Dentons ASIC modifies licensees breach reporting obligations

pCoauthored by Elouise Casey Senior AssociateppCoauthored by Elouise Casey Senior AssociateppFailure to comply with the mandatory breach reporting regime is arguably the canary in the coal mine for regulatory compliance to Australian Securities and Investments Commission ASICppWe are expecting ASICs second annual report on the regime to be published very shortly and we expect compliance has not significantly improved over the past 12 months since ASIC published its first annual report and stated that compliance with the regime requires greater regulatory attention from licenseesppIn the meantime ASIC has modified licensees obligations under the regime to attempt to make it less burdensome for licenseesppOn 19 October 2023 ASIC released ASIC Corporations and Credit Amendment Instrument 2023589 which modifies the reportable situations regime so that licensees do not have to submit notifications about certain reportable situations from 20 October 2023ppThere are two key modifications to the regime under the InstrumentppFor examples of scenarios in which ASIC consider that these modifications will apply see the Explanatory Statement to the InstrumentppThese changes are good news for licensees as they will reduce the number of reportable situations to be reported and extend the amount of time licensees can take to report in some casesppIn saying that we understand that complying with the regime remains a serious challenge for many licenseesppPlease reach out if Dentons can assist withpppp ppEmail mepprachelwalkerdentonscompp 2023 Dentons All rights reserved Attorney Advertising Dentons is a global legal practice providing client services worldwide through its member firms and affiliates This website and its publications are not designed to provide legal or other advice and you should not take or refrain from taking action based on its contentpp
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