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
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.
- ASIC Regulatory Guide 78
- Consultation Paper 340
- ASIC’s FAQ Page
- Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (Financial Sector Reform Act)
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.