Report reportable situations to ASIC within 30 days (RG 78)
AFSL/ACL holders must report reportable situations within 30 calendar days of becoming aware.
Who must comply
AFSL holders, ACL holders.
What triggers it
Reasonable grounds to believe a reportable situation has arisen.
When due
Within 30 calendar days.
Evidence required
Breach register, RG 78 reports submitted via ASIC Regulatory Portal, investigation file notes.
Max penalty
Civil penalty up to $1.11M; criminal liability for failure to report
Summary
Section 912D Corporations Act and s 50A NCCP Act require AFSL and ACL holders to report reportable situations to ASIC within 30 calendar days of having reasonable grounds to believe a reportable situation has arisen. RG 78 provides guidance. Significant breaches, investigations exceeding 30 days, and serious fraud must all be reported.
Enforced by
Source legislation
Entity types
Topics
Source: https://asic.gov.au/regulatory-resources/financial-services/breach-reporting. Rules Mate is not a law firm. Always verify against the live regulator source before acting.