ASIC has reissued its guide on breach reporting by AFS licensees. It now includes a new section explaining how ASIC handles breach notifications. It also covers the factors ASIC takes into account in deciding what, if any, further action to take and what licensees can do to reduce the need for ASIC to take further action.

ASIC has also released a new template form (form FS80) for lodging written breach reports. Use of the form isn’t compulsory, but it will help licensees identify the information ASIC needs.