Australian Securities and Investments Commission – ASIC has helped the law work better for business by granting over 600 applications for relief between 1 October 2019 and 31 March 2020. ASIC’s latest report, Overview of decisions on relief applications (October 2019 to March 2020) (REP 664), outlines decisions on relief applications and highlights ASIC’s efforts to reduce red-tape and achieve a practical, positive outcome for companies seeking regulatory flexibility, without harming stakeholders.
During the report period, ASIC granted relief from provisions of the Corporations Act or the National Credit Act in relation to 619 applications.
The granting of relief, which has a net regulatory benefit, or which facilitates business or cuts red tape, is an important part of ASIC’s regulatory function. The reporting of ASIC’s decisions on relief applications aims to provide transparency about our decision making and to better inform businesses about the circumstances in which we grant relief.
REP 664 lists publications released by ASIC during the period that may be relevant to prospective applicants for relief.
The report also provides examples where ASIC has exercised or refused to exercise, its exemption and modification powers under the Corporations Act.
During, and subsequent to, the report period ASIC has provided facilitative individual and class relief to mitigate the impacts on business of the COVID-19 pandemic and the associated containment measures.
REP 664 includes summaries of selected individual relief decisions, publications and legislative instruments which relate to COVID-19. These relief decisions and publications concern disclosure, financial reporting, AGMs and registered office closure.
ASIC will continue to take a facilitative approach, where appropriate, to the provision of individual and class relief to assist businesses in dealing with the challenges associated with the COVID-19 pandemic and the associated containment measures.