The Australian Securities & Investments Commission (ASIC) has released updated versions of Regulatory Guide 51 Applications for relief (RG 51) and Regulatory Guide 108 No-action letters (RG 108), consolidating related material and removing outdated references to simplify the process for applicants and advisers. The changes reflect stakeholder feedback from 2024 Consultation 11. Updates include cross-referencing between RG 108 and relevant RG 51 content for no-action letter requests, adding that RG 51 applicants may have a right to seek review of an ASIC decision by the Administrative Review Tribunal, removing a proposed requirement for a cost-benefit analysis to accompany applications (as previously flagged in Table 2), and making technical and stylistic edits to improve readability. ASIC will also withdraw Regulatory Guide 21 and Regulatory Guide 208 on fees for relief applications and Regulatory Guide 57 on notification of review rights, with the relevant guidance now incorporated into RG 51.
Australian Securities & Investments Commission 2025-02-13
Australian Securities & Investments Commission updates guidance on relief applications and no-action letters
The Australian Securities & Investments Commission (ASIC) has updated Regulatory Guide 51 (RG 51) and Regulatory Guide 108 (RG 108) to streamline application processes by consolidating materials and removing outdated references. Changes include cross-referencing between RG 108 and RG 51 for no-action letter requests, clarifying review rights through the Administrative Review Tribunal, and eliminating the need for a cost-benefit analysis in applications. ASIC will withdraw Regulatory Guides 21, 208, and 57, with relevant guidance now included in RG 51.