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Thursday 7 April 2022

22-083MR ASIC to allow COVID-19 temporary relief for financial advice to automatically repeal 15 April 2022

ASIC will allow the temporary relief in ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2021/268 (COVID-19 Instrument) to be automatically repealed on 15 April 2022.

The COVID-19 Instrument commenced on 15 April 2021. It extended the following forms of relief, initially introduced in April 2020:

  • ‘Situations in which Statement of Advice is not required’ relief. This relief allows financial advisers to provide a record of advice, rather than a statement of advice, to existing clients requiring financial advice due to the impacts of the COVID-19 pandemic.
  • ‘Urgent Advice’ relief. This relief allows financial advisers additional time to give their clients a time-critical statement of advice.

ASIC undertook targeted industry consultation to better understand the effects of our approach. Based on feedback, we do not consider that the current status of COVID-19 responses in Australia provides a sufficient basis for a decision by ASIC to further extend the relief provided by the COVID-19 Instrument.

Background

The ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2020/355 was introduced on 15 April 2020.

ASIC Corporations (COVID-19—Advice-related Relief) Instrument 2021/268 commenced on 15 April 2021, extending the relief initially introduced on 15 April 2020. This Instrument was extended in October 2021 by the ASIC Corporations (Amendment) Instrument 2021/848 for a further six months.

Last updated: 07/04/2022 12:34