Recent updates to the Corporations Act will create new breach reporting obligations for financial advisers. The new obligations will begin October 1 and require licensees to report a breach of the Corporations Act by an adviser to the Australian Securities and Investments Commission according to a broader range of scenarios deemed "reportable situations." There is concern that the report requirements will create additional burden for licensees. The ASIC will begin publishing an annual register of licensee level breach report data.
July 15, 2021
