ASIC update for Australian financial services licensees – submitting breach reports via the ASIC Regulatory Portal

ASIC has announced it will shortly be making changes to how Australian financial services (AFS) licensees submit breach reports.

Key points:

From 30 March 2020, AFS licensees will need to submit breach reports to ASIC via the ASIC Regulatory Portal.
AFS licensees should already be registered on the portal for their annual industry funding obligations.
The portal will replace existing submission channels for breach reports.
Submitting breach reports via the portal will feature mandatory fields and other questions designed to help AFS licensees comply with their breach reporting obligations.

While the lodgement channel will change, there are no changes to the ongoing breach reporting obligations for AFS licensees.

The portal also features:

A record of breach reports submitted via the portal.
The ability to track the status of breach reports.
The ability to correspond with ASIC about each breach report.
The ability for AFS licensees to invite others to act on their behalf in the portal.
The ability to restrict access so only select users can see the breach report.

For more information about the change click here.