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Friday 24 April 2009

09-70AD ASIC issues report on relief applications decided between August to November 2008

ASIC today released a report outlining recent decisions on applications for relief from the corporate finance, financial services and managed investment provisions of the Corporations Act (the Act) between 1 August and 30 November 2008.

The report, Overview of decisions on relief applications (August to November 2008) (the Report) provides an overview of the applications where ASIC has exercised, or refused to exercise, its exemption and modification powers from the financial reporting, managed investment, takeovers, fundraising and financial services provisions of the Act. As a result of ASIC’s short selling ban implemented on 19 September 2008, the Report includes an overview of ASIC’s response to the issues arising from the ban.

The Report also highlights instances where ASIC decided to adopt a no-action position regarding specified non-compliance with the provisions, and features an appendix detailing the relief instruments it executed.

Download the report

Background

ASIC can exempt or modify the Act under the provisions of Chapters 2D (officers and employees), 2J (share buy-backs), 2L (debentures), 2M (financial reporting and audit), 5C (managed investment schemes), 6 (takeovers), 6A (compulsory acquisitions and buy-outs), 6C (information about ownership of entities), 6D (fundraising) and 7 (financial services) of the Act.

ASIC uses its discretion to vary or set aside certain requirements of the law where the burden of complying with the law significantly detracts from its overall benefit or where business can be facilitated without harming other stakeholders.

ASIC publishes a copy of most of the exemption and/or modification instruments issued in the ASIC Gazette.

Applying for relief

Applications for relief must be in writing and should address the requirements set out in Regulatory Guide 51 Applications for relief (RG 51). Applications can be submitted electronically toapplications@asic.gov.au.

More information about applying for financial services relief.

Information about applying for corporate finance relief.

ASIC has published previous information releases on its relief decisions including:

  • Advisory (AD08-48) ASIC issues report on relief applications (31 October 2008);

  • Information Release (IR08/19) ASIC issues report on relief applications decided between December 2007 and March 2008 (18 June 2008);

  • Information Release (IR08/11) ASIC issues report on relief applications decided between September to November 2007 (1 April 2008)


Download the report

Last updated: 24/04/2009 12:00