CP 340 Breach reporting and related obligations
Released 22 April 2021. Comments close 3 June 2021.
This consultation paper sets out our proposals for providing guidance to Australian financial services (AFS) licensees and Australian credit licensees (credit licensees) on the breach reporting obligation that applies from 1 October 2021.
It also sets out our proposals for guidance on the new obligations for AFS licensees who are financial advisers and credit licensees who are mortgage brokers. The obligations require these licensees to notify, investigate and remediate breaches of the law in certain circumstances.
Download
- Consultation Paper 340 (PDF 232 KB)
- Attachment 1 to CP 340: Draft Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees (PDF 612 KB)
- Attachment 2 to CP 340: Draft Information Sheet 000 Complying with the notify, investigate and remediate obligations (PDF 216 KB)
Related documents
- Media release 21-080MR ASIC consults on draft guidance on breach reporting reforms
- INFO 259 Complying with the notify, investigate and remediate obligations
- RG 78 Breach reporting by AFS licensees and credit licensees
- Superseded SRG 78 Breach reporting by AFS licensees
- REP 698 Response to submissions on CP 340 Breach reporting and related obligations
Submissions
- Association of Financial Advisers (PDF 477 KB)
- Association of Securities Derivatives Advisers (PDF 176 KB)
- Australian Banking Association (PDF 270KB)
- Australian Collectors Debt Buyers Association (PDF 246 KB)
- Australian Finance Group (PDF 224 KB)
- Australian Finance Industry Association (PDF 817 KB)
- Australian Financial Markets Association (PDF 356 KB)
- Australian Institute of Superannuation Trustees (PDF 299 KB)
- Customer Owned Banking Association (PDF 232 KB)
- Bendigo and Adelaide Bank (PDF 181 KB)
- CPA Australia (PDF 357 KB)
- Finance Brokers Association of Australia (PDF 1956 KB)
- Financial Planning Association of Australia (PDF 240 KB)
- Financial Services Council (PDF 1648 KB)
- Herbert Smith Freehills (PDF 916 KB)
- Insurance Council of Australia (PDF 213 KB)
- IG Australia (PDF 717 KB)
- Institute of Public Accountants (PDF 831 KB)
- Law Society of NSW (PDF 312 KB)
- Loan Market Group (PDF 90 KB)
- Mortgage Finance Association of Australia (PDF 207 KB)
- MSC Trustees (PDF 410 KB)
- SMSF Association (PDF 278 KB)
- Stock Brokers and Financial Advisers Association (PDF 306 KB)
- WT Financial Group (PDF 360 KB)