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Breach reporting regime ‘virtually impossible’: AFA
Breach reporting regime ‘virtually impossible’: AFA
Many small licensees will be “hugely challenged” by the requirements of the new breach reporting regime, the Association of Financial Advisers (AFA) has warned.
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The draft Financial Sector Reform (Hayne Royal Commission Response) Bill 2020 has moved to strengthen the breach reporting regime for licensees, mandating AFSL holders report serious compliance concerns about advisers or other licensees to ASIC on a quarterly basis.
The requirements will come into effect from 1 October.
In a submission to Treasury, the AFA has cautioned the legislation will cause a “substantial increase in the scale and complexity” in self-reporting, with an impact “much greater than was appreciated when the bill was drafted”.