Relief from corporate finance provisions

Applying for relief

When applying for relief from any of the provisions relating to fundraising/equities, financial reporting, mergers and acquisitions, debentures or transactions affecting share capital, make sure you:

1. Apply early

If you're thinking of applying for relief, you should apply as early as possible. Applications for relief often raise issues that may take some time to resolve.

In general, we do not have power to grant retrospective relief. This particularly applies to applications for relief from the financial reporting requirements (application under section 340 of the Corporations Act 2001 (Corporations Act)).

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. Links to the relevant ASIC regulatory guidance are included. 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 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 provisions, clearly set out your reasons.

Sample application for relief

View our example of the information typically required in an application for relief.

Reports on relief applications

These reports summarise situations where we have exercised, or refused to exercise, our exemption and modification powers from:

  • the financial reporting, managed investment, takeovers, fundraising or financial services provisions of the Corporations Act, and
  • provisions of the National Consumer Credit Protection Act 2009 or National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009.

 View the reports

ASIC guidance on relief

You can download copies of our regulatory guides (formerly policy statements) on relief as a PDF file:

  • RG 5 Relevant interests and substantial holding notices
  • RG 6 Takeovers: Exceptions to the general prohibition
  • RG 43 Financial reports and audit relief
  • RG 44 Annual general meeting - extension of time
  • RG 51 Applications for relief
  • RG 59 Announcing and withdrawing takeover bids (s653 and s746)
  • RG 60 Schemes of arrangement
  • RG 71 Downstream acquisitions
  • RG 72 Foreign securities: Disclosure relief
  • RG 74 Acquisitions approved by members
  • RG 95 Disclosing entity provisions relief
  • RG 102 Tender offers by vendor shareholders
  • RG 108 No-action letters
  • RG 110 Share buy-backs
  • RG 115 Audit relief for proprietary companies
  • RG 125 Share purchase plans
  • RG 163 Takeovers: minimum bid price principle - s621
  • RG 173 Disclosure for on-sale of securities and other financial products
  • RG 174 Externally administered companies: Financial reporting and AGMs
  • RG 188 Disclosure in reconstructions
  • RG 189 Disclosure relief for rights issues 
  • RG 254 Offering securities under a disclosure document 

Regulatory index

The regulatory index is a subject-matter index that will help you find ASIC regulatory documents, class orders and instruments on whatever topic you want to know about.

Class orders and instruments provide wide relief for entities that comply with the conditions set out in the relief.

The regulatory index contains links from topics to the following ASIC documents:

View the regulatory index for:

What's new

More releases on financial reporting and audit

Last updated: 20/10/2014 12:00