The Australian Securities and Investments Commission (ASIC) has released its latest report outlining decisions on relief applications.

The regulator approved 372 relief applications during the period February 1 to May 31.

“Businesses frequently approach ASIC for assistance to help make the law work better for them,” the commission says. “This is a key part of ASIC’s function.”

ASIC can vary or set aside certain legal requirements when there is a net regulatory benefit and when it can help business or cut red tape without harming other stakeholders.

It says its report aims to improve transparency and the quality of publicly available information about decisions to grant relief from provisions of the Corporations Act 2001 and the National Consumer Credit Protection Act 2009.

The report also discusses relevant publications released by ASIC during the period.

It gives examples of situations when ASIC has exercised or refused to exercise its exemption and modification powers, and highlights instances where it has adopted a “no-action” position.

In limited situations, the regulator may provide a no-action letter when instances of non-compliance are brought to its attention.