Reportable situations

Australian financial services (AFS) licensees and Australian credit licensees are required to report ‘reportable situations’ (previously breach reports) to ASIC, generally within 30 calendar days, via the prescribed form available in the ASIC Regulatory Portal.

The types of reportable situations that must be reported include:

• significant breaches or likely significant breaches of ‘core obligations’;
• investigations into whether there is a significant breach or likely breach of a ‘core obligation’ if the investigation continues for more than 30 days;
• the outcome of such an investigation if it discloses there is no significant breach or likely breach of a core obligation;
• conduct that constitutes gross negligence or serious fraud; and
• conduct of financial advisers and mortgage brokers who are representatives of other licensees in certain prescribed circumstances.

Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees (RG 78) provides further guidance as to what licensees must report to ASIC and when.

Notify, investigate and remediate obligations

AFS and credit licensees must also notify affected clients of certain breaches of the law, investigate those breaches and remediate customers within prescribed time frames see Information Sheet 259: Complying with the notify, investigate and remediate obligations (INFO 259).

For more information see Reportable situations for AFS and credit licensees.