- CA ANZ believes breach reporting is an important component of the financial services regulatory landscape
- CA ANZ agrees that breach reporting may be improved if ASIC provided updated guidance
CA ANZ welcomes the opportunity to comment on ASIC's Discussion Paper – Reportable situations industry engagement.
CA ANZ believes breach reporting is an important component of the financial services regulatory landscape because we consider it provides strong encouragement for Australian Financial Services Licensees and Australian Credit Licensees to ensure the activities that are undertaken within their license comply with the law.
Reporting provides a mechanism for ASIC to understand what activities within licenses are, in the view of the license holders, issues and concerns that may need some type of regulatory response. It may also lead to referral and action by the Financial Services and Credit Panel.