Breach Reporting RG78

Breach Reporting RG78

Breach Reporting is a key obligation applying to AFS and credit licence holders.

The regime relies on ‘self-reporting’. That is, the licensee itself must notify the regulator when it has broken the rules. While it may seem counter-intuitive, for the majority of licensees, breach reporting is not something to be feared. It can help identifying compliance and communication gaps and training needs, as well as demonstrating a commitment to continuing to act according to the law.

If your organisation holds an Australian Financial Services (AFS) licence or a Credit Licence, it has a responsibility under the reportable situations regime to notify regulators when it has breached certain regulatory obligations.

Senior leaders play a key role in identifying breaches (or likely breaches) within their organisation, as they have both the knowledge of the rules, as well as access to reporting information from within the business. For this reason, it is vital that they are up to speed with the breach reporting framework.

Banks, insurers, and superannuation funds may have additional breach reporting obligations under APRA prudential standards.

About our course

Our online short course Breach Reporting is a comprehensive overview suitable for compliance managers, representatives and senior leaders.

As well as outlining breach reporting requirements, we examine initiatives senior leaders can assist company teams with, to ensure their organisation’s compliance with the reportable situations regime.

We offer two tiers of training covering Reportable Situations. For bite sized learning suitable for enterprise wide training, you may like to consider our Reporting Breaches topic.

This topic has been updated following revisions to guidance and reporting procedures announced in April 2023, October 2023, and June 2025. It also contains coverage of ASIC’s launch of its new RS Dashboard, designed to provide insights into the nature and impact of breaches reported as well as how industry is identifying and responding to those breaches.

What is RG78?

Regulatory Guide 78 is for Australian financial services (AFS) licensees and Australian credit licensees (credit licensees). It provides guidance on  obligations to report to ASIC certain breaches of the law under Div 3 of Pt 7.6 of the Corporations Act 2001 (Corporations Act) and Div 5 of Pt 2-2 of the National Consumer Credit Protection Act 2009 (National Credit Act)

Program Content

  • Overview of breach reporting
  • When should a breach be reported?
  • Handling a breach
  • What happens when a breach is reported
  • Tips for financial workplaces

Learning Outcomes

  • Identify, with respect to a licensee’s obligation, what constitutes a reportable situation
  • Explain the characteristics that determine whether a breach, or likely breach, is significant
  • Outline the process of reporting on an investigation into a breach, or likely breach
  • Demonstrate the process of reporting a reportable situation to ASIC
  • Discuss how ASIC evaluates reported situations and how it determines which items to investigate further
  • Examine ASIC’s expectations regarding a licensee’s approach to complying with its breach reporting obligations.

What you will learn

Who is this course for?

  • Compliance managers
  • Representatives
  • Senior managers

Units of Competency

Pre-requisite

Recognition of Prior Learning

Certification

You will be awarded a Certificate of Completion. It will be available online for you to download and print immediately.

ASIC-supervised licensees: Regulation
FAS-supervised licensees: Regulatory compliance and consumer protection

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Our short course topics are also included in our annual subscription Financial Services CPD library.

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Frequently Asked Questions

Our CPD short courses are self-paced with online learning resources & on-going support.
  • You have up to 8 weeks to complete the learning and assessment requirements for your CPD short course.
  • Experienced professionals can complete in less time.

Our CPD short courses are assessed by a short open book multiple-choice exam.

To get started, either
  • Purchase your course online. (If checking out for your team, you can add multiple courses to the cart.) OR
  • Contact Us to arrange an invoice
Please note: Online orders may take up to 1 business day to be processed and for you to receive your course login details.  

To get started, either:
  • Purchase course/s online. (You can add multiple courses to the cart.) Please note: Online orders may take up to 1 business day to be processed and for your team to receive their course login details.
OR
Contact us for your Corporate Solution.
What will I learn in this workshop?2026-07-15T18:59:10+10:00

The workshop combines regulatory updates with practical compliance guidance, helping Responsible Managers better understand their obligations and strengthen their governance framework.

Topics include:

Credit regulation and licensing

Understand the current regulatory framework governing Australian Credit Licensees and ASIC’s expectations of Responsible Managers.

The role and responsibilities of a Responsible Manager

Explore what ASIC expects Responsible Managers to do in practice and how to effectively discharge your responsibilities.

Regulatory priorities

Understand the emerging issues and compliance risks currently attracting regulatory attention.

Recent ASIC regulatory outcomes

Review recent enforcement actions and regulatory outcomes with a focus on the role Responsible Managers played – and the lessons every licensee should learn.

Accountability and governance

Strengthen your oversight, governance and compliance framework through practical examples and proven approaches.

Managing your ongoing obligations

Learn practical tips for staying across your obligations, maintaining effective records and meeting your reporting responsibilities.

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