Changes to Breach Reporting for AFS Licensees as of 30 March 2020

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Australian financial services (“AFS”) licensees are now required to submit breach reports to ASIC via the ASIC Regulatory Portal. This change is effective as of 30 March 2020 and replaces previous submission channels such as email.

The ASIC Regulatory Portal

The Regulatory Portal now enables AFS holders to submit breach reports via online forms that feature mandatory fields designed to help AFS licensees comply with their breach reporting obligations.

Key features of the portal include:

  • a record of previous breach reports;
  • the ability to track the status of submitted breach reports; and
  • the ability to correspond with ASIC online about submitted breach reports.

It is important to note that the ongoing breach reporting obligations for AFS licensees remain the same despite this change.

What do AFS Licensees need to do?

Most AFS holders have previously registered on the ASIC Regulatory Portal as part of their annual industry funding obligations.

If you have an existing ASIC Regulatory Portal account, the portal will display two new ‘transactions’ named:

  1. Submit Australian Financial Services Licensee Breach Report; and
  2. Update Australian Financial Services Licensee Breach Report.

These transactions allow AFS licensees to notify ASIC of a breach of their obligations under sections s912A and s912B of the Corporations Act 2001 (“Corporations Act”) or other financial services laws.

If you are not already registered to use the ASIC Regulatory Portal you can connect using your AFS licence number and ASIC key on the ASIC Regulatory Portal homepage. For further information on how to register visit ASIC’s user guide.

You can also invite trusted representatives to access the Regulatory Portal and act on your behalf to submit ASIC breach reports. When inviting a trusted representative, you can define user access levels that will dictate what other users can do on your behalf within the portal such as authorising another user to launch and edit a transaction but not submit this transaction. For more information on connecting another user to your account, see the Administration section on the FAQ page.

For further advice on how to navigate and use the portal, visit the ASIC Regulatory Portal help page.

Further Reading

Should you need assistance accessing ASIC’s Regulatory Portal or have any questions regarding the breach reporting changes, please do not hesitate to contact us.

About The Author

Sarah Murray

Sarah works with the Compliance Team with a particular focus on compliance and legal services. Sarah works with the Legal Team providing ongoing assistance in drafting and reviewing documentation as well as legal research. Sarah assists clients with AFSL and ACL applications, variations and also assists in the implementation of compliance reviews. She provides ongoing compliance support in the form of compliance program implementation and reviews.

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