ob体育 has helped the law work better for business by granting over 400 applications for relief between 1 April 2019 and 30 September 2019.
ob体育's latest report, Overview of decisions on relief applications (April 2019 to September 2019) (REP 654), outlines decisions on relief applications and highlights ob体育's efforts to reduce red-tape and achieve a practical, positive outcome for companies seeking regulatory flexibility, without harming stakeholders.
During the reported period, ob体育 granted relief from provisions of the Corporations Act or the National Credit Act in relation to 420聽applications.
The granting of relief, which has a net regulatory benefit, or which facilitates business or cuts red tape, is an important part of ob体育's regulatory function. The reporting of ob体育'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聽654 lists publications released by ob体育 during the period that may be relevant to prospective applicants for relief.
The report also provides examples where ob体育 has exercised, or refused to exercise, its exemption and modification powers under the Corporations Act.
Background
ob体育 can modify or set aside certain provisions of the Corporations Act, including Chapters聽2D (officers and employees), 2G聽(meetings), 2M (financial reporting and audit), 5C (managed investment schemes), 6聽(takeovers), 6D (fundraising) and 7 (financial services).
ob体育 also has powers to grant relief under the provisions of Chapters聽2 (licensing) and 3聽(responsible lending) of the National Credit Act and from all or specified provisions of the National Credit Code, which is in Sch聽1 to the National Credit Act.
In limited situations, ob体育 may also consider providing a no鈥慳ction letter when instances of non鈥慶ompliance with certain statutory provisions have been brought to ob体育's attention. A聽no鈥慳ction letter states to a particular person that ob体育 does not intend to take regulatory action over a particular state of affairs or particular conduct. The factors that ob体育 will consider when dealing with a request for a no鈥慳ction letter are set out in Regulatory Guide 108 No鈥慳ction letters (搁骋听108).
ob体育 publishes a copy of most of the relief instruments issued in the ob体育 Gazette. Credit instruments are available from the ob体育 website under credit relief.
Applying for relief
Applications for relief must be in writing and should address the requirements set out in Regulatory Guide 51 Applications for relief () (and any other regulatory guides relevant to the application).
Applications can be submitted electronically to [email protected]. Fees are applicable for relief applications.
To ensure that applications are assessed as quickly and efficiently as possible, ob体育 will continue to strictly enforce our policy to refuse applications for relief where the required information is not provided. Where we have asked for additional information within a specified time period, and a reasonable explanation is not provided for any delay, we may refuse an application for relief.