The Australian Securities & Investments Commission (ASIC) published CS 16 proposing further relief under the reportable situations regime for Australian financial services and credit licensees, aiming to reduce reporting burden while preserving reports it considers to be of high regulatory value. The proposed relief would exempt reporting of certain breaches of the misleading and deceptive conduct provisions and certain civil penalty contraventions where the breach is rectified within 30 days of first occurring, including any necessary remediation, impacts no more than five consumers, and results in total consumer loss or damage of no more than AUD 500, including where the loss has been remediated. Relief would not extend to contraventions of the client money reporting rules or clearing and settlement rules, and licensees would still be expected to maintain systems and processes to identify, escalate, investigate, rectify and capture incidents and breaches. Feedback is due by 5pm AEDST on 11 March 2025.
Australian Securities & Investments Commission 2025-02-18
Australian Securities & Investments Commission consults on additional reportable situations relief for minor rectified breaches
The Australian Securities & Investments Commission (ASIC) has issued Consultation Paper 16 proposing relief under the reportable situations regime for Australian financial services and credit licensees. The proposal exempts certain breaches, like misleading conduct and civil penalty contraventions, if rectified within 30 days, affecting no more than five consumers, and resulting in losses under AUD 500. This relief excludes client money and clearing and settlement rule breaches, with licensees still required to maintain robust incident management systems.