APAC Monthly Private Wealth Legal Developments – June 2025

Australia

ASIC gives further relief for licensees under the reportable situations regime

ASIC has provided Australian financial services and credit licensees additional targeted relief under the reportable situations regime in response to  feedback from industry.

The reportable situations regime requires licensees to promptly identify, fix and report potential misconduct. According to ASIC, compliance with the regime can help lift industry standards and in turn improve consumer outcomes. The regime also aims to increase regulatory intelligence for ASIC.

ASIC reported that the new relief:

• exempts industry from reporting certain breaches of the misleading and deceptive conduct provisions, and certain contraventions of civil penalties;