AFSL Breach reporting update

New guidance has been developed to assist members with ASIC’s recent release on the new breach reporting regime under section 912D of the Corporations Act 2001 (Cth), which commenced on 1 October 2021.  

ASIC has released 22-214MR ASIC’s approach to breach reporting: implementation of reportable situations regime, as part of its 2022-2023 priorities to improve the operation of the reportable situations regime.  

Members are encouraged to follow the guidance here, which summarises ASIC’s response to the implementation challenges flowing from the regime.  

The guidance also summarises recent changes made to the reporting obligations post 1 October 2022 by The Corporate Collective Investment Vehicle Framework and Other Measures Act 2022, which are not referenced in the ASIC release or in the current ASIC Regulatory Guide 78 Breach Reporting.