Explanatory Statement
Issued by authority of the TreasurerFinancial Sector Reform (Hayne Royal Commission Response - Breach Reporting and Remediation) Regulations 2021
Corporations Act 2001
National Consumer Credit Protection Act 2009
Corporations (Fees) Act 2001
National Consumer Credit Protection (Fees) Act 2009
The Corporations Act 2001 (Corporations Act) provides for the regulation of corporations and financial services. The National Consumer Credit Protection Act 2009 (Credit Act) establishes a national consumer credit regime that provides for the regulation of credit activities. The Corporations (Fees) Act 2001 (Corporations Fees Act) and the National Consumer Credit Protection (Fees) Act 2009 (Credit Fees Act) impose fees for matters under the Corporations Act and the Credit Act respectively.
Section 1364 of the Corporations Act, section 329 of the Credit Act, section 8 of the Corporations Fees Act and section 10 of the Credit Fees Act provide that the Governor-General may make regulations prescribing matters required or permitted by the respective Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the respective Act.
The purpose of the Financial Sector Reform (Hayne Royal Commission Response - Breach Reporting and Remediation) Regulations 2021 (the Regulations) is to support the amendments in Schedule 11 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (the Act).
Schedule 11 to the Act implements the Government's response to recommendations 1.6, 2.8 and 7.2 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry by:
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- clarifying and strengthening the breach reporting regime for financial services licensees in the Corporations Act;
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- introducing a comparable breach reporting regime for credit licensees in the Credit Act; and
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- requiring financial services licensees and credit licensees to report serious compliance concerns about financial advisers and mortgage brokers respectively.
To support these amendments, the Regulations amend the Corporations Regulations 2001, the National Consumer Credit Protection Regulations 2010, the Corporations (Fees) Regulations 2001 and the National Consumer Credit Protection (Fees) Regulations 2010 to:
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- prescribe civil penalty provisions and key requirements that are not taken to be significant (and therefore may not be reportable) under the relevant breach reporting regime if those provisions are contravened;
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- ensure certain breach reporting offences and civil penalty provisions are subject to an infringement notice; and
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- make minor and technical amendments, including updating references to the Corporations Act.
Public consultation on the draft Regulations and explanatory materials was held between 10 March 2021 and 9 April 2021. Nineteen submissions were received in response to the public consultation from the banking, insurance, superannuation, funds management, financial advisers, mortgage brokers and legal sectors.
As a result of the consultation, additional civil penalty provisions and key requirements (that are not automatically taken to be significant if contravened) were prescribed. Prescribing these additional provisions ensure that minor and technical breaches of the provisions are not within the scope of the relevant breach reporting regime, thereby reducing the reporting burden on industry.
The respective Acts do not specify any conditions that need to be met before the power to make the Regulations may be exercised.
Details of the Regulations are set out in Attachment A .
The Regulations are a legislative instrument for the purposes of the Legislation Act 2003.
The Regulations commence on the later of the day after registration and immediately after the commencement of Schedule 11 to the Act, which is 1 October 2021.
A Statement of Compatibility with Human Rights is at Attachment B .
The Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has been certified as being informed by a process and analysis equivalent to a Regulation Impact Statement for the purposes of the Government decision to implement this reform. The Final Report can be accessed at this link:
ATTACHMENT A
Details of the Financial Sector Reform (Hayne Royal Commission Response - Breach Reporting and Remediation) Regulations 2021
Section 1 - Name
The name of the instrument is the Financial Sector Reform (Hayne Royal Commission Response - Breach Reporting and Remediation) Regulations 2021 (the Regulations).
Section 2 - Commencement
The Regulations commence on the later of the day after registration and immediately after the commencement of Schedule 11 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020.
Section 3 - Authority
The Regulations are made under the Corporations Act 2001 (Corporations Act), the National Consumer Credit Protection Act 2009 (Credit Act), the Corporations (Fees) Act 2001 (Corporations Fees Act) and the National Consumer Credit Protection (Fees) Act 2009 (Credit Fees Act).
