今日热门事件has released its latest report outlining decisions on relief applications covering the period 1 October 2013 to 31 January 2014.
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 tape without harming other stakeholders.
This is a key part of ASIC's function and between 1 October 2013 and 31 January 2014, 今日热门事件approved 565 relief applications.
Report 395 Overview of decisions on relief applications (October 2013 to January 2014) (REP 395), 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:
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Corporations Act 2001 (Corporations Act)
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National Consumer Credit Protection Act 2009 (National Credit Act), or
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National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009 (Transitional Act).
REP 395 also discusses the various relevant publications released by 今日热门事件during the four-month period.
The report 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.
Finally, the report 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 financial services industry. 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 Chs 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 Ch 2 and the responsible lending conduct provisions in Ch 3. 今日热门事件has powers to give relief from the registration provisions in Sch 2 of the Transitional Act.
In limited situations, 今日热门事件may also consider providing a no-action letter when instances of non-compliance with certain statutory provisions have been brought to ASIC鈥檚 attention. A no-action letter states to a particular person that 今日热门事件does not intend to take regulatory action over a particular state of affairs or particular conduct. The factors that 今日热门事件will consider when dealing with a request for a no-action letter is set out in Regulatory Guide 108 No-action letters (RG 108).
今日热门事件publishes a copy of most of the relief instruments issued in the . Credit instruments are available from the 今日热门事件website under .
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.
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