In late 2011, Hancock Prospecting Pty Ltd, and related entities, applied to ASIC for relief from having to lodge financial reports, including company accounts, for a range of periods, as required by Chapter 2M of the Corporations Act.

ASIC declined these relief applications on 2 March 2012.

This decision is now subject to an application for review before the Administrative Appeals Tribunal (AAT).

ASIC does not intend to make further public comment on this issue pending the review of its decision.