Section 4 - Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
Schedule 1 - Amendments
Amendments to the Corporations Regulations 2001
Civil penalty provisions that are not taken to be significant if contravened
Item 8 prescribes the following civil penalty provisions for the purposes of paragraph 912D(4)(b) of the Corporations Act:
| Provision | Description |
| Corporations Act 2001 | |
| 798H(1) | Failure to comply with the market integrity rules |
| 901E(1) | Failure to comply with the derivative transaction rules |
| 922M(5) | Failure to notify Australian Securities Investment Commission (ASIC) in relation to relevant providers |
| 941A(3) | Failure by licensee to give a person a Financial Services Guide (FSG) if the licensee provides a financial service to the person as a retail client |
| 941B(4) | Failure by authorised representative to give a person a FSG if the authorised representative provides a financial service to the person as a retail client or the FSG is provided when it has not been authorised by the licensee |
| 962G(4) | Failure by fee recipient to give client a fee disclosure statement in relation to an ongoing fee arrangement |
| 962S(5) | Failure by fee recipient to get written consent from an account holder and provide a copy to the account provider before arranging to deduct ongoing fees from the account |
| 962S(8) | Failure by fee recipient to refuse payment from a client's account of fees if the consent has been varied or withdrawn |
| 962U(3) | Failure by fee recipient to give written confirmation to the account holder that their consent withdrawal or variation notice was received or provide a copy of the consent withdrawal or variation to the account provider |
| 962V(3) | Failure by fee recipient to give notice of cessation of consent by the account holder to account provider |
| 981B(3) | Failure to ensure money is paid into an account that satisfies specified requirements |
| 981C(2) | Failure to comply with regulations dealing with matters relating to accounts that are maintained for the purposes of paying clients' money into the account and paying money out of that account |
| 1012A(5) | Failure to give a Product Disclosure Statement (PDS) when giving personal advice recommending a particular financial product |
| 1012B(6) | Failure to give a PDS in situations relating to the offer and issue of financial products |
| 1012C(11) | Failure to give a PDS in situations relating to the sale of financial products |
| 1017BA(4B) | Failure by trustee of a regulated superannuation fund to make product dashboard information publicly available on the fund's website |
| 1017BB(5AA) | Failure by trustee of a regulated superannuation fund to have information relating to investment assets publicly available on the fund's website |
| 1021E(8) | Giving a defective disclosure document or statement (including a defective PDS or supplementary PDS) |
| 1021G(3) | Failure by licensee to take reasonable steps to ensure its authorised representative gives or communicates disclosure documents or statements as and when required |
| 1101AC | Failure to comply with enforcement code provisions of an approved code of conduct if the person holds out that they comply with the approved code of conduct |
| Other legislation | |
| All civil penalty provisions that cover conduct relating to the provision of financial services in the:
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This means that a breach of any of these civil penalty provisions is not taken to be significant for the purposes of paragraph 912D(4)(b) of the Corporations Act.
However, such a breach may still be significant and reportable under the breach reporting regime if one of the other circumstances in the deemed significance test in subsection 912D(4) apply, or if the breach is otherwise significant under the test in subsection 912D(5) of the Corporations Act.
For example, if a financial services licensee contravenes subsection 941A(3) of the Corporations Act by failing to give a FSG to a person as required, that contravention is not taken to be significant for the purposes of paragraph 912D(4)(b) of the Corporations Act. However, if that breach results in or is likely to result in material loss or damage to the person (to whom the licensee provides the financial service), the breach would be taken to be significant under paragraph 912D(4)(d) of the Corporations Act. Therefore, the financial services licensee would need to report the breach to ASIC within the required timeframe.
A breach of a prescribed civil penalty provision is not intended to be reportable under the breach reporting regime merely because it may also amount to a breach of the broad civil penalty provision in subsection 912A(5A) (relating to the general obligations). This would otherwise undermine the rationale for prescribing these civil penalty provisions, which is set out below.
The rationale for prescribing these civil penalty provisions is:
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- a breach of these provisions may be minor, technical, or inadvertent in nature;
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- given the frequency with which these documents must be provided (where relevant), it is possible minor, technical, or inadvertent breaches (that would not otherwise be significant) would result in a large regulatory burden if they were deemed automatically significant; and
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- more material breaches of these provisions would be captured by the other limbs of the deemed significant test in subsection 912D(4) or by the test in subsection 912D(5) of the Corporations Act.
Breach reporting offences and civil penalty provisions that are subject to an infringement notice
Item 9 prescribes the offences in subsections 912DAA(1) and 912DAC(1) of the Corporations Act as being subject to an infringement notice. The offence in subsection 912DAA(1) relates to a failure by a financial services licensee to report a reportable situation to ASIC within the required timeframe and in the prescribed form where there are reasonable grounds to believe the reportable situation has arisen in relation to the licensee. The offence in subsection 912DAC(1) relates to a failure by a financial services licensee to notify ASIC as soon as practicable that the licensee has become a participant in a licensed market or a licensed clearing and settlement (CS) facility, or ceases to be such a participant.
