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 Credit Code) are published on the ASIC website. Specified exclusions made under subsections 6(14) and 171(4) of the 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). The FRL may be accessed at https://www.legislation.gov.au.
See legislative instruments:
ASIC may give relief from:
- the licensing provisions under Chapter 2 of the Credit Act
- the responsible lending conduct provisions under Chapter 3 of the Credit Act
- the provisions of the 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 below).
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 where ASIC forms the view that the relief ought to apply more broadly.
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 in writing
You should apply in writing, addressing the criteria in Regulatory Guide 51 Application for relief (RG 51)
3. Address the criteria in our policies on relief
You should specifically address the criteria set out in our policies on relief.
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.
4. Lodge your application electronically
The quickest way to have your application considered and our preferred method of lodgement is to email the written application and any attachments to firstname.lastname@example.org. Then send the paper copy and the fee to:
Manager – Applications
Australian Securities & Investments Commission
GPO Box 9827 in your capital city
Alternatively send your written application and cheque to us at the above address.