The Australian Securities and Investments Commission (ASIC) has developed the Australian Securities and Investments Commission Corporate and Credit (Amendment) Instrument 2023 / 589, which modifies the reportable status system so that, from 20 October 2023, licensees are not required to file notifications in respect of certain reportable situations.。

Under the reportable status system, Australian Financial Services (AFS) licensees and Australian Credit licensees are required to automatically submit to the Australian Securities and Investments Commission notifications of certain reportable situations, including those deemed to be "material" breaches of "core obligations."。

The document amends this requirement to exclude certain breaches of the misleading or deceptive conduct provisions in section 1041H (1) of the Companies Act or section 12DA (1) of the Australian Securities and Investments Commission Act 2001 (ASIC Act) and false or misleading misrepresentation provisions in section 12DB (1) of the Australian Securities and Investments Commission Act, so that they are not considered serious breaches of core obligations and therefore do not require automatic reporting.。

To qualify for an exemption, the relevant violation must:

• Affects only one person or, in the case of financial products, credit products, consumer leases, mortgages or guarantees jointly held or proposed to be jointly held by more than one person, only those persons.
• will not and is unlikely to cause any economic loss or damage to any person (whether or not such loss or damage has been, will be or may be remedied); and
• does not result and is unlikely to result in any other reportable condition。

An example of this type of violation is when a staff member incorrectly informed a customer of the amount of money allowed to be transferred abroad per day during a call and corrected the error during the same call, while the consumer did not suffer actual or expected financial losses.。

From 20 October 2023, a licensee may file a report with the Australian Securities and Investments Commission within a maximum of 90 days (formerly 30 days) if for the first time the licensee knows, or recklessly believes that there are reasonable grounds to believe, that a reportable situation has arisen and that the underlying circumstances of the situation are the same or substantially similar to those previously reported to the Australian Securities and Investments Commission.。