ASIC is seeking industry feedback on proposed updates to Regulatory Guide 51 Applications for relief (RG 51) and Regulatory Guide 108 No-action letters (RG 108).

ASIC is updating RG 51 and RG 108 to reflect our current regulatory approaches to both applications for relief and no-action letters, to incorporate relevant additional guidance and amend outdated references. We are not proposing to make significant changes to the factors that we consider when assessing applications.

Proposed updates to RG 51 are:

• consolidate our separate guidance on how we charge fees for applications
• combine relevant guidance on procedural fairness and rights of review
• revise content on what to include when making an application, and
• amend the description of our approach to applications, considering the decision in Lantern Hotel Group and Australian Securities and Investments Commission [2015] AATA 428.

Proposed updates to RG 108 are:

• simplify the existing guidance on ‘what is a no-action letter’ and ‘why ASIC gives no-action letters’
• make minor changes to the factors that make it more likely we will give a no-action letter
• consolidate guidance on no-action requests and class no-action requests to avoid repetition, and
• introduce content to highlight the absence of review rights and need to lodge an application through the ASIC Regulatory Portal and pay an application fee.

A copy of the updates and a more detailed summary of the changes proposed are available below.

Download

CS 11 Proposed updates to RG 51 and RG 108

Providing feedback

ASIC welcomes feedback from industry and interested stakeholders on the proposed updates to RG 51 and RG 108. We are primarily interested in understanding whether our guidance is sufficiently clear to meet the needs of users.

Submissions should be sent to rri.consultation@asic.gov.au by 5pm on Monday, 18 November. Feedback provided will not be treated as confidential unless you specifically request that we treat all or part of it in that way.

Background

RG 51 provides guidance for applicants and advisers who are applying to ASIC for relief. It sets out the types of applications that can be made, how to submit applications, our general approach to applications for relief, and the types of relief available.

RG 108 provides guidance for applicants and advisers who are applying to ASIC for a no-action letter. It explains how to make an application for a no-action letter and sets out the factors ASIC considers when dealing with a request for a no-action letter.

ASIC routinely reviews and updates our regulatory guidance. Where appropriate, we seek feedback from industry and interested stakeholders to inform our updates to the guidance.

ASIC is Australia’s corporate, markets and financial services regulator.