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26.08.2021

News

Countdown to new breach reporting regime

Licensees should be aware of the new breach reporting provisions which commence on 1 October and how these changes affect your current policies and procedures.

Key points to be aware of include the following:

  • The current ‘self-assessment’ of significance will remain for some types of breaches, however a broad range of breaches will be ‘deemed’ to be significant, and a reporting obligation will be automatically triggered.
  • There will be more ‘reportable situations’, including an obligation to report to ASIC in relation to breach investigations that continue for 30 days or more.
  • ASIC has an obligation to publish details of certain breach reports it has received, including the entities which lodged those reports.

We can assist with a review of your current policies and procedures. Contact partner Elliott Stumm or lawyer Jessica Fuller for more details.


Authors

Elliott Stumm

Elliott Stumm

Partner

Jessica Fuller

Jessica Fuller

Lawyer

Contact McMahon Clarke

Brisbane
T +61 7 3239 2900
A Level 7, 100 Creek Street, Brisbane Qld 4000

Melbourne
T +61 3 9909 1400
A Level 2, 696 Bourke Street, Melbourne Vic 3000