ASIC Updates the breach reporting regime
Since October 2021, new obligations have applied to Australian Financial Services Licence and Australian Credit Licence holders (Licensees) in relation to lodging breach reports with ASIC. With the introduction of ASIC Instrument 2023/589 (the Instrument), the obligation to report certain breaches to ASIC has been modified and from 20 October 2023 onwards, Licensees will no