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Financial services

Reportable situations for AFS and credit licensees

Key points

  • The reportable situations regime requires AFS and credit licensees to notify ASIC of significant breaches, likely significant breaches, certain investigations and other prescribed misconduct.
  • 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 to report to ASIC.
  • The Reportable situations data dashboard allows users to explore breach reporting data submitted by AFS and credit licensees.

Main characteristics of the reportable situations regime

The reportable situations regime is a mandatory reporting framework that requires Australian financial services (AFS) licensees and Australian credit licensees to notify ASIC of a range of conduct that the law defines as reportable situations. This includes:

  • 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 60 days
  • conduct that constitutes gross negligence or serious fraud, and
  • certain other reportable situations.

The regime is intended to ensure ASIC receives timely information about significant non-compliance and emerging risks within the financial services and credit industries. In most cases, licensees must report a reportable situation within 30 calendar days after first having reasonable grounds to believe that a reportable situation has arisen.

RG 78 provides further guidance as to what licensees must report to ASIC and when to report to ASIC.

Reportable situations must be reported to ASIC via the prescribed form in the ASIC Regulatory Portal. The prescribed form features mandatory fields designed to help licensees comply with their obligations.

Reportable Situations data dashboard

The reportable situations interactive dashboard allows users to engage with data about the breaches that AFS and credit licensees have reported to ASIC. It provides insights into the nature and impact of breaches as well as how industry is identifying and responding to those breaches.

Reportable situations dashboard

More information

Still have a question?

You can send questions to: feedback.breach@asic.gov.au.