Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

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submitted requesting relief under the NCCP, ASIC approved 75 per cent, with 19 per cent rejected and 6 per cent withdrawn.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

Advertisement
Advertisement

“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
var typesArray = { desktop: [4417], tablet: [4417], mobile: [4417], }; var zoneArray = [256196]; var zoneDivId = '#momentum-native2-zoneunit'; changePlacements(true, zoneDivId, typesArray, zoneArray, '', 'native-2-in-article');
>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
mortgagebusiness

Latest News

The Mortgage Business Uncut podcast is your weekly analysis of the biggest themes shaping the Australian mortgages market. ...

Members of the broking industry have welcomed the appointment of Anja Pannek as the new chief executive of the Mortgage & Finance Associ...

Business credit applications declined 2.0 per cent in the June 2022 quarter, marking the first fall in five quarters, according to Equifax. ...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.