Report reportable situations to ASIC within 30 days (RG 78)
AFSL/ACL holders must report reportable situations within 30 calendar days of becoming aware.
Who must comply
AFSL holders, ACL holders.
What triggers it
Reasonable grounds to believe a reportable situation has arisen.
When due
Within 30 calendar days.
Evidence required
Breach register, RG 78 reports submitted via ASIC Regulatory Portal, investigation file notes.
Max penalty
Civil penalty (s 912DAA(7)): for a body corporate the greatest of $18.2M (50,000 penalty units), 3× the benefit, or 10% of annual turnover (capped at 2.5M penalty units); for an individual licensee up to $1.82M (5,000 penalty units). Failing to report is also an offence (up to 2 years imprisonment).
Who must comply with this? The applicability test by industry, business structure and size.
Summary
Section 912DAA Corporations Act (reportable situations are defined in s 912D) and s 50A NCCP Act require AFSL and ACL holders to report reportable situations to ASIC within 30 calendar days of having reasonable grounds to believe a reportable situation has arisen. RG 78 provides guidance. Significant breaches, investigations exceeding 30 days, and serious fraud must all be reported.
Enforced by
Source legislation
Entity types
Topics
Related
- CWLTHComply with Design and Distribution Obligations (DDO)Issuers and distributors of retail financial products must have a Target Market Determination (TMD) and distribute consistently with it.
- CWLTHBan on conflicted remuneration (FOFA)AFSL holders and representatives must not accept conflicted remuneration in connection with retail financial product advice.
- CWLTHLodge a prospectus for offers requiring disclosureOffers of securities to retail investors require a prospectus or OIS lodged with ASIC.
- CWLTHBest interests duty for financial advisers (s 961B-G)Personal advisers must act in client's best interests + meet related obligations.
- CWLTHRegister a Managed Investment Scheme under Ch 5CSchemes with 20+ retail members must be registered with ASIC as MIS.
- CWLTHDesign and Distribution Obligations (DDO) — RG 274Issuers + distributors of retail financial products bound by DDO from 5 October 2021.
Frequently asked questions
- Who must comply with reportable situations to ASIC within 30 days (RG 78)?
- AFSL holders, ACL holders.
- What triggers reportable situations to ASIC within 30 days (RG 78)?
- Reasonable grounds to believe a reportable situation has arisen.
- When is reportable situations to ASIC within 30 days (RG 78) due?
- Within 30 calendar days.
- What is the maximum penalty for reportable situations to ASIC within 30 days (RG 78)?
- Civil penalty (s 912DAA(7)): for a body corporate the greatest of $18.2M (50,000 penalty units), 3× the benefit, or 10% of annual turnover (capped at 2.5M penalty units); for an individual licensee up to $1.82M (5,000 penalty units). Failing to report is also an offence (up to 2 years imprisonment).
- What evidence is required for reportable situations to ASIC within 30 days (RG 78)?
- Breach register, RG 78 reports submitted via ASIC Regulatory Portal, investigation file notes.
Source: https://www.asic.gov.au/regulatory-resources/financial-services/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.