ASIC has today released updated guidance for industry on making notifications to ASIC under the reportable situations regime (formerly breach reporting). The revised Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees—

• clarifies the circumstances in which licensees may group multiple reportable situations into one report to ASIC
• contains new guidance on the information to include when licensees describe a reportable situation, and
• contains new guidance for licensees on ASIC’s expectations when licensees are providing updates related to a reported breach. 

The current regime came into effect on 1 October 2021 and substantially overhauled the former breach reporting framework.

What should you do next?

It is important licensees have current procedures in place to ensure compliance with the regime, as non-compliance carries significant penalties.

Please contact a member of our Funds Management team if you would like to discuss compliance with the new regime.