Form · Financial Services Regulation
Reportable situation (breach) report to ASIC: assessment worksheet and completion guide
Practical guide to deciding whether a reportable situation has arisen, fixing the 30-day clock and preparing every answer for the ASIC Regulatory Portal transaction, with an evidence list and the common traps.
- Kind
- Form. A form to complete, or a guide to completing an official one.
- Where it applies
- Australia
- AI use
- Red Keep AI out of the decisive steps. A lawyer does the work.
- Law stated as at
- 17 October 2026
- Status
- Maintained. Checked against the cited sources on 17 October 2026.
- Version
- 1
- Source
- Link to the official form. Licence: ASIC copyright: CC BY 4.0 applies only to verbatim copies of listed document classes; the report is a prescribed transaction in the ASIC Regulatory Portal. Link only, not reproduced.
Where this comes from
The official form is published by asic.gov.au; this page is a completion guide. Last checked on 2026-10-17.
When to use it
Use when an AFS or credit licensee identifies a possible breach, likely breach, long-running investigation, gross negligence or serious fraud. Do not use it as the report itself: the report is lodged only through ASIC's prescribed online transaction.
How AI may be used
Lawyer-led. The lawyer or compliance owner decides whether there is a reportable situation, when the clock started and what is lodged. AI may only organise the underlying records into a dated chronology and a facts-against-tests table for the lawyer to check.
AI may
- Build a dated chronology from complaint records, system logs, remediation notes and file notes, citing the source of every entry.
- Table the facts against the s 912D tests and significance factors the lawyer has named, leaving every conclusion blank.
- Mark each affected-client count, loss figure or date that has no supporting record.
AI must not
- Must not draft any answer that will be lodged in ASIC's prescribed form.
- Must not decide whether a breach is significant or when the licensee first knew of the reportable situation.
- Must not calculate or diarise the 30-day lodgement deadline without a person checking it.
- Must not process client personal information in a tool whose terms allow the provider to retain it or train on it.
The lawyer checks
- Every date in the chronology against the source record, especially the date someone with authority first had the information.
- Client numbers and loss figures are labelled as estimates where they are not final.
- The significance reasoning is recorded and signed by the accountable person before lodgement.
Method: how the Green, Yellow and Red levels are decided. This is guidance for planning, not legal advice.
Official form
Open the official form. Always use the current version from the issuer. Licence: ASIC copyright: CC BY 4.0 applies only to verbatim copies of listed document classes; the report is a prescribed transaction in the ASIC Regulatory Portal. Link only, not reproduced..
Read the full text
The full text is for signed-in accounts. It is free. When you sign in you can:
- read the whole precedent, with its drafting notes beside it;
- copy it, or download it as a Word file or Markdown;
- add it to your firm’s knowledge base, so colleagues can find it;
- let the AI tools you connect read it from that knowledge base.
The summary, the law it rests on and the AI-use guidance above stay public. Privacy.
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