Relief from the corporate finance provisions

Applying for relief
Sample application for relief
Reports on relief applications

ASIC policy on relief
Financial reporting class orders

Applying for relief

When applying for relief from any of the provisions relating to fundraising/equities, financial reporting, mergers and acquisitions, debentures or transactions affecting share capital, make sure you:

1. Apply early
If you're thinking of applying for relief, you should apply as early as possible. Applications for relief often raise issues that may take some time to resolve.

In general, we do not have power to grant retrospective relief. This particularly applies to applications for relief from the financial reporting requirements (application under s340 of the Corporations Act).

2. Use forms CF01 - CF05
To help you apply, we have released forms CF01 – CF05.

We encourage you to use the form appropriate to your particular application as a cover sheet to your written application addressing the criteria in Regulatory Guide 51 Applications for relief.

While using the form is not compulsory, it will make it easier for you to identify the type of relief you are seeking, as well as making the assessment process more efficient.

The form includes information to help you complete and lodge it. It also sets out the fees that apply.

Download a copy of the forms

3. Address the criteria in our policies on relief
You should specifically address the criteria set out in our policy on relief: see Regulatory Guide 51.

For example, in your application you should particularly address the commercial benefit and any net regulatory benefit or detriment from granting the relief you seek. If you think you have special circumstances or you are disproportionately affected by the provisions, clearly set out your reasons.

4. Lodge your application electronically
The quickest way to have your application considered and our preferred method of lodgement is to email a copy of the application and any attachments to applications@asic.gov.au. Then send the paper copy and the fee to:

Manager – Applications,

Australian Securities & Investments Commission

GPO Box 9827 in your capital city

Alternatively send your written application, CF form and cheque to us at the above address.

Sample application for relief

View our example of the information typically required in an application for relief. You can also read the accompanying information sheet.

Reports on relief applications

These reports summarise situations where we have exercised, or refused to exercise, our exemption and modification powers from:

the financial reporting, managed investment, takeovers, fundraising or financial services provisions of the Corporations Act 2001, and
provisions of the National Consumer Credit Protection Act 2009 or National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009.

View the reports

ASIC guidance on relief

You can download copies of our regulatory guides (formerly policy statements) on relief as a PDF

file:

Financial reporting class orders

Class orders are instruments which provide wide relief for entities which comply with the conditions set out in the class order.

View information on Relief for wholly- owned entities under Class Order 98/1418 (includes class orders, pro formas and checklists)

View our list of financial reporting class orders by topic.

ASIC Website: Printed 02/09/2012

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