31. May 2011 15:13
ASIC has released a report, Overview of decisions on relief applications (October 2010 to January 2011) (REP 241), outlining decisions on relief applications between 1 October 2010 and 31 January 2011. The report aims to improve the level of transparency and the quality of publicly available information about decisions ASIC makes.
The report summarises situations where ASIC has exercised, or refused to exercise, its exemption and modification powers under the Corporations Act 2001, the licensing and responsible lending provisions of the National Consumer Credit Protection Act 2009 and the registration provisions of Schedule 2 of the National Consumer Credit Protection (Transitional and Consequential Provisions) Act 2009.
The report also highlights instances where ASIC has decided to adopt a no-action position regarding specified non-compliance with statutory provisions. Decisions by ASIC to refuse to exercise its powers are described on an anonymous basis.
REP 241 is available from the ASIC website or by calling ASIC’s Infoline on 1300 300 630.