ASIC has released updated regulatory guides Regulatory Guide 51 Applications for relief (RG 51) and Regulatory Guide 108 No-action letters (RG 108).
These updates improve and simplify our guidance regarding relief and no-action letters by centralising related guidance and amending outdated references.
ASIC has taken on board feedback we received from stakeholders during the consultation process in 2024: Consultation 11 Proposed updates to RG 51 and RG 108 (CS 11).
In response to this feedback, we have:
- updated RG 108 to include a reference to relevant content in RG 51 to consider when making a request for a no-action letter
- updated RG 51 to include a reference that an applicant may have a right to seek review of ASIC's decision to the Administrative Review Tribunal
- updated RG 51 to remove the proposed reference in Table 2 that a cost and benefit analysis needed to accompany an application, and
- adopted technical or stylistic recommendations from the consultation process to enhance readability.
On release of the updates, we will withdraw the guidance in RG 21 How ASIC charges fees for relief applications, RG 208 How ASIC charges fees for credit relief applications and RG 57 Notification of rights of review. Relevant guidance has now been incorporated into RG 51.
We appreciate the feedback received from stakeholders which has assisted our work.
The copies of the updated RG's and non-confidential submissions are available below.
