SMSF Association Submission
The SMSF Association welcomes the opportunity to provide a submission on ASIC’s Consultation
Paper 340: Breach Reporting.
We refer to recent roundtables and other industry engagement undertaken by ASIC which included
discussions on the improvement of ASIC regulatory guides and how to make them more user
friendly, understandable and engageable, including the need for more, practical real world case
studies and examples.
Despite the engagement and work already undertaken by ASIC, in our view, the outcome of this
draft is a very legalistic style of document.
The ASIC website states the purpose of its regulatory guides:
Regulatory guides give guidance to regulated entities by:
- Explaining when and how ASIC will exercise specific powers under legislation (primarily the Corporations Act)
- Explaining how ASIC interprets the law
- Describing the principles underlying ASIC’s approach
- Giving practical guidance (for example, describing the steps of a process such as
applying for a licence or giving practical examples of how regulated entities may
decide to meet their obligations).