ASIC has extended the relief to financial advice that relates to the early release of superannuation scheme as well as certain capital raisings due to the uncertainty of the pandemic.
The corporate regulator has extended the capped advice fees regarding ERS at $300, allowing advisers to provide a record of advice rather than a comprehensive statement of advice in this circumstance until 15 April 2021 rather than October 15.
In addition, ASIC has extended its 'no-action' position to superannuation trustees to December 31 from September 24, allowing funds to provide personal advice as intra-fund advice to members relating to ERS.
"ASIC will continue to monitor the appropriateness of these temporary relief measures in light of the impacts of COVID-19 on capital markets and on the demand for financial advice," the regulator said.
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Furthermore, the capital raising relief that assists listed companies raise capital quickly without compromising investor protection has been extended to 1 January 2020 from October 2.
The temporary relief enables some 'low doc' offers to be made to investors without a prospectus, even if they do not meet all the normal requirements.
Companies will be able to access the relief if they have been suspended for up to 10 days in the 12 months before the offer and if they were not suspended for more than five days in the period commencing 12 months before the offer and ending 19 March 2020.
ASIC said it will give sufficient notice if it deems it appropriate to end the relief before the expiration date or to further extend it.