ASIC reportable situations timer

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Frequently asked questions

How long do I have to report a reportable situation to ASIC?

You must lodge a report with ASIC within 30 calendar days of first knowing that, or being reckless with respect to whether, a reportable situation has arisen. The obligation commenced on 1 October 2021 under s 912DAA of the Corporations Act 2001 (for AFS licensees) and s 50A of the National Consumer Credit Protection Act 2009 (for credit licensees).

What counts as a reportable situation?

Reportable situations include significant (or likely significant) breaches of a core obligation judged against the s 912D factors; 'deemed-significant' breaches that are automatically significant (for example breaches constituting an offence punishable by a specified level of imprisonment, breaches of civil penalty provisions, contraventions of s 1041H, material false or misleading statements, gross negligence or serious fraud); an investigation into whether a significant breach of a core obligation has occurred that continues for more than 30 days; and the outcome of such an investigation.

Why does an investigation running more than 30 days matter?

An investigation into whether a significant breach of a core obligation has occurred, or will occur, is itself a reportable situation once it continues for more than 30 days. At that point the reporting obligation is triggered even if you have not yet concluded whether a significant breach happened, so the 30-day investigation point starts its own reporting clock.

How do I lodge the report?

Reportable situations are lodged through the ASIC Regulatory Portal. Complete the report fully — describe the situation, the core obligation breached, the cause, the period, the number of clients affected, the financial impact, and the remediation steps taken or proposed. Keep a breach register recording when you became aware and when you reported to evidence timely lodgement. This tool is a reference aid, not legal advice.