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ASIC grants NCCP relief to 75% of applicants

The corporate regulator has released a report outlining its decisions on relief applications from firms operating under the Corporations Act and National Consumer Credit Protections Act.

The Australian Securities and Investments Commission (ASIC) has published its latest update on its decisions concerning relief applications lodged from October 2018 to March 2019.

The regulator revealed that during the period, it granted relief from provisions of the Corporations Act or the National Consumer Credit Protections Act (NCCP) in relation to 709 applications.

Of the applications submitted requesting relief under the NCCP, ASIC approved 75 per cent, with 19 per cent rejected and 6 per cent withdrawn.

“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 regulator noted.

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“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.”

ASIC has the power to modify or set aside certain provisions of the Corporations Act, and to grant relief under the provisions of chapters two (licensing) and three (responsible lending) of the National Credit Act and from all or specified provisions of the National Credit Code.

In limited situations, ASIC may also consider providing a no‑action letter when instances of non‑compliance with certain statutory provisions have been brought to ASIC’s attention.

[Related: ASIC commissioner clarifies litigation strategy]

ASIC grants NCCP relief to 75% of applicants

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>The Australian Securities and Investments Commission (ASIC) has published its latest update on its decisions concerning relief applications lodged from October 2018 to March 2019.

The regulator revealed that during the period, it granted relief from provisions of the Corporations Act or the National Consumer Credit Protections Act (NCCP) in relation to 709 applications.

Of the applications submitted requesting relief under the NCCP, ASIC approved 75 per cent, with 19 per cent rejected and 6 per cent withdrawn.

“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 regulator noted.

“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.”

ASIC has the power to modify or set aside certain provisions of the Corporations Act, and to grant relief under the provisions of chapters two (licensing) and three (responsible lending) of the National Credit Act and from all or specified provisions of the National Credit Code.

In limited situations, ASIC may also consider providing a no‑action letter when instances of non‑compliance with certain statutory provisions have been brought to ASIC’s attention.

[Related: ASIC commissioner clarifies litigation strategy]

ASIC grants NCCP relief to 75% of applicants
ASIC
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