APRA and ASIC release new online breach reporting system for dual-regulated institutions

The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have released a new online breach reporting system for dual-regulated institutions.

The online system simplifies the process for regulated institutions to report breaches, and prospective breaches, of a legal provision of an APRA-administered or ASIC-administered Act, standard or rule, as well as other matters that are required to be reported. It also reduces duplication faced by institutions regulated by both APRA and ASIC. The superannuation industry is already using an online system to report breaches to APRA.

The new system:

•   enables all APRA-regulated institutions — authorised deposit-taking institutions, general insurers, life insurance companies, friendly societies and superannuation licensees — to report breaches to APRA online; and
  
• enables those institutions regulated by both APRA and ASIC to report breach notifications required to be lodged with both regulators through a single electronic breach report to APRA, thereby eliminating the requirement for dual‑regulated institutions to provide separate breach reports for the same incident to both regulators. 

This initiative follows the passage through Parliament, in late 2007, of the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007. The Act introduces a consistent definition of reportable breaches across all institutions in APRA-regulated industries and all ASIC-regulated Australian Financial Services licensees.