ASIC has released an update report outlining decisions
on recent applications for relief by financial service providers from
the licensing, conduct, disclosure and managed investments provisions
of the Corporations Act 2001 (the Act).

ASIC’s general policy is only to consider granting
relief from the requirements of Chapters 5C and 7 of the Act to address
atypical or unforeseen circumstances and unintended consequences of
those provisions.

The report covers the period from 15 August 2004 to
31 December 2004 and provides an overview of the circumstances in which
ASIC has exercised, or refused to exercise, its discretionary powers to
grant relief from the financial services provisions under Chapter 7 of
the Act, and the managed investments provisions under Chapter 5C of the
Act.

The report also outlines some instances where ASIC
decided to take a no-action position regarding non-compliance with
provisions of the Act.