CS 11 Proposed updates to RG 51 and RG 108
Released 21 October 2024. Comments close 18 November 2024.
We propose updating Regulatory Guide 51 Applications for relief (RG 51) and Regulatory Guide 108 No-action letters (RG 108) to ensure the currency of our guidance.
ASIC is updating RG 51 and RG 108 to reflect our current regulatory approaches to both applications for relief and no-action letters, to incorporate relevant additional guidance and amend outdated references. We are not proposing to make significant changes to the factors that we consider when assessing applications.
Proposed updates to RG 51:
- consolidate our separate guidance on how we charge fees for applications
- combine relevant guidance on procedural fairness and rights of review
- revise content on what to include when making an application, and
- amend the description of our approach to applications, considering the decision in Lantern Hotel Group and Australian Securities and Investments Commission [2015] AATA 428.
Proposed updates to RG 108:
- simplify the existing guidance on ‘what is a no-action letter’ and ‘why ASIC gives no-action letters’
- make minor changes to the factors that make it more likely we will give a no-action letter
- consolidate guidance on no-action requests and class no-action requests to avoid repetition, and
- introduce content to highlight the absence of review rights and need to lodge an application through the ASIC Regulatory Portal and pay an application fee.
A copy of the updates and a more detailed summary of the changes proposed are linked below.
Providing feedback
We invite feedback on our proposal. You should send your submission to rri.consultation@asic.gov.au by 5 pm on Monday 18 November 2024. We are primarily interested in understanding whether our guidance is sufficiently clear to meet the needs of users.
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Download
ASIC proposes updates to RG 51 Applications for relief and RG 108 No-action letters (news item)
Attachment 1 to CS 11: Draft updated RG 51 (PDF 818 MB)
Attachment 2 to CS 11: Draft updated RG 108 (PDF 633 MB)
Attachment 3 to CS 11: Draft RG 51—Summary of changes (PDF 240 MB)
Attachment 4 to CS 11: Draft RG 108 – Summary of changes (PDF 335 MB)