Rachel Walker and Elouise Casey of Dentons write:
Failure 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 (ASIC).
We are expecting ASIC’s 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 licensees.
In the meantime, ASIC has modified licensees’ obligations under the regime to attempt to make it less burdensome for licensees.
On 19 October 2023, ASIC released ASIC Corporations and Credit (Amendment) Instrument 2023/589, which modifies the reportable situations regime so that licensees do not have to submit notifications about certain reportable situations from 20 October 2023.
Read more about the modifications at Dentons.