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Author: Admin | 2025-04-28
Almost 12 months have now passed since the mandatory breach reporting amendments to the Corporations Act and National Consumer Credit Protection Act 2009 came into effect.The updated and onerous self-reporting obligations, made in response to the Royal Banking Commission, caused a substantive rethink of how companies and licensees configure their internal systems and protocols to ensure regulatory compliance in their mandatory breach reporting and to avoid any regulatory compliance issues.The changes, which took effect on 1 October 2021, create additional ASIC reporting requirements for Australian Financial Services Licence (AFSL) and Australian Credit Licence (ACL) holders and their representatives. A failure to meet the new obligations could come at a high cost as ASIC will now publish data about the breach reports lodged with ASIC by licensees each financial year. This data may include licensee names and the volume of breaches reported.A detailed summary of the regulatory changes can be found here.On 10 August 2022 ASIC released a media update confirming its commitment to the new reporting regime and its ongoing engagement with industry as businesses continue to make the transition to more onerous requirements. ASIC has restated its intention to continue its engagement with licensees to understand any issues with the new regime and to set clear expectations for compliance.Of particular interest for licence holders is the fact that ASIC also confirmed that its first annual report regarding information collected under the reporting regime is scheduled to be published in October 2022. ASIC has indicated that the report will include
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