ASIC has announced that it proposes to extend its “Internal Dispute Resolution data reporting instrument” which specifies the internal dispute resolution (IDR) information that financial firms must report to ASIC, with one change (for small banks).
ASIC Corporations (Internal Dispute Resolution Data Reporting) Instrument 2022/205 is scheduled to expire on 1 April 2027.
ASIC proposes to extend the instrument for a period of five years, subject to changing it to allow small banks (that is those on the lowest tier of APRA’s banking prudential framework) to report their IDR data annually rather than every six months.
The instrument requires IDR information to be reported to ASIC every six months in the manner and format specified in the IDR data reporting handbook. The law also requires certain other types of firms, including credit licensees, to report to ASIC as if they were financial services licensees.
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Author: David Jacobson
Principal, Bright Corporate Law
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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.
