ASIC Announces New Way to Submit Relief Applications & Documents

ASIC has made changes to the way stakeholders can submit applications for relief and various fundraising and corporate finance documents.

July 27 2020 | AtoZ Markets – The Australian Securities and Investments Commission (ASIC) has announced that starting from Monday 27 July, its Regulatory Portal will replace other channels as the primary way to submit applications for relief and various fundraising and corporate finance documents to ASIC.

According to ASIC, stakeholders can now submit their applications and documents through the portal using online forms known as transactions. Also, the structure of these forms makes it easier for stakeholders to provide the watchdog with the necessary information.

Furthermore, a range of security features in the portal ensures stakeholders can determine who can see, edit, or submit their transactions.  They can also record correspondence with ASIC about submitted transactions and track their status.

What ASIC relief application allows stakeholders to apply for

The applications for relief transactions enable stakeholders to apply for:

  • an ASIC approval, consent, statement, nomination, or other
  • a waiver from ASIC market integrity rules
  • a no-action letter
  • an exemption, declaration or order
  • an extension of time for a company to hold its annual general meeting.

Moreover, the fundraising and corporate finance transactions enable stakeholders to lodge and submit:

  • fundraising disclosure documents or statements. Details of fundraising offers will be listed publicly on the new Offer Notice Board (formerly OFFERlist).
  • takeover documents – target’s statement and notices
  • takeover documents – bidder’s statement and notices
  • scheme of arrangement documents – explanatory statements and court orders
  • shareholder meeting materials – related party transactions or acquisition approvals.

How to submit the new portal transactions

Anyone using the portal to transact with ASIC will need to register an individual account. You can register by selecting the ‘I just want to register’ tile on the registration page. You can then log in and submit any of the new transactions to ASIC.

Moreover, you can register your individual account when you receive an invitation to connect to an entity account. In this scenario, a Senior Administrator or Administrator of an entity account such as law firm partnership will send you an invitation key, prompting you to register your portal account as part of that process.

All portal users log in to their individual account before selecting who they would like to represent – including themselves – from their list of ‘current connections’.

Benefits of using the portal

  • Structured online transactions with mandatory fields and questions that also make it easier for applicants to ensure the information ASIC requires is provided upfront. Links to the relevant ASIC regulatory guidance will be included.
  • Track the status of your applications via your portal account.
  • Correspond with ASIC online about submitted applications.
  • Fee estimates automatically calculated based on the information provided in the application.
  • Online payment options as well as a record of invoice history.
  • Attach supporting documentation.
  • Invite others to act on your behalf in the portal.
  • Restrict access so only select users can see and access your applications in the portal.

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