Law Council of Australia

Business Law Section

Consultation Statement 10 Proposed Extension of Breach Reporting and Record-keeping Legislative Instruments (CS 10)

This submission is made by the Financial Services Committee of the Business Law Section of the Law Council of Australia (the Committee) and relates to CS 10, which the Australian Securities and Investments Commission (ASIC) released for consultation on 7 August 2024.

The Committee thanks ASIC for the opportunity to provide feedback on CS 10.

The Committee agrees with ASIC that each respective Instrument plays an important role in the legislative framework, and that the legislative modifications made by each respective Instrument should therefore remain in force.

The Committee also supports the proposal to combine Instruments 2021/716 and 2021/801 into a single legislative instrument, provided that this does not unnecessarily increase complexity.

However, the Committee has some concerns about:

  1. the process – both the lack of detail in the ASIC consultation and the failure of Parliament to amend the substantive law; and
  2. in a broader context, the operation of the breach reporting regime under Part 7.6 of the Corporations Act 2001 (Cth) (the Corporations Act), which the Committee believes is currently producing sub-optimal outcomes for both financial services licensees and for ASIC, as outlined in further detail below.

Read the full submission below.

Last Updated on 08/10/2024

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