Item 10 prescribes the civil penalty provision in subsection 912DAB(8) of the Corporations Act as being subject to an infringement notice. This civil penalty provision applies if a financial services licensee fails to either lodge a breach report about a financial adviser that is engaged by another licensee to ASIC, or provide a copy of that report to the other licensee, as required.
Prescribing these offences and the civil penalty provision as being subject to an infringement notice is appropriate as there may be a high volume of contraventions (ranging in severity) of these provisions. The Attorney-General's Department's A Guide to Framing Commonwealth Offences, Infringement Notices and Enforcement Powers highlights failing to comply with reporting obligations as an example of a case where issuing infringement notices may be appropriate.
Minor contraventions of these provisions may be caused by poor internal processes. Where this is the case, the use of an infringement notice may lead to a faster rectification of processes, as licensees are put on notice by ASIC sooner.
The ability to give an infringement notice (along with the other existing enforcement options) gives ASIC sufficient flexibility to pursue the most appropriate action in each case, which will depend on its assessment of various considerations. This approach is also consistent with the consequences that applied in relation to the former breach reporting regime (being the regime that is replaced with the amendments in Schedule 11 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (the Act)).
Minor and technical amendments
Item 3 repeals paragraph 1.0.05A(2)(b) of the Corporations Regulations 2001 (Corporations Regulations). This paragraph provides that a breach report may be lodged with ASIC in the prescribed form. However, under the new breach reporting regime, breach reports must be lodged with ASIC in the prescribed form. Paragraph 1.0.05A(2)(b) of the Corporations Regulations is therefore repealed as it has been superseded by the new requirements in the Corporations Act.
Item 3 also repeals paragraph 1.0.05A(2)(c) of the Corporations Regulations and substitutes it with a new paragraph to update the reference to the Corporations Act. This reflects that Schedule 11 to the Act repealed section 912D of Corporations Act and replaced it with new provisions, so former subsection 912D(2) was replaced with subsection 912DAC(1). These provisions require financial services licensees to notify ASIC when the licensee becomes a participant in a licensed market or a licensed CS facility (or ceases to be such a participant). New paragraph 1.0.05A(2)(b) of the Corporations Regulations provides that such a notice may be lodged with ASIC in the prescribed form. There are no substantive changes to the operation of this provision as a result of this change.
Similarly, item 5 amends regulation 7.6.02A of the Corporations Regulations by updating the reference to subparagraph 912D(1)(a)(iii) to paragraph 912D(3)(c). This regulation specifies Commonwealth legislation for the purposes of the breach reporting regime. The provisions of the specified Commonwealth legislation are considered to be core obligations under the breach reporting regime, in so far as they cover conduct relating to the provision of financial services. Significant breaches or likely breaches of core obligations (or investigations into whether such a matter has or will occur) are required to be reported under the new breach reporting regime. There are no substantive changes to the operation of this provision as a result of this change.
Item 6 repeals paragraph 7.6.02A(ac) of the Corporations Regulations, which specifies the Clean Energy Act 2011 as such a Commonwealth legislation. This reflects that the Clean Energy Act 2011 was repealed in 2014.
Item 7 amends paragraph 7.6.02A(d) to update the reference to the Financial Sector (Transfer and Restructure) Act 1999, as the short title of that Act was amended by the Financial Sector Legislation Amendment (Crisis Resolution Powers and Other Measures) Act 2018.
Item 4 is a consequential amendment that takes into account new subregulation 7.6.02A(2) of the Corporations Regulations, which prescribes the civil penalty provisions that are not taken to be significant for the purposes of paragraph 912D(4)(b) of the Corporations Act.
Application
The former breach reporting regime will continue to have some application on and after 1 October 2021. In particular, the application provisions in Schedule 11 to the Act provides that the former breach reporting regime continues to apply in relation to breaches and likely breaches that occurred before 1 October 2021, if, before 1 October 2021, the licensee knew the breach or likely breach occurred.
Item 11 ensures the provisions that are repealed by the Regulations continue to apply in relation to the former breach reporting regime in these circumstances. This mirrors the application provisions relating to the Corporations Act amendments in Schedule 11 to the Act.
