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ARTICLE · 14 NOVEMBER 2023

Latest changes to trustee breach reporting

Holding Redlich
Holding Redlich
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Holding Redlich

Holding Redlich

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Discusses the regime, misleading & deceptive exemption, same breach time extension & consequential amendments.

AustraliaCorporate/Commercial Law
Luke Hooper
Luke Hooper
Michael O'Connor
Michael O'Connor
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In October, ASIC introduced changes to the current breach Corporations Act reporting regime obligations (Regime) via ASIC Corporations and Credit (Amendment) Instrument 2023/589 (Instrument).

The Instrument:

  1. exempts certain misleading and deceptive conduct from the Regime's reporting requirements
  2. extends reporting times from 30 to 90 days in certain circumstances
  3. re-introduces the requirements in the ASIC Act Part 2, Division 2 as core obligations.

However, as we discuss below, the Instrument may only provide utility in limited circumstances. Trustees should be mindful about what may lie hidden.

The Regime

The Regime was introduced in October 2021 and expanded the range of breach incidents (Reportable Situation) that Australian financial services licensees, including superannuation trustees, are required to report to ASIC. Generally, the Regime requires trustees to review all identifiable incidents and carefully assess whether these amount to a

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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