ob体育

Reportable situations for AFS and credit licensees

The main characteristics of the reportable situations regime are:

• the regime applies to AFS and credit licensees
• AFS and credit licensees must generally report all reportable situations to ob体育 via the prescribed form available in the ob体育 Regulatory Portal, including:
  • significant breaches or likely significant breaches of 鈥榗ore obligations鈥�
  • investigations into whether there is a significant breach or likely breach of a 鈥榗ore obligation鈥� if the investigation continues for more than 30 days
  • the outcome of such an investigation, including if it discloses there is no significant breach or likely breach of a core obligation
  • conduct that constitutes gross negligence or serious fraud, and
  • conduct of representatives of other licensees who provide personal advice in certain prescribed circumstances
• a number of situations are deemed to be significant and therefore reportable (for example, a contravention of a civil penalty provision that is not excluded from deeming under the regulations), and
• AFS and credit licensees must notify ob体育 of reportable situations, generally within 30 calendar days, after the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe that a reportable situation has arisen.

Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees (RG 78) provides further guidance as to what licensees must report to ob体育 and when to report to ob体育.

More information

• How to submit a reportable situation
• Information Sheet 259 Complying with the notify, investigate and remediate obligations (INFO 259)
• Reportable situations insights annual publications
• Financial services homepage

Still have a question?

You can send questions to: [email protected]