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ARTICLE · 15 FEBRUARY 2024

HSF Advises AFMA In Obtaining UCT Relief From ASIC

Herbert Smith Freehills Kramer LLP
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The HSF Financial Services Regulatory team is pleased to have advised the Australian Financial Markets Association (AFMA) in obtaining welcome relief from ASIC...

AustraliaFinance and Banking
Charlotte Henry
Charlotte Henry
Alice Molan
Alice Molan
David Curley
David Curley
Felix Hu
Felix Hu

The HSF Financial Services Regulatory team is pleased to have advised the Australian Financial Markets Association (AFMA) in obtaining welcome relief from ASIC in relation to the unfair contracts terms regime under the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act), which was recently expanded with effect from 9 November 2023.

ASIC has adopted a no-action position as set out in its No-Action Letter. The No-Action Letter provides welcome certainty that ASIC does not intend to take regulatory action in connection with the unfair contract terms regime for a standard form contract that is:

  • made with Institutional Investors; or
  • an Industry Standard Form Contract.

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