The New Breach Reporting Regime Commences in October, Are you Ready to Report?

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The new breach reporting regime commences on 1 October 2021, leading to a new era of breach reporting for Australian financial services licensees and Australian credit licensees (together “Licensees”).

ASIC’s Regulatory Portal

Licensees will be required to submit reportable situations to ASIC via the ASIC Regulatory Portal.

ASIC has developed a prescribed form which will need to be completed to submit reportable situations. It features mandatory fields to be filled out by Licensees, with more user-friendly functions, such as tracking a submissions status and allowing the Licensee to correspond with ASIC regarding each submission via the Regulatory Portal.

New timeframes also apply to the lodgement of reports with ASIC and Licensees should carefully review their breach reporting procedures to ensure they meet these.

As the date of the new regime approaches, Licensees should prepare to meet their obligations, including ensuring the appropriate people within the business have access to the Regulatory Portal and have familiarised themselves with the new Regulatory Guide 78.

Further Reading

If you would like to speak to us about how we could help your business to fulfil the new breach reporting obligations, please contact us.

About The Author

Alicia Pevely

Alicia Pevely

An integral member of the Sophie Grace team since 2012, Alicia has extensive experience in relation to financial services law, consumer credit law, regulatory matters and ASIC investigations. Working closely with her clients, Alicia has maintained a significant emphasis on AFS and credit licensing and liaising with ASIC. As General Manager, Alicia has oversight of all licence applications and provides advice and support in relation to more complex applications.