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