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Printed 10 October 2026
Reportable situations (RG 78): the 30-day breach reporting regime explained
AFS and credit licensees must report certain breaches to ASIC within 30 days under the reportable situations regime. Here's what's reportable, the deemed-significant breaches, and the timeframe.
What the regime is
The reportable situations regime mandates that Australian Financial Services (AFS) licensees and credit licensees report specific breaches and potential breaches to the Australian Securities and Investments Commission (ASIC). This obligation ensures that ASIC is informed of significant compliance failures within the financial services and credit industries.
ASIC’s Regulatory Guide RG 78 provides detailed guidance on how the regime functions, outlining the requirements for reporting and the information that should be included in reports. Understanding and adhering to RG 78 is essential for compliance.
Reports are submitted electronically through the ASIC Regulatory Portal.
The 30-day clock
The obligation to report a reportable situation is subject to a strict timeframe. A licensee must report the situation to ASIC within 30 calendar days after the licensee first knows of, or is reckless with respect to, the circumstances giving rise to the reportable situation.
This 30-day period begins when the licensee’s knowledge or recklessness arises. The circumstances that trigger the reporting obligation can include an actual breach of a standard, a likely breach of a standard, or an investigation into whether a significant breach has occurred.
Understanding what constitutes “knowing” or being “reckless” is crucial for determining when the 30-day clock starts.
What counts as significant
Some breaches are automatically recognised as significant. These include breaches of core obligations, conduct that constitutes an offence punishable by a civil penalty, and conduct involving misleading or deceptive conduct. These breaches trigger the 30-day reporting requirement immediately.
Other breaches require assessment to determine if they are significant. This assessment considers factors outlined in the law, including the impact of the breach, its frequency, and the potential harm it caused. A breach is not automatically significant simply because it requires this assessment.
The law provides a framework for determining significance. Factors considered include:
- Impact
- Frequency
- Harm
Why it matters
The 30-day breach reporting regime established under Regulatory Guide 78 (RG 78) is a critical compliance requirement for Australian Financial Services (AFS) licensees and credit licensees. Failure to report a reportable situation is a contravention in itself, meaning it carries legal consequences. Licensees must understand and adhere to this obligation to avoid penalties and maintain regulatory standing. Directors should undertake a director duties self-check to ensure their oversight responsibilities are met.
ASIC actively monitors compliance with the reporting regime. Data derived from reported situations is publicly published and informs ASIC’s surveillance activities. This means that reported breaches can contribute to increased scrutiny and potential investigations of both individual licensees and the broader industry.
To ensure compliance, directors should prioritise the implementation and maintenance of robust breach-identification and reporting processes within their licensee. These processes must be designed to meet the 30-day reporting deadline.
Frequently asked
How long do I have to report a breach to ASIC?
30 calendar days from when the licensee first knows of, or is reckless as to, the reportable situation. Reports are lodged through the ASIC Regulatory Portal.
Which breaches are automatically reportable?
Certain breaches are 'deemed significant', including breaches of core obligations, conduct that is an offence punishable by a civil penalty, and misleading or deceptive conduct. Others require a significance assessment.
Related
Related reading
ASIC RG 78 2024 Update: Refined Reportable Situations Regime
ASIC Regulatory Guide 78 updated in 2024: deemed significant breaches, expanded timing rules, group reporting and AFS licensee compliance under section 912DAA Corporations Act.
ASIC reportable situations regime — deemed significance tests under RG 78
How the reportable situations regime under section 912D of the Corporations Act 2001 captures core obligations breaches, with deemed significance tests under RG 78.
Basic Online Safety Expectations — the eSafety transparency reporting regime
How the Basic Online Safety Expectations Determination under the Online Safety Act 2021 lets the eSafety Commissioner require transparency reports from service providers.
TPB breach reporting — TASA 2024 reforms for tax practitioners
When registered tax practitioners must self-report or report another agent under the TPB's breach reporting regime that began on 1 July 2024.
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