GRCGuideline

RG 78

Regulatory Guide 78: Breach Reporting by AFS Licensees and Credit Licensees

This guide provides Australian Financial Services (AFS) licensees and credit licensees with instructions on reporting certain legal breaches to ASIC, as required under the Corporations Act 2001 and the National Consumer Credit Protection Act 2009.

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Overview

Regulatory Guide 78 outlines obligations for AFS and credit licensees to report breaches of the law to the Australian Securities and Investments Commission (ASIC). Specifically, it refers to Division 3 of Part 7.6 under the Corporations Act 2001 and Division 5 of Part 2-2 under the National Consumer Credit Protection Act 2009. The guide clarifies circumstances under which reporting is mandatory and provides detailed regulatory procedures. It aims to enhance transparency and ensure compliance within the financial services and credit sectors. RG 78 was officially issued on December 19, 2023.

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