The Australian Securities and Investments Commission (“ASIC“) has revised Regulatory Guide 78, which deals with breach reporting by AFS licensees and credit licensees (“RG 78“), in response to implementation challenges within the regulatory regime. Taking into account feedback from industry stakeholders, ASIC has introduced these changes to provide clearer requirements for licensees regarding breach reporting.
The aim of these updates is to enhance reporting practices by licensees, ensure consistency and quality, and alleviate unnecessary regulatory burden. The revised guidance encompasses seven significant modifications. These are outlined in our handy one-page guide which can be accessed here.
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