Relief from financial services provisions
ASIC has discretionary powers to grant relief (i.e. by exemption or declaration) from certain legislative provisions. There are three types of applications for relief—standard applications, minor and technical applications and new policy applications.
In determining applications for relief, we attempt to achieve two broad objectives—consistency and definite principles. We will generally only grant relief in new policy applications where we consider that there is a net regulatory benefit, or any regulatory detriment is minimal and is outweighed by the commercial benefit. Where we have the power and it is appropriate to do so, we will make a legislative instrument, to avoid the need for applicants to apply on an individual basis. Where legislative instruments are not appropriate or we do not have the power to make them, we will publish clear policies for exercising discretionary powers on a case-by-case basis. We may also publish pro forma instruments relating to these policies.
Note: ASIC does not have any relief powers from Part 7.7A of the Corporations Act 2001 (Cth).
For more information, see: