{"id":"F2021L01128","name":"ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716","slug":"asic-corporations-and-credit-breach-reporting-reportable-situations-instrument-2021-716","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":102035,"registerId":"commonwealth-F2021L01128-current","compilationNumber":null,"startDate":"2026-04-03","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"(1) Part 7.6 of the Corporations Act (ot","sectionType":"section","heading":"(1) Part 7.6 of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:","content":"Part 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716.\n\n3 Repeal\n\nThis instrument is repealed on 5 October 2024.\n\n4 Authority\n\nThis instrument is made under subsection 926A(2) of the Corporations Act 2001 and subsection 109(3) of the National Consumer Credit Protection Act 2009.\n\n5 Definitions\n\nIn this instrument:\n\nAustralian credit licence has the same meaning as in section 5 of the Credit Act.\n\nCorporations Act means the Corporations Act 2001.\n\nCredit Act means the National Consumer Credit Protection Act 2009.\n\ncredit licensee means a person who holds an Australian credit licence.\n\nfinancial services licensee has the same meaning as in section 761A of the Corporations Act.\n\nPart 2—Declaration\n\n6 Reportable Situations\n\n1.  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:\n\n“(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:\n\n(i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or\n\n(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”.\n\n(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:\n\n“(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:\n\n(i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or\n\n(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.”.\n\n7 Insignificant contraventions of core obligations\n\n#### (1) \n      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:\n\n#### (a)\n \n      in subsection 912D(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and\n\n#### (b)\n \n      after subsection 912D(4), inserting:\n\n#### “(4A) A breach constituted by a contravention of subsection 1041H(1) of this Act or subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(c); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (client) is, or is likely to be impacted by the contravention\n            ; or\n      (ii) if the contravention relates to a financial product that is, or that is proposed to be, held by more than one person (each a client) jointly, those clients are the only persons who are, or are likely to be, impacted by the contravention; and\n      (c) the contravention has not resulted in, and is unlikely to result in, any financial loss or damage to any person (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       as a result of particular conduct include circumstances in which the conduct constitutes a single contravention of two or more of the following and does not otherwise give rise to a reportable situation:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act;\n\n> Note: (ii)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (iii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act or subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.\n\n#### (2) The provisions in relation to which \n      Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50A were modified or varied by:\n\n#### (a)\n \n      in subsection 50A(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and\n\n#### (b)\n \n      after subsection 50A(4), inserting:\n\n#### “(4A)\n \n      A breach constituted by a contravention of subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(d); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (affected consumer) is, or is likely to be, impacted by the contravention; or\n      (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:\n      (A) a credit contract or proposed credit contract;\n      (B) a consumer lease or proposed consumer lease;\n      (C) a mortgage or proposed mortgage;\n      (D) a guarantee or proposed guarantee; and\n      (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       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:\n\n> Note: (i)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.\n\n8 Reporting period for additional reportable situations\n\n(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:\n\n“(3) The report must be lodged with ASIC:\n\n      (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\n    (b) if:\n    (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances of the reportable situation (current reportable situation); and\n    (ii) the financial services licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;\n      within 90 days after the financial services licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.”.\n\n#### (2) The provisions in relation to which \n      Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50B were modified or varied by omitting subsection 50B(4) (other than the heading) and substituting:\n\n“(4) The report must be lodged with ASIC:\n\n(a) within 30 days after the licensee first knows that, or is \n      reckless with respect to whether, there are reasonable grounds to believe that the reportable situation has arisen; or\n\n(b) if:\n\n    (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances relating to the reportable situation (current reportable situation); and\n    (ii) the licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;\n\nwithin 90 days after the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.”.\n\nEndnotes\n\nEndnote 1—About the endnotes\n\n> Note: The endnotes provide information about this compilation and the compiled law.\n\n> Note: The following endnotes are included in every compilation:\n\n> Note: Endnote 1—About the endnotes\n\n> Note: Endnote 2—Abbreviation key\n\n> Note: Endnote 3—Legislation history\n\n> Note: Endnote 4—Amendment history\n\n> Note: Abbreviation key—Endnote 2\n\n> Note: The abbreviation key sets out abbreviations that may be used in the endnotes.\n\n> Note: Legislation history and amendment history—Endnotes 3 and 4\n\n> Note: Amending laws are annotated in the legislation history and amendment history.\n\n> Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.\n\n> Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.\n\n> Note: Misdescribed amendments\n\n> Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.\n\n> Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.\n\nEndnote 2—Abbreviation key\n\n| ad = added or inserted                         | orig = original                     |\n| ---------------------------------------------- | ----------------------------------- |\n| am = amended                                   | par = paragraph(s)/subparagraph(s)  |\n| amdt = amendment                               | /sub‑subparagraph(s)                |\n| c = clause(s)                                  | pres = present                      |\n| C[x] = Compilation No. x                       | prev = previous                     |\n| Ch = Chapter(s)                                | (prev…) = previously                |\n| def = definition(s)                            | Pt = Part(s)                        |\n| Dict = Dictionary                              | r = regulation(s)/rule(s)           |\n| disallowed = disallowed by Parliament          | reloc = relocated                   |\n| Div = Division(s)                              | renum = renumbered                  |\n| exp = expires/expired or ceases/ceased to have | rep = repealed                      |\n| Effect                                         | rs = repealed and substituted       |\n| F = Federal Register of Legislation            | s = section(s)/subsection(s)        |\n| gaz = gazette                                  | Sch = Schedule(s)                   |\n| LA = Legislation Act 2003                      | Sdiv = Subdivision(s)               |\n| LIA = Legislative Instruments Act 2003         | SLI = Select Legislative Instrument |\n| (md not incorp) = misdescribed amendment       | SR = Statutory Rules                |\n| cannot be given effect                         | Sub‑Ch = Sub‑Chapter(s)             |\n| mod = modified/modification                    | SubPt = Subpart(s)                  |\n| No. = Number(s)                                | underlining = whole or part not     |\n| o = order(s)                                   | commenced or to be commenced        |\n| Ord = Ordinance                                |                                     |\n\nEndnote 3—Legislation history\n\n| Name                                                                                      | Registration                 | Commencement | Application, saving and transitional provisions |\n| ----------------------------------------------------------------------------------------- | ---------------------------- | ------------ | ----------------------------------------------- |\n| ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716 | 17/8/2021 (see F2021L01128)  | 5/10/2021    | -                                               |\n| ASIC Corporations and Credit (Amendment) Instrument 2023/589                              | 19/10/2023 (see F2023L01401) | 20/10/2023   | -                                               |\n| ASIC Corporations (Amendment) Instrument 2024/554                                         | 5/7/2024 (see F2024L00864)   | 10/7/2024    | -                                               |\n\nEndnote 4—Amendment history\n\n| Provision affected | How affected                                                                            |\n| ------------------ | --------------------------------------------------------------------------------------- |\n| Section 2          | rep. s48D LA (s48D of the LA repeals a provision that provides solely for commencement) |\n| Section 7          | ad. 2023/589                                                                            |\n| Section 8          | ad. 2023/589                                                                            |\n| Section 9          | ad. 2023/589rep. 2024/554                                                               |","sortOrder":0},{"sectionNumber":"(a) in subsection 912D(4), omitting “For","sectionType":"section","heading":"(a) in subsection 912D(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and","content":"Part 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716.\n\n3 Repeal\n\nThis instrument is repealed on 5 October 2024.\n\n4 Authority\n\nThis instrument is made under subsection 926A(2) of the Corporations Act 2001 and subsection 109(3) of the National Consumer Credit Protection Act 2009.\n\n5 Definitions\n\nIn this instrument:\n\nAustralian credit licence has the same meaning as in section 5 of the Credit Act.\n\nCorporations Act means the Corporations Act 2001.\n\nCredit Act means the National Consumer Credit Protection Act 2009.\n\ncredit licensee means a person who holds an Australian credit licence.\n\nfinancial services licensee has the same meaning as in section 761A of the Corporations Act.\n\nPart 2—Declaration\n\n6 Reportable Situations\n\n1.  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:\n\n“(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:\n\n(i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or\n\n(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”.\n\n(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:\n\n“(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:\n\n(i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or\n\n(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.”.\n\n7 Insignificant contraventions of core obligations\n\n#### (1) \n      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:\n\n#### (a)\n \n      in subsection 912D(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and\n\n#### (b)\n \n      after subsection 912D(4), inserting:\n\n#### “(4A) A breach constituted by a contravention of subsection 1041H(1) of this Act or subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(c); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (client) is, or is likely to be impacted by the contravention\n            ; or\n      (ii) if the contravention relates to a financial product that is, or that is proposed to be, held by more than one person (each a client) jointly, those clients are the only persons who are, or are likely to be, impacted by the contravention; and\n      (c) the contravention has not resulted in, and is unlikely to result in, any financial loss or damage to any person (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       as a result of particular conduct include circumstances in which the conduct constitutes a single contravention of two or more of the following and does not otherwise give rise to a reportable situation:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act;\n\n> Note: (ii)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (iii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act or subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.\n\n#### (2) The provisions in relation to which \n      Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50A were modified or varied by:\n\n#### (a)\n \n      in subsection 50A(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and\n\n#### (b)\n \n      after subsection 50A(4), inserting:\n\n#### “(4A)\n \n      A breach constituted by a contravention of subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(d); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (affected consumer) is, or is likely to be, impacted by the contravention; or\n      (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:\n      (A) a credit contract or proposed credit contract;\n      (B) a consumer lease or proposed consumer lease;\n      (C) a mortgage or proposed mortgage;\n      (D) a guarantee or proposed guarantee; and\n      (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       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:\n\n> Note: (i)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.\n\n8 Reporting period for additional reportable situations\n\n(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:\n\n“(3) The report must be lodged with ASIC:\n\n      (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\n    (b) if:\n    (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances of the reportable situation (current reportable situation); and\n    (ii) the financial services licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;\n      within 90 days after the financial services licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.”.\n\n#### (2) The provisions in relation to which \n      Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50B were modified or varied by omitting subsection 50B(4) (other than the heading) and substituting:\n\n“(4) The report must be lodged with ASIC:\n\n(a) within 30 days after the licensee first knows that, or is \n      reckless with respect to whether, there are reasonable grounds to believe that the reportable situation has arisen; or\n\n(b) if:\n\n    (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances relating to the reportable situation (current reportable situation); and\n    (ii) the licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;\n\nwithin 90 days after the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.”.\n\nEndnotes\n\nEndnote 1—About the endnotes\n\n> Note: The endnotes provide information about this compilation and the compiled law.\n\n> Note: The following endnotes are included in every compilation:\n\n> Note: Endnote 1—About the endnotes\n\n> Note: Endnote 2—Abbreviation key\n\n> Note: Endnote 3—Legislation history\n\n> Note: Endnote 4—Amendment history\n\n> Note: Abbreviation key—Endnote 2\n\n> Note: The abbreviation key sets out abbreviations that may be used in the endnotes.\n\n> Note: Legislation history and amendment history—Endnotes 3 and 4\n\n> Note: Amending laws are annotated in the legislation history and amendment history.\n\n> Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.\n\n> Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.\n\n> Note: Misdescribed amendments\n\n> Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.\n\n> Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.\n\nEndnote 2—Abbreviation key\n\n| ad = added or inserted                         | orig = original                     |\n| ---------------------------------------------- | ----------------------------------- |\n| am = amended                                   | par = paragraph(s)/subparagraph(s)  |\n| amdt = amendment                               | /sub‑subparagraph(s)                |\n| c = clause(s)                                  | pres = present                      |\n| C[x] = Compilation No. x                       | prev = previous                     |\n| Ch = Chapter(s)                                | (prev…) = previously                |\n| def = definition(s)                            | Pt = Part(s)                        |\n| Dict = Dictionary                              | r = regulation(s)/rule(s)           |\n| disallowed = disallowed by Parliament          | reloc = relocated                   |\n| Div = Division(s)                              | renum = renumbered                  |\n| exp = expires/expired or ceases/ceased to have | rep = repealed                      |\n| Effect                                         | rs = repealed and substituted       |\n| F = Federal Register of Legislation            | s = section(s)/subsection(s)        |\n| gaz = gazette                                  | Sch = Schedule(s)                   |\n| LA = Legislation Act 2003                      | Sdiv = Subdivision(s)               |\n| LIA = Legislative Instruments Act 2003         | SLI = Select Legislative Instrument |\n| (md not incorp) = misdescribed amendment       | SR = Statutory Rules                |\n| cannot be given effect                         | Sub‑Ch = Sub‑Chapter(s)             |\n| mod = modified/modification                    | SubPt = Subpart(s)                  |\n| No. = Number(s)                                | underlining = whole or part not     |\n| o = order(s)                                   | commenced or to be commenced        |\n| Ord = Ordinance                                |                                     |\n\nEndnote 3—Legislation history\n\n| Name                                                                                      | Registration                 | Commencement | Application, saving and transitional provisions |\n| ----------------------------------------------------------------------------------------- | ---------------------------- | ------------ | ----------------------------------------------- |\n| ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716 | 17/8/2021 (see F2021L01128)  | 5/10/2021    | -                                               |\n| ASIC Corporations and Credit (Amendment) Instrument 2023/589                              | 19/10/2023 (see F2023L01401) | 20/10/2023   | -                                               |\n| ASIC Corporations (Amendment) Instrument 2024/554                                         | 5/7/2024 (see F2024L00864)   | 10/7/2024    | -                                               |\n\nEndnote 4—Amendment history\n\n| Provision affected | How affected                                                                            |\n| ------------------ | --------------------------------------------------------------------------------------- |\n| Section 2          | rep. s48D LA (s48D of the LA repeals a provision that provides solely for commencement) |\n| Section 7          | ad. 2023/589                                                                            |\n| Section 8          | ad. 2023/589                                                                            |\n| Section 9          | ad. 2023/589rep. 2024/554                                                               |","sortOrder":1},{"sectionNumber":"(b) after subsection 912D(4), inserting:","sectionType":"section","heading":"(b) after subsection 912D(4), inserting:","content":"Part 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716.\n\n3 Repeal\n\nThis instrument is repealed on 5 October 2024.\n\n4 Authority\n\nThis instrument is made under subsection 926A(2) of the Corporations Act 2001 and subsection 109(3) of the National Consumer Credit Protection Act 2009.\n\n5 Definitions\n\nIn this instrument:\n\nAustralian credit licence has the same meaning as in section 5 of the Credit Act.\n\nCorporations Act means the Corporations Act 2001.\n\nCredit Act means the National Consumer Credit Protection Act 2009.\n\ncredit licensee means a person who holds an Australian credit licence.\n\nfinancial services licensee has the same meaning as in section 761A of the Corporations Act.\n\nPart 2—Declaration\n\n6 Reportable Situations\n\n1.  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:\n\n“(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:\n\n(i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or\n\n(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”.\n\n(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:\n\n“(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:\n\n(i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or\n\n(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.”.\n\n7 Insignificant contraventions of core obligations\n\n#### (1) \n      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:\n\n#### (a)\n \n      in subsection 912D(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and\n\n#### (b)\n \n      after subsection 912D(4), inserting:\n\n#### “(4A) A breach constituted by a contravention of subsection 1041H(1) of this Act or subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(c); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (client) is, or is likely to be impacted by the contravention\n            ; or\n      (ii) if the contravention relates to a financial product that is, or that is proposed to be, held by more than one person (each a client) jointly, those clients are the only persons who are, or are likely to be, impacted by the contravention; and\n      (c) the contravention has not resulted in, and is unlikely to result in, any financial loss or damage to any person (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       as a result of particular conduct include circumstances in which the conduct constitutes a single contravention of two or more of the following and does not otherwise give rise to a reportable situation:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act;\n\n> Note: (ii)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (iii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act or subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.\n\n#### (2) The provisions in relation to which \n      Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50A were modified or varied by:\n\n#### (a)\n \n      in subsection 50A(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and\n\n#### (b)\n \n      after subsection 50A(4), inserting:\n\n#### “(4A)\n \n      A breach constituted by a contravention of subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(d); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (affected consumer) is, or is likely to be, impacted by the contravention; or\n      (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:\n      (A) a credit contract or proposed credit contract;\n      (B) a consumer lease or proposed consumer lease;\n      (C) a mortgage or proposed mortgage;\n      (D) a guarantee or proposed guarantee; and\n      (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       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:\n\n> Note: (i)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.\n\n8 Reporting period for additional reportable situations\n\n(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:\n\n“(3) The report must be lodged with ASIC:\n\n      (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\n    (b) if:\n    (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances of the reportable situation (current reportable situation); and\n    (ii) the financial services licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;\n      within 90 days after the financial services licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.”.\n\n#### (2) The provisions in relation to which \n      Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50B were modified or varied by omitting subsection 50B(4) (other than the heading) and substituting:\n\n“(4) The report must be lodged with ASIC:\n\n(a) within 30 days after the licensee first knows that, or is \n      reckless with respect to whether, there are reasonable grounds to believe that the reportable situation has arisen; or\n\n(b) if:\n\n    (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances relating to the reportable situation (current reportable situation); and\n    (ii) the licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;\n\nwithin 90 days after the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.”.\n\nEndnotes\n\nEndnote 1—About the endnotes\n\n> Note: The endnotes provide information about this compilation and the compiled law.\n\n> Note: The following endnotes are included in every compilation:\n\n> Note: Endnote 1—About the endnotes\n\n> Note: Endnote 2—Abbreviation key\n\n> Note: Endnote 3—Legislation history\n\n> Note: Endnote 4—Amendment history\n\n> Note: Abbreviation key—Endnote 2\n\n> Note: The abbreviation key sets out abbreviations that may be used in the endnotes.\n\n> Note: Legislation history and amendment history—Endnotes 3 and 4\n\n> Note: Amending laws are annotated in the legislation history and amendment history.\n\n> Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.\n\n> Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.\n\n> Note: Misdescribed amendments\n\n> Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.\n\n> Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.\n\nEndnote 2—Abbreviation key\n\n| ad = added or inserted                         | orig = original                     |\n| ---------------------------------------------- | ----------------------------------- |\n| am = amended                                   | par = paragraph(s)/subparagraph(s)  |\n| amdt = amendment                               | /sub‑subparagraph(s)                |\n| c = clause(s)                                  | pres = present                      |\n| C[x] = Compilation No. x                       | prev = previous                     |\n| Ch = Chapter(s)                                | (prev…) = previously                |\n| def = definition(s)                            | Pt = Part(s)                        |\n| Dict = Dictionary                              | r = regulation(s)/rule(s)           |\n| disallowed = disallowed by Parliament          | reloc = relocated                   |\n| Div = Division(s)                              | renum = renumbered                  |\n| exp = expires/expired or ceases/ceased to have | rep = repealed                      |\n| Effect                                         | rs = repealed and substituted       |\n| F = Federal Register of Legislation            | s = section(s)/subsection(s)        |\n| gaz = gazette                                  | Sch = Schedule(s)                   |\n| LA = Legislation Act 2003                      | Sdiv = Subdivision(s)               |\n| LIA = Legislative Instruments Act 2003         | SLI = Select Legislative Instrument |\n| (md not incorp) = misdescribed amendment       | SR = Statutory Rules                |\n| cannot be given effect                         | Sub‑Ch = Sub‑Chapter(s)             |\n| mod = modified/modification                    | SubPt = Subpart(s)                  |\n| No. = Number(s)                                | underlining = whole or part not     |\n| o = order(s)                                   | commenced or to be commenced        |\n| Ord = Ordinance                                |                                     |\n\nEndnote 3—Legislation history\n\n| Name                                                                                      | Registration                 | Commencement | Application, saving and transitional provisions |\n| ----------------------------------------------------------------------------------------- | ---------------------------- | ------------ | ----------------------------------------------- |\n| ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716 | 17/8/2021 (see F2021L01128)  | 5/10/2021    | -                                               |\n| ASIC Corporations and Credit (Amendment) Instrument 2023/589                              | 19/10/2023 (see F2023L01401) | 20/10/2023   | -                                               |\n| ASIC Corporations (Amendment) Instrument 2024/554                                         | 5/7/2024 (see F2024L00864)   | 10/7/2024    | -                                               |\n\nEndnote 4—Amendment history\n\n| Provision affected | How affected                                                                            |\n| ------------------ | --------------------------------------------------------------------------------------- |\n| Section 2          | rep. s48D LA (s48D of the LA repeals a provision that provides solely for commencement) |\n| Section 7          | ad. 2023/589                                                                            |\n| Section 8          | ad. 2023/589                                                                            |\n| Section 9          | ad. 2023/589rep. 2024/554                                                               |","sortOrder":2},{"sectionNumber":"“(4A) A breach constituted by a contrave","sectionType":"section","heading":"“(4A) A breach constituted by a contravention of subsection 1041H(1) of this Act or subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be significant if:","content":"#### “(4A) A breach constituted by a contravention of subsection 1041H(1) of this Act or subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(c); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (client) is, or is likely to be impacted by the contravention\n            ; or\n      (ii) if the contravention relates to a financial product that is, or that is proposed to be, held by more than one person (each a client) jointly, those clients are the only persons who are, or are likely to be, impacted by the contravention; and\n      (c) the contravention has not resulted in, and is unlikely to result in, any financial loss or damage to any person (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       as a result of particular conduct include circumstances in which the conduct constitutes a single contravention of two or more of the following and does not otherwise give rise to a reportable situation:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act;\n\n> Note: (ii)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (iii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act or subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.","sortOrder":3},{"sectionNumber":"(2) The provisions in relation to which ","sectionType":"section","heading":"(2) The provisions in relation 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:","content":"Part 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716.\n\n3 Repeal\n\nThis instrument is repealed on 5 October 2024.\n\n4 Authority\n\nThis instrument is made under subsection 926A(2) of the Corporations Act 2001 and subsection 109(3) of the National Consumer Credit Protection Act 2009.\n\n5 Definitions\n\nIn this instrument:\n\nAustralian credit licence has the same meaning as in section 5 of the Credit Act.\n\nCorporations Act means the Corporations Act 2001.\n\nCredit Act means the National Consumer Credit Protection Act 2009.\n\ncredit licensee means a person who holds an Australian credit licence.\n\nfinancial services licensee has the same meaning as in section 761A of the Corporations Act.\n\nPart 2—Declaration\n\n6 Reportable Situations\n\n1.  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:\n\n“(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:\n\n(i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or\n\n(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”.\n\n(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:\n\n“(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:\n\n(i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or\n\n(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.”.\n\n7 Insignificant contraventions of core obligations\n\n#### (1) \n      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:\n\n#### (a)\n \n      in subsection 912D(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and\n\n#### (b)\n \n      after subsection 912D(4), inserting:\n\n#### “(4A) A breach constituted by a contravention of subsection 1041H(1) of this Act or subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(c); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (client) is, or is likely to be impacted by the contravention\n            ; or\n      (ii) if the contravention relates to a financial product that is, or that is proposed to be, held by more than one person (each a client) jointly, those clients are the only persons who are, or are likely to be, impacted by the contravention; and\n      (c) the contravention has not resulted in, and is unlikely to result in, any financial loss or damage to any person (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       as a result of particular conduct include circumstances in which the conduct constitutes a single contravention of two or more of the following and does not otherwise give rise to a reportable situation:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act;\n\n> Note: (ii)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (iii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act or subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.\n\n#### (2) The provisions in relation to which \n      Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50A were modified or varied by:\n\n#### (a)\n \n      in subsection 50A(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and\n\n#### (b)\n \n      after subsection 50A(4), inserting:\n\n#### “(4A)\n \n      A breach constituted by a contravention of subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(d); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (affected consumer) is, or is likely to be, impacted by the contravention; or\n      (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:\n      (A) a credit contract or proposed credit contract;\n      (B) a consumer lease or proposed consumer lease;\n      (C) a mortgage or proposed mortgage;\n      (D) a guarantee or proposed guarantee; and\n      (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       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:\n\n> Note: (i)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.\n\n8 Reporting period for additional reportable situations\n\n(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:\n\n“(3) The report must be lodged with ASIC:\n\n      (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\n    (b) if:\n    (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances of the reportable situation (current reportable situation); and\n    (ii) the financial services licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;\n      within 90 days after the financial services licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.”.\n\n#### (2) The provisions in relation to which \n      Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50B were modified or varied by omitting subsection 50B(4) (other than the heading) and substituting:\n\n“(4) The report must be lodged with ASIC:\n\n(a) within 30 days after the licensee first knows that, or is \n      reckless with respect to whether, there are reasonable grounds to believe that the reportable situation has arisen; or\n\n(b) if:\n\n    (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances relating to the reportable situation (current reportable situation); and\n    (ii) the licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;\n\nwithin 90 days after the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.”.\n\nEndnotes\n\nEndnote 1—About the endnotes\n\n> Note: The endnotes provide information about this compilation and the compiled law.\n\n> Note: The following endnotes are included in every compilation:\n\n> Note: Endnote 1—About the endnotes\n\n> Note: Endnote 2—Abbreviation key\n\n> Note: Endnote 3—Legislation history\n\n> Note: Endnote 4—Amendment history\n\n> Note: Abbreviation key—Endnote 2\n\n> Note: The abbreviation key sets out abbreviations that may be used in the endnotes.\n\n> Note: Legislation history and amendment history—Endnotes 3 and 4\n\n> Note: Amending laws are annotated in the legislation history and amendment history.\n\n> Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.\n\n> Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.\n\n> Note: Misdescribed amendments\n\n> Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.\n\n> Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.\n\nEndnote 2—Abbreviation key\n\n| ad = added or inserted                         | orig = original                     |\n| ---------------------------------------------- | ----------------------------------- |\n| am = amended                                   | par = paragraph(s)/subparagraph(s)  |\n| amdt = amendment                               | /sub‑subparagraph(s)                |\n| c = clause(s)                                  | pres = present                      |\n| C[x] = Compilation No. x                       | prev = previous                     |\n| Ch = Chapter(s)                                | (prev…) = previously                |\n| def = definition(s)                            | Pt = Part(s)                        |\n| Dict = Dictionary                              | r = regulation(s)/rule(s)           |\n| disallowed = disallowed by Parliament          | reloc = relocated                   |\n| Div = Division(s)                              | renum = renumbered                  |\n| exp = expires/expired or ceases/ceased to have | rep = repealed                      |\n| Effect                                         | rs = repealed and substituted       |\n| F = Federal Register of Legislation            | s = section(s)/subsection(s)        |\n| gaz = gazette                                  | Sch = Schedule(s)                   |\n| LA = Legislation Act 2003                      | Sdiv = Subdivision(s)               |\n| LIA = Legislative Instruments Act 2003         | SLI = Select Legislative Instrument |\n| (md not incorp) = misdescribed amendment       | SR = Statutory Rules                |\n| cannot be given effect                         | Sub‑Ch = Sub‑Chapter(s)             |\n| mod = modified/modification                    | SubPt = Subpart(s)                  |\n| No. = Number(s)                                | underlining = whole or part not     |\n| o = order(s)                                   | commenced or to be commenced        |\n| Ord = Ordinance                                |                                     |\n\nEndnote 3—Legislation history\n\n| Name                                                                                      | Registration                 | Commencement | Application, saving and transitional provisions |\n| ----------------------------------------------------------------------------------------- | ---------------------------- | ------------ | ----------------------------------------------- |\n| ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716 | 17/8/2021 (see F2021L01128)  | 5/10/2021    | -                                               |\n| ASIC Corporations and Credit (Amendment) Instrument 2023/589                              | 19/10/2023 (see F2023L01401) | 20/10/2023   | -                                               |\n| ASIC Corporations (Amendment) Instrument 2024/554                                         | 5/7/2024 (see F2024L00864)   | 10/7/2024    | -                                               |\n\nEndnote 4—Amendment history\n\n| Provision affected | How affected                                                                            |\n| ------------------ | --------------------------------------------------------------------------------------- |\n| Section 2          | rep. s48D LA (s48D of the LA repeals a provision that provides solely for commencement) |\n| Section 7          | ad. 2023/589                                                                            |\n| Section 8          | ad. 2023/589                                                                            |\n| Section 9          | ad. 2023/589rep. 2024/554                                                               |","sortOrder":4},{"sectionNumber":"(a) in subsection 50A(4), omitting “For ","sectionType":"section","heading":"(a) in subsection 50A(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and","content":"Part 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716.\n\n3 Repeal\n\nThis instrument is repealed on 5 October 2024.\n\n4 Authority\n\nThis instrument is made under subsection 926A(2) of the Corporations Act 2001 and subsection 109(3) of the National Consumer Credit Protection Act 2009.\n\n5 Definitions\n\nIn this instrument:\n\nAustralian credit licence has the same meaning as in section 5 of the Credit Act.\n\nCorporations Act means the Corporations Act 2001.\n\nCredit Act means the National Consumer Credit Protection Act 2009.\n\ncredit licensee means a person who holds an Australian credit licence.\n\nfinancial services licensee has the same meaning as in section 761A of the Corporations Act.\n\nPart 2—Declaration\n\n6 Reportable Situations\n\n1.  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:\n\n“(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:\n\n(i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or\n\n(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”.\n\n(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:\n\n“(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:\n\n(i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or\n\n(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.”.\n\n7 Insignificant contraventions of core obligations\n\n#### (1) \n      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:\n\n#### (a)\n \n      in subsection 912D(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and\n\n#### (b)\n \n      after subsection 912D(4), inserting:\n\n#### “(4A) A breach constituted by a contravention of subsection 1041H(1) of this Act or subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(c); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (client) is, or is likely to be impacted by the contravention\n            ; or\n      (ii) if the contravention relates to a financial product that is, or that is proposed to be, held by more than one person (each a client) jointly, those clients are the only persons who are, or are likely to be, impacted by the contravention; and\n      (c) the contravention has not resulted in, and is unlikely to result in, any financial loss or damage to any person (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       as a result of particular conduct include circumstances in which the conduct constitutes a single contravention of two or more of the following and does not otherwise give rise to a reportable situation:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act;\n\n> Note: (ii)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (iii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act or subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.\n\n#### (2) The provisions in relation to which \n      Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50A were modified or varied by:\n\n#### (a)\n \n      in subsection 50A(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and\n\n#### (b)\n \n      after subsection 50A(4), inserting:\n\n#### “(4A)\n \n      A breach constituted by a contravention of subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(d); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (affected consumer) is, or is likely to be, impacted by the contravention; or\n      (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:\n      (A) a credit contract or proposed credit contract;\n      (B) a consumer lease or proposed consumer lease;\n      (C) a mortgage or proposed mortgage;\n      (D) a guarantee or proposed guarantee; and\n      (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       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:\n\n> Note: (i)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.\n\n8 Reporting period for additional reportable situations\n\n(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:\n\n“(3) The report must be lodged with ASIC:\n\n      (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\n    (b) if:\n    (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances of the reportable situation (current reportable situation); and\n    (ii) the financial services licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;\n      within 90 days after the financial services licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.”.\n\n#### (2) The provisions in relation to which \n      Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50B were modified or varied by omitting subsection 50B(4) (other than the heading) and substituting:\n\n“(4) The report must be lodged with ASIC:\n\n(a) within 30 days after the licensee first knows that, or is \n      reckless with respect to whether, there are reasonable grounds to believe that the reportable situation has arisen; or\n\n(b) if:\n\n    (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances relating to the reportable situation (current reportable situation); and\n    (ii) the licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;\n\nwithin 90 days after the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.”.\n\nEndnotes\n\nEndnote 1—About the endnotes\n\n> Note: The endnotes provide information about this compilation and the compiled law.\n\n> Note: The following endnotes are included in every compilation:\n\n> Note: Endnote 1—About the endnotes\n\n> Note: Endnote 2—Abbreviation key\n\n> Note: Endnote 3—Legislation history\n\n> Note: Endnote 4—Amendment history\n\n> Note: Abbreviation key—Endnote 2\n\n> Note: The abbreviation key sets out abbreviations that may be used in the endnotes.\n\n> Note: Legislation history and amendment history—Endnotes 3 and 4\n\n> Note: Amending laws are annotated in the legislation history and amendment history.\n\n> Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.\n\n> Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.\n\n> Note: Misdescribed amendments\n\n> Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.\n\n> Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.\n\nEndnote 2—Abbreviation key\n\n| ad = added or inserted                         | orig = original                     |\n| ---------------------------------------------- | ----------------------------------- |\n| am = amended                                   | par = paragraph(s)/subparagraph(s)  |\n| amdt = amendment                               | /sub‑subparagraph(s)                |\n| c = clause(s)                                  | pres = present                      |\n| C[x] = Compilation No. x                       | prev = previous                     |\n| Ch = Chapter(s)                                | (prev…) = previously                |\n| def = definition(s)                            | Pt = Part(s)                        |\n| Dict = Dictionary                              | r = regulation(s)/rule(s)           |\n| disallowed = disallowed by Parliament          | reloc = relocated                   |\n| Div = Division(s)                              | renum = renumbered                  |\n| exp = expires/expired or ceases/ceased to have | rep = repealed                      |\n| Effect                                         | rs = repealed and substituted       |\n| F = Federal Register of Legislation            | s = section(s)/subsection(s)        |\n| gaz = gazette                                  | Sch = Schedule(s)                   |\n| LA = Legislation Act 2003                      | Sdiv = Subdivision(s)               |\n| LIA = Legislative Instruments Act 2003         | SLI = Select Legislative Instrument |\n| (md not incorp) = misdescribed amendment       | SR = Statutory Rules                |\n| cannot be given effect                         | Sub‑Ch = Sub‑Chapter(s)             |\n| mod = modified/modification                    | SubPt = Subpart(s)                  |\n| No. = Number(s)                                | underlining = whole or part not     |\n| o = order(s)                                   | commenced or to be commenced        |\n| Ord = Ordinance                                |                                     |\n\nEndnote 3—Legislation history\n\n| Name                                                                                      | Registration                 | Commencement | Application, saving and transitional provisions |\n| ----------------------------------------------------------------------------------------- | ---------------------------- | ------------ | ----------------------------------------------- |\n| ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716 | 17/8/2021 (see F2021L01128)  | 5/10/2021    | -                                               |\n| ASIC Corporations and Credit (Amendment) Instrument 2023/589                              | 19/10/2023 (see F2023L01401) | 20/10/2023   | -                                               |\n| ASIC Corporations (Amendment) Instrument 2024/554                                         | 5/7/2024 (see F2024L00864)   | 10/7/2024    | -                                               |\n\nEndnote 4—Amendment history\n\n| Provision affected | How affected                                                                            |\n| ------------------ | --------------------------------------------------------------------------------------- |\n| Section 2          | rep. s48D LA (s48D of the LA repeals a provision that provides solely for commencement) |\n| Section 7          | ad. 2023/589                                                                            |\n| Section 8          | ad. 2023/589                                                                            |\n| Section 9          | ad. 2023/589rep. 2024/554                                                               |","sortOrder":5},{"sectionNumber":"(b) after subsection 50A(4), inserting:","sectionType":"section","heading":"(b) after subsection 50A(4), inserting:","content":"Part 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716.\n\n3 Repeal\n\nThis instrument is repealed on 5 October 2024.\n\n4 Authority\n\nThis instrument is made under subsection 926A(2) of the Corporations Act 2001 and subsection 109(3) of the National Consumer Credit Protection Act 2009.\n\n5 Definitions\n\nIn this instrument:\n\nAustralian credit licence has the same meaning as in section 5 of the Credit Act.\n\nCorporations Act means the Corporations Act 2001.\n\nCredit Act means the National Consumer Credit Protection Act 2009.\n\ncredit licensee means a person who holds an Australian credit licence.\n\nfinancial services licensee has the same meaning as in section 761A of the Corporations Act.\n\nPart 2—Declaration\n\n6 Reportable Situations\n\n1.  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:\n\n“(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:\n\n(i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or\n\n(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”.\n\n(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:\n\n“(b) the breach is constituted by the contravention of a civil penalty provision under any law, other than:\n\n(i) a civil penalty provision prescribed by the regulations for the purposes of this paragraph; or\n\n(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.”.\n\n7 Insignificant contraventions of core obligations\n\n#### (1) \n      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:\n\n#### (a)\n \n      in subsection 912D(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and\n\n#### (b)\n \n      after subsection 912D(4), inserting:\n\n#### “(4A) A breach constituted by a contravention of subsection 1041H(1) of this Act or subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(c); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (client) is, or is likely to be impacted by the contravention\n            ; or\n      (ii) if the contravention relates to a financial product that is, or that is proposed to be, held by more than one person (each a client) jointly, those clients are the only persons who are, or are likely to be, impacted by the contravention; and\n      (c) the contravention has not resulted in, and is unlikely to result in, any financial loss or damage to any person (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       as a result of particular conduct include circumstances in which the conduct constitutes a single contravention of two or more of the following and does not otherwise give rise to a reportable situation:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act;\n\n> Note: (ii)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (iii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 1041H(1) of this Act or subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.\n\n#### (2) The provisions in relation to which \n      Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50A were modified or varied by:\n\n#### (a)\n \n      in subsection 50A(4), omitting “For the purposes” and substituting “Subject to subsection (4A), for the purposes”; and\n\n#### (b)\n \n      after subsection 50A(4), inserting:\n\n#### “(4A)\n \n      A breach constituted by a contravention of subsection 12DA(1) or 12DB(1) of the ASIC Act is not taken to be\n \n      significant\n \n      if\n:\n\n      (a) but for this subsection, the underlying circumstances in relation to the breach:\n      (i) would only give rise, and would only be likely to give rise, to a single reportable situation as a result of the following:\n      (A) paragraph (4)(b) in so far as it relates to a contravention of subsection 12DB(1) of the ASIC Act;\n      (B) paragraph (4)(d); and\n      (ii) would not give rise, and would be unlikely to give rise, to a reportable situation other than as specified in subparagraph (i); and\n      (b) either:\n      (i) only one person (affected consumer) is, or is likely to be, impacted by the contravention; or\n      (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:\n      (A) a credit contract or proposed credit contract;\n      (B) a consumer lease or proposed consumer lease;\n      (C) a mortgage or proposed mortgage;\n      (D) a guarantee or proposed guarantee; and\n      (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).\n\n> Note: (4B)\n>  \n>       For the purposes of subsection (4A):\n\n> Note: (a)\n>  \n>       the circumstances in which there is a\n>  \n>       single reportable situation\n>  \n>       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:\n\n> Note: (i)\n>  \n>       subsection 12DA(1) of the ASIC Act;\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act; and\n\n> Note: (b)\n>  \n>       a person is\n>  \n>       impacted\n>  \n>       by a contravention of:\n\n> Note: (i)\n>  \n>       subsection 12DA(1) of the ASIC Act if they are misled or deceived as a result of the contravention; and\n\n> Note: (ii)\n>  \n>       subsection 12DB(1) of the ASIC Act if they are the recipient of the false or misleading representation to which the contravention relates.\n> ”.\n\n8 Reporting period for additional reportable situations\n\n(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:\n\n“(3) The report must be lodged with ASIC:\n\n      (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\n    (b) if:\n    (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances of the reportable situation (current reportable situation); and\n    (ii) the financial services licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;\n      within 90 days after the financial services licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.”.\n\n#### (2) The provisions in relation to which \n      Part 2-6 of the Credit Act applies apply in relation to credit licensees as if subsection 50B were modified or varied by omitting subsection 50B(4) (other than the heading) and substituting:\n\n“(4) The report must be lodged with ASIC:\n\n(a) within 30 days after the licensee first knows that, or is \n      reckless with respect to whether, there are reasonable grounds to believe that the reportable situation has arisen; or\n\n(b) if:\n\n    (i) there is a reportable situation (previous reportable situation) with underlying circumstances that are the same as, or substantially similar to, the underlying circumstances relating to the reportable situation (current reportable situation); and\n    (ii) the licensee has lodged a report under this section in relation to the previous reportable situation with ASIC;\n\nwithin 90 days after the licensee first knows that, or is reckless with respect to whether, there are reasonable grounds to believe the current reportable situation has arisen.”.\n\nEndnotes\n\nEndnote 1—About the endnotes\n\n> Note: The endnotes provide information about this compilation and the compiled law.\n\n> Note: The following endnotes are included in every compilation:\n\n> Note: Endnote 1—About the endnotes\n\n> Note: Endnote 2—Abbreviation key\n\n> Note: Endnote 3—Legislation history\n\n> Note: Endnote 4—Amendment history\n\n> Note: Abbreviation key—Endnote 2\n\n> Note: The abbreviation key sets out abbreviations that may be used in the endnotes.\n\n> Note: Legislation history and amendment history—Endnotes 3 and 4\n\n> Note: Amending laws are annotated in the legislation history and amendment history.\n\n> Note: The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.\n\n> Note: The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.\n\n> Note: Misdescribed amendments\n\n> Note: A misdescribed amendment is an amendment that does not accurately describe how an amendment is to be made. If, despite the misdescription, the amendment can be given effect as intended, then the misdescribed amendment can be incorporated through an editorial change made under section 15V of the Legislation Act 2003.\n\n> Note: If a misdescribed amendment cannot be given effect as intended, the amendment is not incorporated and “(md not incorp)” is added to the amendment history.