I, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date    13 August 2021

Contents

Part 1—Preliminary  3

1    Name of legislative instrument 3

2    Commencement 3

3    Repeal 3

4    Authority. 3

5    Definitions. 3

Part 2—Declaration  4

6    Reportable Situations. 4

Part 1—Preliminary

1        Name of legislative instrument

This is the ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716.

2        Commencement

This instrument commences on the later of:

(a)     5 October 2021; and

(b)     the day after it is registered on the Federal Register of Legislation.

Note:    The register may be accessed at www.legislation.gov.au.

3        Repeal

This instrument is repealed on 5 October 2024.

4        Authority

This instrument is made under subsection 926A(2) of the Corporations Act 2001 and subsection 109(3) of the National Consumer Credit Protection Act 2009.

5        Definitions

In this instrument:

Australian credit licence has the same meaning as in section 5 of the Credit Act.

Corporations Act means the Corporations Act 2001.

Credit Act means the National Consumer Credit Protection Act 2009.

credit licensee means a person who holds an Australian credit licence.

financial services licensee has the same meaning as in section 761A of the Corporations Act.

Part 2—Declaration

6        Reportable Situations

(1)          Part 7.6 of the Corporations Act (other than Divisions 4 and 8) applies in relation to financial service licensees as if section 912D were modified or varied by omitting paragraph 912D(4)(b) and substituting:

“(b)   the breach is constituted by the contravention of a civil penalty provision under any law, other than:

(i)      a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or

(ii)     subsection 912A(5A) to the extent that the contravention results from a contravention of subparagraph 912A(1)(g)(ia) as notionally inserted by ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98; or”.

(2)     The provisions to which Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50A were modified or varied by omitting paragraph 50A(4)(b) and substituting:

“(b)   the breach is constituted by the contravention of a civil penalty provision under any law, other than:

(i)      a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or

(ii)     subsection 47(4) to the extent the contravention results from a contravention of subparagraph 47(1)(h)(ii) as notionally substituted by ASIC Corporations, Credit and Superannuation (Internal Dispute Resolution) Instrument 2020/98.”.