ASIC's first report into the new reportable situations regime

ASIC has recently released its first publication setting out insights into the effectiveness of reporting and the performance of licensees under the new reportable situations regime, Report 740 Insights from the reportable situations regime (Report 740).

While the report did not name and shame any individual licensees, ASIC has indicated that in future publications its approach to reporting practices will evolve and provide greater detail, including the possibility of naming licensees.

Notwithstanding the limits of the report, it does contain some surprising findings.

1. Number of reports: Industry bodies had previously forewarned that the regime would result in large increases in the number of reports lodged, however the data suggests that this concern has not materialised.