22 April 2021 - ASIC consults on draft guidance on breach reporting reforms

ASIC’s draft regulatory guide reflects reforms made to the breach reporting regime under the Financial Sector Reform (Hayne Royal Commission Response) Act 2020. These reforms clarify and strengthen the existing obligation on AFS licensees to self-report certain breaches of the law to ASIC and extend the obligation to credit licensees.

Set to commence on 1 October 2021, these key Government reforms flow from the Financial Services Royal Commission and findings from the ASIC Enforcement Review Taskforce.

Financial Education Professionals acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past, present and emerging.