ASIC admits ongoing negative feedback on breach reporting

Mike Taylor

Managing Editor and Publisher

20 May 2026

The Australian Securities and Investments Commission (ASIC) has sought to portray a positive outcome within its latest Regulatory simplification progress report but has had to admit receiving plenty of negative feedback about the new reportable situations regime.

Delivery of the new Report 830 represents one of the final acts of outgoing ASIC chair, Joe Longo and the regulator sought to be positive claiming “ASIC is driving clearer, simpler regulation that is easier to understand and navigate”, but the picture was no so positive with respect to reportable situations.

The current Reportable Situations regime was implemented in October 2021 and has been problematic ever since leading to ASIC updating guidance and promising to improve its operation.

The changes to what had previously been known as the “breach reporting” regime proceeded despite widespread industry warnings that it would lead to the very outcomes which have now occurred.

Dealing with the reportable situations regime under the heading of “Law reform ideas” the new report said ASIC supports efforts to reduce red tape and simplify laws to enable innovation, productivity”.

However, it then admitted that “a large proportion of submissions expressed frustration with the current reportable situations regime”.

“They reported that it is overly burdensome and requires firms to devote significant time and resources to identifying and reporting minor technical breaches that provide limited, if any, consumer benefit,” the ASIC report said.

“Some respondents proposed introducing additional reporting thresholds to reduce low-value reporting, beyond relief provided by ASIC,” it said.

“Submissions did not provide specific or workable threshold proposals, and stakeholders acknowledged that determining appropriate thresholds would be challenging”

ASIC said it had shared relevant law reform feedback with Treasury and said it would “continue to work closely with Treasury to explore opportunities to help shape a more streamlined and effective regulatory framework”.