Breach Reporting for AFS licensees
As an AFS License holder, you are required to notify ASIC of any significant breach (or likely breach) of your obligations. It’s vital to have an effective process for identifying, assessing and reporting breaches.
A healthy reporting culture, procedure and process are key. We can assist you to develop, maintain or improve clear and efficient reporting systems and policies to ensure compliance with your reporting obligations. Keep in mind that ASIC will be more suspicious of entities that do not report – it is very rare for a provider to be squeaky clean all the time!
Breach Reporting Procedure
Starting up your business or in need of a quick reporting procedure? You can purchase our Breach Reporting Procedure to download and get started straight away.
Drafting a Breach Report
We regularly advise on the "significance" of a breach, and help licencees report significant breaches to ASIC. Of course, the law places ultimate responsibility on the Licensee to determine whether the breach is significant or not.
Contact us now for tailored procedures and systems, or a review of your unique situation.
Dealing with the Regulator