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ARTICLE · 15 DECEMBER 2023

ASIC updates the breach reporting regime

Sophie Grace Pty Ltd
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Licensees will no longer be required to report insignificant breaches of certain core obligations to ASIC.

AustraliaFinance and Banking
Alicia Pevely
Alicia Pevely
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Since October 2021, new obligations have applied to Australian Financial Services Licence and Australian Credit Licence holders (Licensees) in relation to lodging breach reports with ASIC. With the introduction of ASIC Instrument 2023/589 (the Instrument), the obligation to report certain breaches to ASIC has been modified and from 20 October 2023 onwards, Licensees will no longer be required to report insignificant contraventions of certain core obligations.

The existing breach reporting regime was modified in response to concerns about the costs of reporting some reportable situations that have limited regulatory benefit.

What does NOT need to be reported?

The Instrument modifies the breach reporting requirements so that Licensees do not need to report insignificant breaches of core obligations relating to:

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