Breach Reporting RG78
Breach Reporting RG78
Breach Reporting is a key obligation applying to AFS and credit licence holders.
The regime relies on ‘self-reporting’. That is, the licensee itself must notify the regulator when it has broken the rules. While it may seem counter-intuitive, for the majority of licensees, breach reporting is not something to be feared. It can help identifying compliance and communication gaps and training needs, as well as demonstrating a commitment to continuing to act according to the law.
If your organisation holds an Australian Financial Services (AFS) licence or a Credit Licence, it has a responsibility under the reportable situations regime to notify regulators when it has breached certain regulatory obligations.
Senior leaders play a key role in identifying breaches (or likely breaches) within their organisation, as they have both the knowledge of the rules, as well as access to reporting information from within the business. For this reason, it is vital that they are up to speed with the breach reporting framework.
Banks, insurers, and superannuation funds may have additional breach reporting obligations under APRA prudential standards.
About our course
Our online short course Breach Reporting is comprehensive overview suitable for compliance managers, representatives and senior leaders.
As well as outlining breach reporting requirements, we will look at initiatives senior leaders can assist company teams with, to ensure their organisation’s compliance with the reportable situations regime.
We offer two tiers of training covering Reportable Situations. For bite sized learning suitable for enterprise wide training, you may like to consider our Reporting Breaches topic.
This topic has been updated following revisions to guidance and reporting procedures announced in April 2023 and changes to the deemed breaches from 20 October 2023. Also note that the latest RG 78 although issued in December 2023 contains updates from May 2024 that include mention of Ch 7 of the Corporations Act (RG 78.148(b)(viii)) and an updated link to the ASIC Regulatory Portal (RG 78.155).
What is RG78?
Regulatory Guide 78 is for Australian financial services (AFS) licensees and Australian credit licensees (credit licensees). It provides guidance on obligations to report to ASIC certain breaches of the law under Div 3 of Pt 7.6 of the Corporations Act 2001 (Corporations Act) and Div 5 of Pt 2-2 of the National Consumer Credit Protection Act 2009 (National Credit Act)
Program Content
- Overview of breach reporting
- When should a breach be reported?
- Handling a breach
- What happens when a breach is reported
- Tips for financial workplaces
Learning Outcomes
- Identify, with respect to a licensee’s obligation, what constitutes a reportable situation
- Explain the characteristics that determine whether a breach, or likely breach, is significant
- Outline the process of reporting on an investigation into a breach, or likely breach
- Demonstrate the process of reporting a reportable situation to ASIC
- Discuss how ASIC evaluates reported situations and how it determines which items to investigate further
- Examine ASIC’s expectations regarding a licensee’s approach to complying with its breach reporting obligations.
What you will learn
Who is this course for?
- Compliance managers
- Representatives
- Senior managers
Units of Competency
Pre-requisite
Recognition of Prior Learning
Certification
You will be awarded a Certificate of Completion. It will be available online for you to download and print immediately.
ASIC-supervised licensees: Regulation
FAS-supervised licensees: Regulatory compliance and consumer protection
