CP 92 Streamlining breach reporting
Released 4 October 2007. Comments closed 31 October 2007.
Joint publication with APRA.
The Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 (SRR Act) includes a number of amendments to the various prudential Acts and the Corporations Act 2001.
The amendments introduce a consistent definition of reportable breaches across the four APRA-regulated industries: authorised deposit-taking institutions (ADIs), general insurers, life insurers (including friendly societies) and registrable superannuation entity (RSE) licensees (jointly referred to as regulated institutions). The amendments introduce a significance test for reportable breaches as well as a ten business day deadline for reporting these breaches to APRA and/or ASIC.
APRA currently offers an online breach reporting system for RSE licensees. APRA is proposing to allow all regulated institutions to report breaches to APRA using this online system from 1 January 2008.
APRA and ASIC also propose to offer regulated institutions a streamlined means of reporting breaches that need to be reported to both APRA and ASIC. If a regulated institution determines that a breach must be reported to both regulators, the institution can then choose to submit a single report to both APRA and ASIC using APRA’s online system.