Page 2 - Breach Reporting News Today

“We’re starting to see a lot of that happen with advisers going and getting their own licences and going to smaller boutiques and then discovering things have been said about them. “This is not a problem for everyone but it’s a new problem now that larger dealer groups are reporting so much misconduct and that’s a new thing.” The new breach reporting regime would commence on 1 October, 2021, and licensees must lodge a report within 30 days of when they believed there would be or ha...

Is all of everybody has got to be in on this. >> and just so people understand, as you noted, most of the -- whats threatened here is private sector. and the former director of national intelligence under george w. bush, negroponte, was on my show on friday and he was basically voicing the opinion that because the private sector has not risen to the challenge, there might be legislation needed to compel them to be better on this. do you agree? >> yes. one of the particular areas that were talkin...

Infrastructure. the grid, the pipeline system, financial system, transportation, water system, which we havent talked a lot about, but were vulnerable in terms of our water systems. i believe there has to be mandatory breach reporting and theyve got to subject themselves to what we call pen testing to see just how good their cyber defenses are. in exchange, they need to be provided with some kind of liability protection if theyre going to be forthcoming. we need a new relationship between the pr...

National intelligence of george w. bush was on my show on friday and he was basically voicing the opinion that because the private sector has not risen to the challenge, there might be legislation needed to compel them to be better on this. do you agree? >> yes. one of the particular areas that were talking about is systemically important critical infrastructure. the grid, the pipeline system, financial system, transportation, water system, which we havent talked a lot about, but were vulnerable...

This edition of the Update covers: 1. Recent legal and regulatory developments, including the release of ASIC's immunity policy for market misconduct offences, a FATF...

The letter was in response to a request Leigh made of Asic’s chair, James Shipton, pointing out that in June last year the regulator told companies to “prominently disclose significant amounts, the commencement date and expected duration of support or assistance” received under government programs including jobkeeper. “Will you be asking Premier Investments to disclose the total jobkeeper support that it has received from taxpayers, in line with your own announcement?” Leigh asked in ...

The corporate regulator says the “spirit of intent” rather than a literal understanding of requirements will be the focus on compliance guidance.

Print It will be virtually impossible for small financial planning firms to comply with the new breach reporting regime proposed to be imposed on the industry via the Financial Sector Reform (Hayne Royal Commission Response – Protecting Consumers (2020 Measures)) Regulations 2021: Breach Reporting legislation, according to the Association of Financial Advisers (AFA).  What is more, the AFA has cited member feedback which suggests that four breaches reported by a licensee in 2020 could be es...

To print this article, all you need is to be registered or login on Mondaq.com. After browsing the recently-tabled 153-page Financial Sector Reform Bill, I was struck by the irony of Haynes comments in his Interim Report: Should the existing law be administered or enforced differently? Is different enforcement what is needed to have entities apply basic standards of fairness and honesty: by obeying the law; not misleading or deceiving; acting fairly; providing services t...

>> officials have a culmination of work and statement noting that the administration responded to congress call for input on cyber security legislation that the nation needs. we look forward to engaging with congress as they move forward on this issue. >> the overall goal of the proposal is better protect people against cyber crime and safeguard infrastructure and the federal government computers and networks. >> the white house proposal has national data reach reporting. when the websites or ot...