Lobbying by mutuals has failed to persuade the Australian Securities and Investments Commission to change the way it applies waiver rules in demutualisations.ASIC issued a report on Friday, saying its policy would remain unchanged. Under current rules, ASIC will only issue a written notice to cease the effect of all, or any part of, the demutualisation approval procedure rules if a credit union's circumstances raise prudential concerns and the Australian Prudential Regulation Authority considers it necessary for a proposed transaction to occur expeditiously.The constitutions of about 40 per cent of credit unions include some form of demutualisation approval process. A basic requirement is that 25 per cent of members participate in a ballot for any transaction that would affect an institution's mutuality.ASIC was asked to consider changing its policy on waivers and in June it issued a consultation paper. Some credit unions argued, in submissions, that a 25 per cent threshold for member participation was too high.The credit unions wanted ASIC to take a more relaxed approach in cases where transactions did not amount to demutualisation, such as adopting "mutual bank" status.ASIC said it would not change its approach because submissions in response to its consultation paper had not demonstrated a clear view among industry members. It also said it was important to maintain procedural protection for members.