AUSTRALIA - The Australian Securities and Investments Commission (ASIC) has released its first 2005 update report outlining its decisions on recent relief applications made by financial service providers.
The applications relate to relief from the licensing, conduct, disclosure and managed investments provisions of the Corporations Act 2001 (the Act).
ASIC is vested with discretionary powers under the Act to grant relief, by exemption or modification, from provisions of Chapter 5C and Chapter 7 of the Act.
John Price, ASIC’s director, regulation, said: “This is the third formal report on relief decisions that ASIC has released since December 2004. The reports make the way we apply our policy in practice transparent by providing some insight into the factors that guide us in the exercise of our discretionary powers,”
“ASIC provides these reports on a regular basis to update participants in the financial services industry, and their legal advisers, about the ongoing development of our policy.”
Covering the period from 1 January to 30 April 2005, the report provides specific examples of circumstances in which ASIC has either exercised, or refused to exercise, those powers.
The report also outlines some instances where ASIC decided to take a no-action position regarding non-compliance with provisions of Chapters 5C and 7.
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