ASIC may grant relief from various provisions of the credit legislation by making individual instruments, or legislative instruments (previously known as class orders) which have a wider application.
Individual instruments and legislative instruments made under the credit legislation are not published in the ASIC Gazette.
|Getting copies of credit instruments||Getting copies of legislative instruments|
Individual instruments made under the credit legislation (including section 203A of the National Credit Code, which is Schedule 1 to the National Consumer Credit Protection Act 2009 (National Credit Act)) are published on the ASIC website. Specified exclusions made under subsections 6(14) and 171(4) of the National Credit Code are not published on the ASIC website and are not available to the public.
See credit instruments:
Legislative instruments (previously known as class orders) made under the credit legislation are registered on the Federal Register of Legislation (FRL).
See legislative instruments:
ASIC may give relief from:
- the licensing provisions under Chapter 2 of the National Credit Act
- the responsible lending conduct provisions under Chapter 3 of the National Credit Act
- the provisions of the National Credit Code.
ASIC gives relief by way of individual instruments and legislative instruments.
Individual instruments are made in response to an application by a person (see Applying for individual relief).
Legislative instruments apply to a class of persons or contracts and are generally made by ASIC of its own initiative. These instruments are sometimes also made in response to an application by a person or an industry association when ASIC forms the view that the relief ought to apply more broadly.
On 25 September 2020, the Government announced proposed reforms to the responsible lending obligations contained in Ch 3 of the National Credit Act. The proposed reforms will amend the obligations that apply before entry into a credit product or the provision of credit assistance. ASIC’s guidance relating to the current responsible lending obligations will be reviewed and updated when the proposed reforms are finalised.
When applying for individual relief from the credit legislation, make sure you:
1. Apply early
If you’re thinking of applying for relief from the credit legislation, you should apply as early as possible. Applications for relief often raise issues that may take some time to resolve.
2. Apply through the ASIC Regulatory Portal
You should submit your application for relief through the ASIC Regulatory Portal. You will need to pay fees for an application. We have provided details about payment options in the portal.
The portal features structured online transactions with mandatory fields and questions that make it easier for applicants to ensure the information ASIC requires is provided upfront.
For more information, see how you apply for relief.
3. Address the criteria in our policies on relief
You should specifically address the criteria set out in our policies on relief. In particular, you should address the criteria set out in Regulatory Guide 51 Applications for relief (RG 51).
For example, in your application you should particularly address the commercial benefit and any net regulatory benefit or detriment from granting the relief you seek. If you think you have special circumstances or you are disproportionately affected by the credit legislation, clearly set out your reasons.
- Regulatory Guide 208 How ASIC charges fees for credit relief applications (RG 208)
- Summary reports of ASIC relief applications