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ARTICLE · 23 OCTOBER 2023

Funds Update – 20 October 2023

Herbert Smith Freehills Kramer LLP
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On 20 October 2023, ASIC Corporations and Credit (Amendment) Instrument 2023/589 (Instrument) took effect, providing welcome relief in relation to the reportable situations...

AustraliaFinance and Banking
Fiona Smedley
Fiona Smedley

In this Funds Update for 20 October 2023:

  1. Amendments to the reportable situations regime
  2. ASIC releases 2022-2023 Annual Report
  3. ASIC makes Instrument 2023/673

Amendments to the reportable situations regime

On 20 October 2023, ASIC Corporations and Credit (Amendment) Instrument 2023/589 (Instrument) took effect, providing welcome relief in relation to the reportable situations (breach reporting) regime for Australian financial services licensees under section 912D of the Corporations Act 2001 (the Act).

The Instrument modifies the reporting requirements so that breaches of the misleading or deceptive conduct provisions in subsection 104H(1) of the Act or subsection 12DA(1) of the Australian Securities and Investments Commission Act 2001 (ASIC Act) and the false or misleading misrepresentations provision in section 12DB(1) of the ASIC Act are not deemed significant breaches of a core obligation and so automatically reportable in the

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