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Reportable situations for AFS and credit licensees

The main characteristics of the reportable situations regime are:

• the regime applies to AFS and credit licensees
• AFS and credit licensees must generally report all reportable situations to ½ñÈÕÈÈÃÅʼþvia the prescribed form available in the ½ñÈÕÈÈÃÅʼþRegulatory Portal, including:
  • significant breaches or likely significant breaches of ‘core obligations’
  • investigations into whether there is a significant breach or likely breach of a ‘core obligation’ if the investigation continues for more than 30 days
  • the outcome of such an investigation, including if it discloses there is no significant breach or likely breach of a core obligation
  • conduct that constitutes gross negligence or serious fraud, and
  • conduct of representatives of other licensees who provide personal advice in certain prescribed circumstances
• a number of situations are deemed to be significant and therefore reportable (for example, a contravention of a civil penalty provision that is not excluded from deeming under the regulations), and
• AFS and credit licensees must notify ½ñÈÕÈÈÃÅʼþof reportable situations, generally within 30 calendar days, after the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe that a reportable situation has arisen.

Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees (RG 78) provides further guidance as to what licensees must report to ½ñÈÕÈÈÃÅʼþand when to report to ASIC.

More information

• How to submit a reportable situation
• Information Sheet 259 Complying with the notify, investigate and remediate obligations (INFO 259)
• Reportable situations insights annual publications
• Financial services homepage

Still have a question?

You can send questions to: feedback.breach@asic.gov.au