On 22 April 2021, the Australian Securities and Investments Commission (ASIC) issued Consultation Paper 340: Breach reporting and related obligations (CP340), which sought industry submissions o the proposed revision of ASIC Regulatory Guide 78: Breach reporting by AFS licenses and credit licensees (RG 78).
The revised breach reporting regime comes into effect on 1 October 2021. It requires Australian financial services licensees and credit licensees to report reportable situations to ASIC. This article focuses primarily on the implications for AFS licensees, specifically the change in requirements pertaining to reporting breaches to ASIC.
Authors: Austin Bell, Partner, and Jared McLachlan, Law Graduate, Johnson, Winter & Slattery
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