ASIC has released a report outlining its recent
decisions on applications for relief from the corporate finance,
financial services and managed investment provisions of the Corporations Act (the Act) between 1 January and 31 May 2007.
The report, Overview of decisions on relief applications (January to May 2007),
provides an overview of situations where ASIC has exercised, or refused
to exercise, its exemption and modification powers, from the financial
reporting, managed investment, takeovers, fundraising and financial
services provisions of the Act.
The report also highlights instances where ASIC
decided to adopt a no-action position regarding specified
non-compliance with the provisions, and features an appendix detailing
the relief instruments it executed.