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From breach to remediation – what is taking financial firms so long? - Dec 2018

On 25 September, the Australian Securities and Investments Commission (ASIC) released a report on financial services industry compliance with the Corporations Act 2001 (Cth) breach reporting obligation.[1] The report provides licensees with a benchmark for acceptable breach reporting management.

This article will firstly outline the obligation of licensees to report significant breaches, including the current framework for determining significance. The details of the review will then be discussed, including the scope of review and the reasons behind the review. The six key stages of the breach reporting process will then be examined, including ASIC’s findings as to the average length of each stage. This article will then conclude by detailing ASIC’s ideal breach reporting management standards and how ASIC intends to act on the review.

Published for Lexis Nexis Banking and Finance Law Bulletin Vol 34, No.9

Westpac responsible lending case - Dec 2018

ASIC review of ‘buy now pay later’ industry - Dec 2018

UBS Securities pays $120,000 infringement notice from Market Disciplinary Panel - Dec 2018

Dampier Finance fined $240,000 for failing to lodge financial information with ASIC - Dec 2018

Westpac ordered to pay $3.3 million for BBSW conduct - Dec 2018

Royal Commission Round 7 update - Dec 2018

ASIC extends expiry date on non-cash payments instrument - Dec 2018

AFCA up and running - Dec 2018

Financial adviser registration - Dec 2018

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