ASIC Provides Templates for Compliance Applications

February 21, 2007: The Australian Securities and Investments Commission (ASIC) has released a new set of example documents to help businesses meet their regulatory compliance obligations without expending inordinate amounts of time and effort.

ASIC says that the information sheet it has issued includes practical examples illustrating the type of information required when a company is putting together a typical application for relief.

When it comes to regulatory compliance, there is less pressure on Australian companies than those working in the US, however when applying fro exemptions or modifications under the Corporations Act, the process can still be difficult and time consuming.

“While it’s not mandatory to refer to these documents, we’ve prepared them as an illustration of the sort of material that is often needed to finalise a decision whether or not to grant relief,” said ASIC’s Director of Regulation, John Price. “By using these documents, applicants can minimise the amount of time needed in dealing with regulatory requirements.”

Produced as part of ASIC’s Better Regulation Initiatives, ASIC hopes that these documents make life easier for Australian companies striving for compliance, as well as make the regulatory process itself better and more transparent.

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