ASIC
ASIC is proposing additional relief to further assist Australian financial services and credit licensees comply with the reportable situations regime.
ASIC's proposed additional relief aims to reduce the reporting burden on industry while still ensuring that ASIC receives reports of high regulatory value.
We are inviting feedback on our proposal to give relief from reporting certain breaches of the misleading and deceptive conduct provisions, and certain contraventions of civil penalties where:
- the breach has been rectified within 30 days from when it first occurred (this includes paying any necessary remediation), and
- the number of impacted consumers is not more than five, and
- the total financial loss or damage to all impacted consumers resulting from the breach is not more than $500 (including where the loss has been remediated), and
- the breach is not a contravention of the client money reporting rules, and clearing and settlement rules.
Licensees are required to have systems and processes in place to identify, escalate, investigate, rectify and capture incidents and breaches as part of their general obligations.
More information
CS 16 Reportable situations - additional relief
Providing feedback
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