ASIC’s new guidance clarifies the circumstances in which a report may be withdrawn or corrected. This update reflects ASIC’s focus on improving the operation of the breach reporting / reportable situations regime as part of its 2022/2023 regulatory priorities.
There is an expectation that licensees will submit complete and accurate reports. However, there are certain circumstances ASIC may consider a request to either withdraw or correct a report that has been lodged.
Circumstances where ASIC may approve a request to correct a report:
- A report that contains material factual errors – ASIC may require the licensee to withdraw the report and resubmit a new one or correct the existing report, following the receipt of a correction.
- A change is required to a field that has been greyed out – In order to make an amendment to a greyed-out section, licensees will need to make a correction request to ASIC directly.
- Additional or more accurate information comes to light –when a licensee has uncovered additional or more accurate information after submitting a report, the licensee will need to make a correction request to ASIC directly.
Circumstances where ASIC will not approve a request to correct a report:
- A matter is determined as no longer reportable – ASIC will not approve a withdrawal request where the licensee later considers the matters reported on are not a reportable situation.
- Minor factual error – ASIC does not consider it necessary to withdraw or amend reports where minor typographical errors are made.
For more information get in touch with our friendly team at King Irving today.