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Changes to Breach Reporting

On Thursday, 19 October 2023 ASIC announced modifications to the Reportable situations regime (breach reporting) and to Licensees’ obligations.

The key changes made by the Amendment Instrument include the insertion of new significance thresholds in section 7 that make minor amendments of section 912D of the Corporations Act and section 50A of the Credit Act. Section 7 also inserts new subsections 912D(4A) and 912D(4B) of the Corporations Act and subsections 50A(4A) and 50A(4B) of the Credit Act (the new significance thresholds). These new significance thresholds are intended to provide greater clarity and certainty for licensees in determining whether a reportable situation has occurred.

For a more detailed analysis please read our article titled “Rethinking breach reporting”

If you are a Licensee, make sure that you are aware of these changes and ensure that you adjust your reporting processes to operationalise these refinements. If you need help, reach out to us.

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