ASIC focuses on improving breach reporting regime
The Australian Securities and Investments Commission (ASIC) says it will focus on improving the operation of the breach reporting regime as part of its 2022-23 priorities.
The new regime, which applies to Australian Financial Services (AFS) Licensees and Credit Licensees, commenced on 1 October 2021.
ASIC commissioner, Sean Hughes, said: “We are aware that the regime has led to a number of implementation challenges. However ASIC remains committed to the successful implementation of this regime and we have developed a comprehensive plan of work to ensure that it meets its objectives for ASIC, industry and consumers.”
ASIC said it would continue to engage with industry on reporting practices adopted by licensees to further understand any issues that were placing unnecessary compliance burden on industry.
ASIC will communicate clear expectations for compliance with the new regime and design solutions to ensure the consistency and quality of reporting meets the policy objectives of the regime, as well as improve the efficiency of ASIC’s data collection and analysis.
Hughes added: “We will be working with stakeholders to find common-sense solutions. ASIC will consider whether enhancements are required to the approved form on the Regulatory Portal for lodging reports. We will also consider whether further practical guidance should be developed to assist licensees in meeting their obligations.”
ASIC said it would continue to engage with Treasury on how the regime was meeting its policy objectives. In undertaking this work, ASIC said it acknowledged the significant investment made across industry in the implementation of the reforms to date and will seek to minimise further impacts.
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