ASIC makes changes to breach reporting guidance

27 April 2023

The Australian Securities and Investments Commission (ASIC) has updated its guidance for breach reporting in response to operational issues that emerged following the start of the regime in October 2021 and has flagged further consultations.

The update to Regulatory Guide 78 comes after analysis of reports received and direct feedback and targeted consultations across insurance, banking, superannuation, financial advisers, markets and credit sectors.

“Our focus is to improve consistency and quality of reporting practices by licensees and reduce regulatory burden where we can,” Executive Director (Acting) Financial Services & Wealth Suneeta Sidhu said.

“We acknowledged early on that there were some implementation challenges with the regime. Our updated guidance has been developed following consultation with industry on practical solutions to some of these challenges.”

The guide updates clarify when licensees may group multiple situations in one report, provides new guidance on information to include when describing a reportable situation, and includes ASIC expectations when reported breach updates are provided.

ASIC is also making minor updates to the form for lodging reportable situations that’s accessed via the regulatory portal, with the changes to take effect from May 5.

“Through our engagement with industry, we are aware of other issues raised regarding the operation of the reportable situations regime,” the regulator says. “ASIC’s work on these other matters is ongoing, and we expect to undertake further consultation with a range of stakeholders.”

ASIC has said that this year it will consult on its proposed approach to public reporting at a more granular level for next year’s report and beyond.