AN overview of Australian Securities and Investments Commission decisions in some recent applications for relief from the licensing, conduct and disclosure provisions of the Corporations Act 2001 as amended by the Financial Services Reform Act.
ASIC has released this information to illustrate examples of the sorts of matters where it has provided relief and to make the manner in which ASIC has responded to specific matters fully transparent.
The overview also includes examples of the circumstances in which ASIC has refused relief.
ASIC’s general policy is to only consider granting relief from the requirements of Chapter 7 to the act to address atypical or unforeseen circumstances and unintended consequences of FSRA licensing, conduct and disclosure provisions.
ASIC director of financial services regulation (legal and technical operations) Pamela McAlister said the commission intended to issue the overviews twice-yearly.
"While each application for relief is considered on a case-by-case basis, this overview provides some guidance on the circumstances in which ASIC will consider granting relief," she said.
"However, potential applicants should not assume that ASIC will provide reilef in the future in similar cases as each relief application depends on the unique facts and circumstances of the case."
The overview can be obtained from www.asic.gov.au
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