ASIC has issued a breach reporting guide for holders of an Australian financial services (AFS) licence.

The guide gives licensees examples of some breaches which may be significant. It also provides useful guidance on how to report a breach to ASIC, as well as the information that should be included in a breach report.

Under s912D of the Corporations Act, licensees are required to notify ASIC in writing of any significant breaches or likely breaches of their obligations, as soon as practicable and in any event within five business days of becoming aware of the breach or likely breach.