AFS licensees should take steps now to get ready for the new breach reporting regime which goes live in a few weeks on 1 October 2021.
ASIC expects industry participants to use their ‘best efforts to comply’ and has just released new regulatory guidance to assist licensees. The key features of the new regime include—
These breach reporting reforms flow from the Hayne Royal Commission which identified several shortcomings in the regulation of AFS licensees.
AFS licensees should take steps now to prepare for the new regime, which comes into effect on 1 October 2021. The steps you should take include—
We are guiding our clients through the required steps and can help with your preparations. If you would like to discuss the changes and how we can help, then please get in touch.