Key points
- ASIC currently modifies Commonwealth legislation to provide relief from reporting requirements for the reportable situations regime, and to prescribe record keeping requirements for personal advice situations.
- We will extend this relief and requirements, on the same terms, for five years (October 2029).
- We will continue to consider whether additional reportable situations regime relief is appropriate, having regard to submissions received as part of our consultation process.
ASIC has made two legislative instruments - ASIC Corporations and Credit (Breach Reporting-Reportable Situations) Instrument 2024/620 and ASIC Corporations Record-Keeping Requirements for Australian Financial Services Licensees when Giving Personal Advice) Instrument 2024/508.
The instruments extend requirements and relief provided under ASIC Corporations and Credit (Breach Reporting-Reportable Situations) Instrument 2021/716, ASIC Credit (Breach Reporting-Prescribed Commonwealth Legislation) Instrument 2021/801, and ASIC Class Order 14/923 Record-keeping obligations for Australian financial services licensees when giving personal advice (the Former Instruments).
ASIC assessed that the Former Instruments, which are due to expire in October 2024, were operating efficiently and effectively, and continue to form a necessary and useful part of the legislative framework.
On 7 August 2024, ASIC announced our intention to extend the operation of the Former Instruments and sought feedback on the proposal prior to 4 September 2024.
We received six submissions in response to our public consultation. The submissions generally supported our proposal to extend the operation of the relief and requirements. Accordingly, we proceeded to remake the relief and requirements, consolidating the relief in ASIC Instruments 2021/716 and 2021/801 into one instrument as proposed.
There were two main areas where submissions raised concerns:
- Four submissions advocated wider relief from the reportable situations regime that ASIC will consider. If ASIC determines that wider relief is appropriate it will seek feedback on our proposal for wider relief.
- Two submissions advocated for migration of the relief and/or requirements to the primary law. ASIC has drawn this feedback to the attention of the Commonwealth Treasury.
ASIC is Australia's corporate, markets and financial services regulator.
