The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have issued a discussion paper on a proposed online breach reporting system for dual-regulated institutions.
The proposed system aims to simplify the process for regulated institutions to report breaches and reduce breach reporting duplication faced by those institutions regulated by both APRA and ASIC. The superannuation industry is already using an online system to report breaches to APRA. The proposed system will:
- enable all APRA-regulated institutions – authorised deposit-taking institutions, general insurers, life insurance companies, friendly societies and superannuation licensees – to report breaches to APRA online; and
- enable those institutions regulated by both APRA and ASIC to report online breach notifications required to be lodged with both regulators through a single breach report to APRA, thereby eliminating the requirement for jointly regulated institutions to provide separate breach reports for the same incident to both regulators.
APRA and ASIC have invited interested parties to comment on the proposals by 31 October 2007.