\n\nEndnote 2—Abbreviation key\n\n| ad = added or inserted                         | orig = original                     |\n| ---------------------------------------------- | ----------------------------------- |\n| am = amended                                   | par = paragraph(s)/subparagraph(s)  |\n| amdt = amendment                               | /sub‑subparagraph(s)                |\n| c = clause(s)                                  | pres = present                      |\n| C[x] = Compilation No. x                       | prev = previous                     |\n| Ch = Chapter(s)                                | (prev…) = previously                |\n| def = definition(s)                            | Pt = Part(s)                        |\n| Dict = Dictionary                              | r = regulation(s)/rule(s)           |\n| disallowed = disallowed by Parliament          | reloc = relocated                   |\n| Div = Division(s)                              | renum = renumbered                  |\n| exp = expires/expired or ceases/ceased to have | rep = repealed                      |\n| Effect                                         | rs = repealed and substituted       |\n| F = Federal Register of Legislation            | s = section(s)/subsection(s)        |\n| gaz = gazette                                  | Sch = Schedule(s)                   |\n| LA = Legislation Act 2003                      | Sdiv = Subdivision(s)               |\n| LIA = Legislative Instruments Act 2003         | SLI = Select Legislative Instrument |\n| (md not incorp) = misdescribed amendment       | SR = Statutory Rules                |\n| cannot be given effect                         | Sub‑Ch = Sub‑Chapter(s)             |\n| mod = modified/modification                    | SubPt = Subpart(s)                  |\n| No. = Number(s)                                | underlining = whole or part not     |\n| o = order(s)                                   | commenced or to be commenced        |\n| Ord = Ordinance                                |                                     |\n\nEndnote 3—Legislation history\n\n| Name                                                                                      | Registration                 | Commencement | Application, saving and transitional provisions |\n| ----------------------------------------------------------------------------------------- | ---------------------------- | ------------ | ----------------------------------------------- |\n| ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716 | 17/8/2021 (see F2021L01128)  | 5/10/2021    | -                                               |\n| ASIC Corporations and Credit (Amendment) Instrument 2023/589                              | 19/10/2023 (see F2023L01401) | 20/10/2023   | -                                               |\n| ASIC Corporations (Amendment) Instrument 2024/554                                         | 5/7/2024 (see F2024L00864)   | 10/7/2024    | -                                               |\n\nEndnote 4—Amendment history\n\n| Provision affected | How affected                                                                            |\n| ------------------ | --------------------------------------------------------------------------------------- |\n| Section 2          | rep. s48D LA (s48D of the LA repeals a provision that provides solely for commencement) |\n| Section 7          | ad. 2023/589                                                                            |\n| Section 8          | ad. 2023/589                                                                            |\n| Section 9          | ad. 2023/589rep. 2024/554                                                               |","sortOrder":6}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-realtime","completionTokens":2331},"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":true,"description":"The instrument originally established basic breach reporting definitions in 2021. Amendments in 2023 (Instrument 2023/589) significantly expanded scope by adding sections 7 and 8, introducing complex exceptions for 'insignificant contraventions' and modified reporting timeframes. A 2024 amendment (Instrument 2024/554) added and subsequently removed section 9, indicating ongoing regulatory refinement beyond the original simple declaration."},"complexity_factors":["Uses 'notional amendments' technique treating primary legislation (Corporations Act and Credit Act) as textually modified","Parallel application to two distinct regulatory regimes with slightly different terminology (financial services vs credit)","Nested conditional logic in section 7 requiring assessment of client impact, financial loss, and single vs multiple reportable situations","Cross-references to external legislative provisions including ASIC Act sections 12DA/12DB and Corporations Act sections 912D, 912DAA, 1041H","Concept of 'underlying circumstances' linking separate contraventions for the 90-day reporting extension","Amendment history showing evolution from simple 2021 declaration to complex 2023/2024 framework with exceptions"],"plain_english_summary":"This instrument changes when financial firms must report breaches to ASIC. It carves out an exception for breaches that only affect a single client (or joint account holders), cause no financial loss, and concern certain misleading/deceptive provisions; removes internal dispute‑resolution breaches from reportable situations; and allows 90 days rather than 30 to report repeat, essentially identical breaches.\n\nIt reduces paperwork for one‑off, harmless errors while preserving reporting for harmful or widespread failures."},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"Yes. The instrument narrows the set of contraventions treated as ‘significant’ for breach‑reporting (adding a new conditional exception for specified misleading/false‑representation contraventions) and creates a limited timing relaxation for repeat, similar reportable situations (30→90 days for later similar events). It also excludes some civil‑penalty contraventions from reporting where specified (ss6–8). These changes reduce the universe of immediate reportable events in defined circumstances and shift judgment to licensees; the instrument is time‑limited (repeal 5 October 2024)."},"complexity_factors":["Cross‑Act modifications: varies Part 7.6 of the Corporations Act and Parts 2–6 of the Credit Act rather than creating standalone rules (modifies s912D, s912DAA; modifies ss50A,50B) (see instrument ss6–8).","Conditional carve‑outs: introduces a multi‑limbed ‘not significant’ test (new subsection (4A)) that depends on probabilistic language — “would only be likely to give rise”, “unlikely to give rise”, “is, or is likely to be” — requiring forward‑looking judgements by licensees (instrument s7).","Narrow subject matter: the carve‑out targets contraventions of specific offences (Corp Act s1041H(1); ASIC Act ss12DA(1), 12DB(1)) and treats joint‑held products separately (instrument s7(4A)).","No‑loss requirement: exemption requires contravention has not resulted in, and is unlikely to result in, any financial loss or damage — loss is relevant notwithstanding remediation (instrument s7(4A)(c)).","Repeat‑event timing exception: extends the reporting window from 30 to 90 days for a current reportable situation whose underlying circumstances are the same or substantially similar to a previously reported situation (instrument s8).","Interplay with other instruments: refers to prior ASIC instrument (Internal Dispute Resolution Instrument 2020/98) and to regulations that may prescribe further civil‑penalty exclusions, creating layered interpretation tasks.","Interpretive notes: the instrument supplies notes defining ‘single reportable situation’ and who is ‘impacted’, but those notes add conditional tests licensees must apply (instrument s7 notes (4B)).","Operational discretion and compliance burden: licensees decide whether the factual thresholds are met (including recklessness and likelihood tests) — this centralises judgement with regulated entities and raises recordkeeping/decision‑documentation needs.","Temporal limit: the instrument is temporary and repeals on 5 October 2024, adding an expiry planning requirement for compliance teams (instrument s3)."],"plain_english_summary":"This instrument changes breach‑reporting rules for Australian financial services and credit licence holders. It narrows which contraventions count as “significant” (excluding certain minor misleading/false‑representation breaches that affect only one client and cause no financial loss), creates limited exceptions for some civil‑penalty contraventions, and allows a 90‑day reporting window for subsequent reportable situations with the same or substantially similar underlying circumstances. The instrument runs until 5 October 2024."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-and-credit-breach-reporting-reportable-situations-instrument-2021-716","history":"/api/acts/asic-corporations-and-credit-breach-reporting-reportable-situations-instrument-2021-716/history","analysis":"/api/acts/asic-corporations-and-credit-breach-reporting-reportable-situations-instrument-2021-716/analysis","conflicts":"/api/acts/asic-corporations-and-credit-breach-reporting-reportable-situations-instrument-2021-716/conflicts","importantCases":"/api/acts/asic-corporations-and-credit-breach-reporting-reportable-situations-instrument-2021-716/important-cases","documents":"/api/acts/asic-corporations-and-credit-breach-reporting-reportable-situations-instrument-2021-716/documents"}}