The new breach reporting regime for AFSL / ACL holders came into effect on 1 October 2021. The primary shift under this new regime is to adopt a more expansive scope of ‘reportable situations’ (i.e. matters that must immediately be reported to ASIC), and the introduction of ‘deemed significant breaches’. Owing to appreciable complexity, there has been considerable confusion. Gadens have created the attached flow chart to simplify the regime for AFSL and ACL holders. You can download the flowchart, which many of our clients are using in conjunction with the Gadens breach manager, by clicking the link below.
Breach Reporting Workflow Chart – AFSL / ACL Licensees
Authored by:
Taylor Green, Solicitor
Ashlee Blannin, Paralegal
Jeremy Davis, Paralegal
Jeremy Maybloom, Paralegal