AUSTRALIA Law and Practice Contributed by: Michael Lawson, Nicole Brown, Lizzie White and Tamaryn Leach, MinterEllison
The no-action letter means that ASIC does not intend to take action for a contravention of the relevant UCT provisions or related obligations regarding the class of counterparties and stand - ard form contracts outlined in the no-action let - ter. However, the no-action letter does not pre - vent third parties (including the Director of Public Prosecutions) from taking legal action in relation to the conduct it outlines.
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