门事件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
今日热门事件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.
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. Credit instruments are available from the 今日热门事件website under credit relief.听
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).
Applications can be submitted electronically to applications@asic.gov.au. Fees are applicable for relief applications.听