Document ID: chunk:federal_register_of_legislation:F2024L01202:reg:9:p3
Version: federal_register_of_legislation:F2024L01202
Segment Type: reg
Provision Reference: reg 9 (pt 3/4)
Character Range: 6505–9591

but for this subsection, the underlying circumstances in relation to the breach:
                     (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:
                         (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;
                         (B) paragraph (4)(d); and
                     (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and
(b) either:
                     (i) only one person (affected consumer) is, or is likely to be, impacted by the contravention; or
                     (ii) if the contravention relates to any of the following that is, or that is proposed to be, entered into jointly by more than one credit activity client (each an affected consumer) of the licensee, those affected consumers are the only persons who are, or are likely to be, impacted by the contravention:
                         (A) a credit contract or proposed credit contract;
                         (B) a consumer lease or proposed consumer lease;
                         (C) a mortgage or proposed mortgage;
                         (D) a guarantee or proposed guarantee; and
(c) the contravention has not resulted in, and is unlikely to result in, any financial loss or damage to any consumer (for the purposes of this paragraph, financial loss or damage is to be taken into account regardless of whether it is, or will or may be, remediated).
              (4B) For the purposes of subsection (4A):
(a) the circumstances in which there is a single reportable situation as a result of particular conduct include circumstances in which the conduct constitutes a single contravention of both of the following and does not otherwise give rise to a reportable situation:
                         (i)  subsection 12DA(1) of the ASIC Act;
                         (ii) subsection 12DB(1) of the ASIC Act; and
(b) a person is impacted by a contravention of:
                         (i) subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and
                         (ii) subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.".

7 Reporting period for additional 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 912DAA were modified or varied by omitting subsection 912DAA(3) (other than the heading) and substituting:
           "(3) The report must be lodged with ASIC:
              (a) within 30 days after the financial services licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the reportable situation has arisen; or
(b) if:
                  (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same