ASIC today issued an update of Regulatory Guide 108 No-action letters (RG 108).
A no-action letter is an expression of ASIC’s regulatory intent and indicates that, at the time the no-action letter is given, ASIC does not anticipate taking other regulatory action in relation to conduct regulated by the Corporations Act. RG 108 sets out ASIC’s policy regarding when it will issue a no action letter.
RG108 has not been comprehensively reviewed since its release in 1996. The update of RG 108 took place as part of ASIC’s program of updating its regulatory guides.
The updated guide clarifies when ASIC will consider issuing a no-action letter and formalises ASIC’s approach to taking class no-action positions.
Applications for no-action letters can be sent to applications@asic.gov.au. You can also contact ASIC Infoline on 1300 300 630 for information and assistance.