ASIC’s Report 556 Overview of decisions on relief applications (April to September 2017) outlines its decisions on relief applications during that period.
- reports that ASIC granted relief from provisions of the Corporations Act 2001 (Cth) (Corporations Act) or the National Consumer Protection Credit Act 2009 (Cth) (National Credit Act) in relation to 440 applications, which were assessed as facilitating business or cutting red tape without harming stakeholders;
- discusses various publications and guidance released by ASIC during the 6 months that may be relevant to prospective applicants for relief;
- 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; and
- highlights circumstances where ASIC has considered adopting a no‑action position regarding specified non‑compliance with statutory provisions.
See ASIC media release dated 6 December 2017.