Australia: Loose Compliance – ASIC’s Proposed Report
ASIC is seeking feedback on their recommendations to alleviate the reporting burden of Australian financial services and credit licensors in certain circumstances in short On February 18, 2025, ASIC began to consult on: Provide additional relief to Australian Financial Services and Credit Licensors to report certain violations of misleading and deceptive conduct (MDC) provisions and certain violations of the Civil Penalty Provisions (CPP); and Consolidate this additional relief and relief ASIC Corporation and Credit (Breach Report - Reportable Situation) Instruments 2024/620 (ASIC Instrument 2024/620) Enter a single instrument. As stated in CS 16, these recommendations are intended to reduce the reporting burden on Australian financial services and credit licensors. In the current reportable situation, the ASIC changes are justified by the fact that some reports on MDC and CPP violations have the lowest intelligence value for ASICs. CS 16 was released on February 18, 2025, and the consultation will end on March 11, 2025. An ASIC media release outlined proposed…
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