On 17 February 2025, the Australian Securities and Investments Commission (ASIC) Published updates to its regulatory guides, Regulatory Guide 51: Applications for Relief (RG 51) and Regulatory Guide 108: No-Action Letters (RG 108). These updates aim to simplify guidance for applicants by centralising relevant information and addressing outdated references of seeking regulatory relief or no-action letters from ASIC.
ASIC Regulatory Guide 51: Applications for Relief, serves as a comprehensive resource for applicants seeking relief under the legislative framework that ASIC administers, detailing the types of relief available, the application process, and the associated fees. Regulatory Guide 108: No-Action Letters, provides guidance for those seeking no-action letters, which indicate ASIC’s intention not to take regulatory action under specific circumstances.
The latest revisions to these guides follow a stakeholder consultation process conducted in 2024 under Consultation 11: Proposed Updates to RG 51 and RG 108 (CS 11). ASIC has incorporated industry feedback to improve clarity, remove redundant requirements, and enhance the readability of both guides.
Regulatory Guide 51 now explicitly states that applicants may have the right to seek a review of ASIC’s decisions at the Administrative Review Tribunal. ASIC has eliminated the requirement from Regulatory Guide 51 that applicants provide a cost-benefit analysis when submitting relief applications. Technical and stylistic refinements have been made to enhance accessibility for industry participants.
ASIC has withdrawn outdated regulatory guides, including RG 21: How ASIC Charges Fees for Relief Applications, RG 208: How ASIC Charges Fees for Credit Relief Applications, and RG 57: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. The relevant content from these guides has now been consolidated into Regulatory Guide 51.
For Compliance, relevant Australian Financial Applicants seeking relief or no-action letters must adhere to the procedures outlined in the updated regulatory guides. ASIC’s discretionary powers allow it to grant exemptions or modifications under relevant legislation, including the Australian Corporations Act 2001 and the Australian National Consumer Credit Protection Act 2009. Relief applications must be submitted through the ASIC Regulatory Portal, and applicants should ensure that they provide complete and accurate information to avoid delays.
For those seeking no-action letters, ASIC assesses each request based on the policy intent of the legislation, the specific facts of the case, and whether issuing a no-action letter would serve a clear regulatory purpose. ASIC explicitly specifies that a no-action letter does not constitute legal advice and does not preclude ASIC from taking action in the future should new information arise.
The updated Regulatory Guide 51 and Regulatory Guide 108 took effect upon publication on 13 February 2025. ASIC’s revisions are aimed to streamline the application process for regulatory relief and no-action letters, reducing administrative burdens on businesses. Industry participants are encouraged to familiarise themselves with the updated guides and ensure their processes align with ASIC’s latest requirements
