A no-action letter states to the applicant of the letter that ASIC does not intend to take regulatory action over a particular state of affairs or a particular conduct. It is not a legal opinion and it does not constitute legal advice, and, importantly, it can be withdrawn at any time. While a no-action letter is not a guarantee that ASIC will not take regulatory action in the future, it does provide some conform and a degree of certainty that ASIC is not expecting to take regulatory action in relation to the state of affairs or conduct in question.
ASIC's Regulatory Guide 108 (RG108) is the "go to" guide for those who wish to apply to ASIC for a no-action letter. It explains how to make an application and sets out the factors ASIC considers when dealing with a request for a no-action letter (such as the contravention was due to inadvertence and that the adverse effects on third parties are minimal).
In REP382, under the heading "credit licensing", ASIC reported that it has provided a no-action letter in relation to the potential contravention for engaging in credit activities outside credit license authorisation. ASIC also reported that it has provided a no-action letter for early debit or payment of interest charges under a credit contract. For both scenarios, ASIC explained its reasons for providing a no-action letter.
If you experienced an unintended contravention of the relevant legislation as a result of conduct that is not inconsistent with the spirit and policy of the legislation, and you wish to apply to ASIC for a no-action letter, carefully considering REP382 in conjunction with RG108 will certainly assist you in preparing your case and presenting it to ASIC.