ASIC admits breach reporting regime problems
The Australian Securities and Investments Commission (ASIC) has admitted that its breach reporting regime has experienced implementation issues and has undertaken to improve its operation.
In an announcement released today, ASIC commissioner, Sean Hughes said ASIC was aware that the regime had “led to a number of implementation issues” but said the regulator was committed to ensuring it met its objectives.
The ASIC announcement said that while the regulator is obliged to report annually on information that is provided under the breach reporting regime, its first public report, due to be published in October, will not name licensees or refer to the nature or number of reports lodged by specific licensees.
The announcement said ASIC would continue to engage with industry on reporting practices adopted by licensees to further understand any issues that are placing unnecessary compliance burden on industry.
“We will be working with stakeholders to find common-sense solutions,” Hughes said.
“We will be working with stakeholders to find common-sense solutions”.
Wow! That would be a whole new experience for ASIC. Let’s hope it catches on.
They’re lying, it’s ok a Leopard doesn’t change its spots.
I’m saying to clients I don’t want to give you a Fee Disclosure statement on Monday because the anniversary date is Wednesday and I’ll be in breach of the law and go to Jail. Most likely a reportable breach, I’m so confused I don’t know what to report or not to report. I put two left socks on this morning is that reportable? With that level of stupidity, can we just refer to them as the Gestapo? because there is certainly nothing fair or Australian about the Australian Securities and Investment Commission. I am now 110% convinced they must be corrupt because no one could possibly write such poor regulation.