Breach Reporting RG78

Breach Reporting RG78

Breach reporting is a key obligations applying to AFS and credit licence holders.

The regime relies on ‘self-reporting’. That is, the licensee itself must notify the regulator when they have 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 identify gaps in compliance processes, as well as demonstrate 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 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.

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)

About our course

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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What is RG206?2023-04-21T07:53:53+10:00

Regulatory Guide 206 Credit licensing: Competence and training (RG 206)

Credit licensees must comply with the organisational competence obligation in s47(1)(f) of the National Consumer Credit protection Act 2009 (National Credit Act)Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out the minimum expectations for demonstrating organisational competence.

What you need to do to comply will depend on the nature, scale and complexity of your business. However, Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out our minimum expectations for demonstrating organisational competence.

You must also ensure that your representatives are adequately trained and competent to engage in the credit activities authorised by your licence: s47(1)(g).

ASIC generally expects you to determine what is appropriate initial and ongoing training for your representatives and to embed this in your recruitment and training systems.

Updated annually, our CPD is designed to enable Responsible Managers and Representatives of Australian Credit Licensees to meet their mandatory RG206 continuing training requirement. Our CPD that is structured, properly assessed and recorded.