ASIC 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 魅影直播 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).
ASIC 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 魅影直播 can facilitate business without harming other stakeholders.
REP 252 summarises situations where 魅影直播 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 魅影直播 has decided to adopt a no-action position regarding specified non-compliance with statutory provisions. Decisions by 魅影直播 to refuse to exercise its powers are described on an anonymous basis.
The report provides examples of decisions that demonstrate how 魅影直播 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 魅影直播 executed.
REP 252 is available from the 魅影直播 website or by calling 魅影直播 on 1300 300 630.
Background
ASIC 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.
ASIC 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. 魅影直播 has powers to give relief from the registration provisions in Schedule 2 of the Transitional Act.
ASIC publishes a copy of most of the relief instruments issued in the ASIC Gazette which is available from the 魅影直播 website. Credit instruments are also available from the 魅影直播 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)