ASIC has released finalised Regulatory Guide 78 to help credit and Australian Financial Services (AFS) licensees meet new breach reporting obligations.
The guide sets out ASIC’s views on compliance with the breach reporting changes in the National Credit Act and the Corporations Act made by the Financial Sector Reform (Hayne Royal Commission Response) Act 2020. Background.
AFS licensees will have to report breaches that they discover after 1 October 2021, even if the breach occurred before that date.
However, credit licensees do not have to report breaches that occurred before 1 October even when identified after 1 October 2021.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.