ASIC has released a report outlining its decisions on applications for relief from the corporate finance, financial services and managed investment provisions of the Corporations Act 2001 (the Act) between 1 December 2007 and 31 March 2008.

The report, Overview of decisions on relief applications (December 2007 to March 2008) provides a summary of when ASIC has exercised, or refused to exercise, its exemption and modification powers from the financial reporting, managed investment, takeovers, fundraising and financial services provisions of the Act.

The report highlights when ASIC decided to adopt a no-action position regarding specified non-compliance with the provisions and details the relief instruments it executed. The report contains hyperlinks to the ASIC Gazette where those instruments have been published.

Download the report

Background

ASIC is vested with powers to exempt or modify the Act under 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 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 business can be facilitated without harming other stakeholders.

ASIC publishes a copy of most of the exemption and/or modification instruments issued in the ASIC Gazette, which is available from the ASIC website at http://www.asic.gov.au/gazettes.

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.

More information on applying for financial services relief is available at http://www.asic.gov.au/fsrrelief.

Information on applying for corporate finance relief is available at http://www.asic.gov.au/cfrelief.

ASIC has published previous information releases on its relief decisions including:

• Information Release (IR08/11) ASIC issues report on applications decided between September to November 2007 (1 April 2008)

• Information Release (IR07/49) ASIC issues report on relief applications - June to August 2007 (23 November 2007); and

• Information Release (IR07/41) ASIC issues report on relief applications decided between January to May 2007 (6 September 2007).