The Australian Securities & Investments Commission has issued further targeted relief under the reportable situations regime for Australian financial services and credit licensees, reducing some breach-reporting obligations. The changes broaden exemptions for certain breaches, extend the point at which investigations become reportable from 30 days to 60 days, and clarify when a breach report provided to the Australian Prudential Regulation Authority counts as lodged with ASIC. Under the relief, certain breaches of the misleading and deceptive conduct provisions and certain civil penalty contraventions are exempt from reporting where all relevant thresholds are met, including rectification within 60 days from when the breach first occurred, no more than 10 impacted consumers, and total consumer loss or damage of no more than AUD 1,000. Investigations are only reportable if they run for more than 60 days, meaning a report is not required where an investigation is completed within 60 days and no reportable situation is identified. A report is also taken to be lodged with ASIC if a licensee submits a breach report to APRA that contains all information APRA has requested, as reflected in ASIC Corporations and Credit (Amendment) Instrument 2025/289. The package follows public consultation from 18 February 2025 to 11 March 2025 and separate targeted consultation on the APRA lodgement clarification; ASIC noted that more substantial changes to the legislative framework are a matter for Government.
Australian Securities & Investments Commission 2025-06-27
Australian Securities & Investments Commission expands reportable situations relief by widening breach-reporting exemptions and extending investigation reporting to 60 days
The Australian Securities & Investments Commission (ASIC) has eased breach-reporting obligations for financial services and credit licensees. Key changes include extending the investigation reporting threshold from 30 to 60 days and recognizing breach reports submitted to APRA as lodged with ASIC. Exemptions apply to certain breaches rectified within 60 days, affecting up to 10 consumers, with losses under AUD 1,000. Broader legislative changes are deferred to the Government.