Document ID: chunk:federal_register_of_legislation:C2010C00544:clause:1_171
Version: federal_register_of_legislation:C2010C00544
Segment Type: clause
Provision Reference: sch 1 cl 171
Character Range: 86157–87199

171  After subsection 912D(1A)
Insert:

 (1B) The financial services licensee must, as soon as practicable and in any case within 10 business days after becoming aware of the breach or likely breach mentioned in subsection (1), lodge a written report on the matter with ASIC.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

 (1C) A report that a licensee is required to lodge under subsection (1B) is taken to have been lodged with ASIC if:
 (a) the licensee is a body regulated by APRA; and
 (b) the report is received by APRA in accordance with the terms of an agreement between APRA and ASIC under which APRA is to act as ASIC's agent in relation to such reports.

 (1D) Subsection (1B) does not apply to a financial services licensee that is a body regulated by APRA in relation to a breach if:
 (a) the auditor or actuary of the licensee gives APRA a written report about the breach; and
 (b) the report is given before, or within 10 business days after, the licensee becomes aware of the breach.