ASIC releases breach reporting consultation ASIC releases breach reporting consultation The corporate regulator has issued a consultation on its new breach reporting reforms for licensees, saying the new rules will correct “prolonged and repeated failures by large entities to make breach reports required by the law”. A A ASIC’s Consultation Paper 340 and draft Regulatory Guide 78, released on Wednesday, provide further clarification of what constitutes a reportable situation for licensees under the extended breach reporting obligations, which are a response to a number of recommendations within the royal commission. According to the regulatory guide, reportable situations include breaches of “core obligations”, such as a licensee’s ability to be financially solvent, breaches of obligations under the