---
title: "Reportable situation (breach) report to ASIC: assessment worksheet and completion guide"
url: "https://ailawframework.com/precedents/financial-services-regulation/reportable-situation-report"
type: "precedent"
site: "AI Law Framework"
id: "a28-reportable-situation-report"
area_id: "A28"
kind: "form"
ai_level: "red"
version: 1
law_stated_as_at: "2026-10-17"
---

# 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.

Canonical page: https://ailawframework.com/precedents/financial-services-regulation/reportable-situation-report  
Law stated as at: 2026-10-17

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

- Kind: Form. A form to complete, or a guide to completing an official one.
- Practice area: [Financial Services Regulation](https://ailawframework.com/precedents/financial-services-regulation.md)
- Jurisdictions: Australia
- AI level: Red. Keep AI out of the decisive steps. A lawyer does the work.
- Law stated as at: 2026-10-17
- Status: Maintained. Checked on 2026-10-17 against the official form at asic.gov.au and the 6 authorities it cites, for Australia.

## 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.

## Authorities

- [Corporations Act 2001 (Cth) s 912D (meaning of reportable situation; core obligations; significance)](https://www.legislation.gov.au/C2004A00818/latest/text)
- [Corporations Act 2001 (Cth) s 912DAA (obligation to lodge within 30 days, prescribed form)](https://www.legislation.gov.au/C2004A00818/latest/text)
- [Corporations Act 2001 (Cth) ss 912DAB, 912DAD, 912EA, 912EB (reports about other licensees, publication, client notification and investigation)](https://www.legislation.gov.au/C2004A00818/latest/text)
- [National Consumer Credit Protection Act 2009 (Cth) ss 50A, 50B, 50C, 51A, 51B](https://www.legislation.gov.au/C2009A00134/latest/text)
- [ASIC Regulatory Guide 78 Breach reporting by AFS licensees and credit licensees (issued 19 December 2023, updated February 2026)](https://www.asic.gov.au/regulatory-resources/find-a-document/regulatory-guides/rg-78-breach-reporting-by-afs-licensees-and-credit-licensees/)
- [ASIC, How to submit a reportable situation (Regulatory Portal guidance)](https://www.asic.gov.au/regulatory-resources/financial-services/reportable-situations-for-afs-and-credit-licensees/how-to-submit-a-reportable-situation)

## Official form

[Official form](https://www.asic.gov.au/regulatory-resources/financial-services/reportable-situations-for-afs-and-credit-licensees)

## 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.

## Full text and drafting notes

The full text and the drafting notes are not part of this public page. Signed-in firm accounts can read them at https://ailawframework.com/precedents/financial-services-regulation/reportable-situation-report and through the signed-in MCP connector https://ailawframework.com/mcp/firm.

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*