On Wednesday 10 August, ASIC announced that it will focus on improving the implementation of the reportable situations regimes (the Reportable Situations Regimes) as part of its 2022-23 priorities. This is the first time ASIC has publicly and expressly acknowledged the practical issues which have arisen with the Reportable Situations Regimes since their commencement in October 2021.
ASIC foreshadowed the need for ‘enhancements' to the ASIC mandatory form for reporting, as well as considering the need for additional guidance on the Reportable Situations Regimes.
It has also stated that it will not be identifying individual licensees in its October 2022 public report on the Reportable Situations Regimes, although later reports may include a list of all licensees who have reported to ASIC during the period.