Amendments to the National Consumer Credit Protection Regulations 2010
Provisions that are not taken to be significant if contravened
Item 13 prescribes the following civil penalty provisions for the purposes of paragraph 50A(4)(b) of the Credit Act:
| Provision | Description |
| National Consumer Credit Protection Act 2009 | |
| 52(2) | Obligation to cite the licensee's Australian credit licence number in a document of a kind prescribed by the regulations |
| 53(1) | Obligation to lodge an annual compliance certificate |
| 53(4) | Obligation to ensure an annual compliance certificate is lodged |
| 71(1) | Obligation to notify ASIC when credit representative is authorised |
| 71(2) | Obligation to notify licensee of sub-authorisation |
| 71(4) | Obligation to notify ASIC of change in details of credit representative |
| 88(1) | Obligation to keep financial and other records as required |
| 113(1) | Obligation to give a consumer the licensee's credit guide before providing credit assistance to the consumer in relation to a credit contract |
| 120(1) | Obligation to give preliminary assessment to consumer in relation to credit assistance quote if requested |
| 124B(1) | Obligation to display information as required and ensure website complies with prescribed requirements if the licensee represents that the licensee provides credit assistance in relation to small amount credit contracts |
| 126(1) | Obligation to give a consumer the licensee's credit guide when it becomes apparent the licensee will enter into a credit contract with the consumer |
| 127(1) | Obligation to give a debtor the licensee's credit guide after the licensee is assigned any rights or obligations of a credit provider under the credit contract |
| 132(2) | Obligation to give a copy of the assessment to a consumer in relation to credit contracts if requested |
| 133AC(2) | Obligation to ensure the licensee's website can generate a Key Facts Sheet if the licensee has a website that can be used to apply for or make an inquiry about one or more standard home loans of the licensee |
| 133AD(2) | Obligation to provide Key Facts Sheet or other required information to a consumer for a standard home loan of the licensee |
| 133AE(2) | Obligation to tell a consumer what information the licensee needs to prepare the Key Facts Sheet for a standard home loan |
| 133BC(1) | Obligation to ensure an application form for a credit card contract includes an up-to-date Key Facts Sheet |
| 133BD(1) | Obligation to not enter into credit card contract unless Key Facts Sheet has been provided |
| 133BFA(2) | Obligation to establish and maintain a website with the capacity for a consumer to request a reduction of their credit limit |
| 133BJ(1) | Obligation to keep a record of consents and withdrawals relating to the imposition of fees, charges, or higher rate of interest because credit card was used in excess of the credit limit |
| 133BU(2) | Obligation to establish and maintain a website with the capacity for a consumer to request termination of their credit card contract |
| 133CR(1) | Obligation on eligible licensees to supply mandatory credit information on 50 per cent of their eligible credit accounts to eligible credit reporting bodies |
| 133CR(3) | Obligation on eligible licensees to supply mandatory credit information on the remainder of their eligible credit accounts to eligible credit reporting bodies |
| 133CU(1) | Obligation on certain licensees to make ongoing supplies of mandatory credit information |
| 133DC(2) | Obligation to make reverse mortgage information statement available through website |
| 133DD(2) | Obligation to give consumer a reverse mortgage information statement |
| 133DE(1) | Obligation to not use the term 'reverse mortgage' or a similar term when offering to provide a credit service to a consumer about a credit contract or mortgage |
| 133DE(2) | Obligation on credit providers to not use the term 'reverse mortgage' or a similar term when offering to provide a credit service to a consumer about a credit contract or mortgage |
| 136(1) | Failure to give a consumer the licensee's credit guide when it becomes apparent the licensee is likely to provide credit assistance to the consumer in relation to a consumer lease |
| 143(1) | Failure to give a preliminary assessment to a consumer if requested |
| 149(1) | Failure to give a consumer the licensee's credit guide after it becomes apparent the licensee is likely to enter into a consumer lease with the consumer |
| 150(1) | Failure to give a lessee the licensee's credit guide after the licensee is assigned any rights or obligations of a lessor under the consumer lease |
| 155(2) | Obligation to give a copy of the assessment to the consumer after the consumer lease has been entered into, if requested |
| 158(1) | Failure to give the credit representative's credit guide |
| 160(1) | Failure to give a debtor the licensee's or credit representative's credit guide after the licensee or credit representative becomes authorised to collect repayments by the debtor on behalf of the credit provider |
| 160(2) | Failure to give a lessee the licensee's or credit representative's credit guide after the licensee or credit representative becomes authorised to collect payments by the lessee on behalf of the lessor |
| 160B(1) | Obligation to not use terms 'independent', 'impartial' or 'unbiased' or similar in representations to a consumer when offering to provide a credit service to the consumer |
| 160C(1) | Obligation to not use terms 'financial counsellor' or 'financial counselling' or similar in representations to a consumer when offering to provide a credit service to the consumer |
| 238D | Obligation to comply with enforcement code provisions of an approved code of conduct if the person holds out that they comply with the approved code of conduct |
| 174(3) of the Code | Obligation for consumer lease to contain specified matters |
| Other legislation | |
| All civil penalty provisions in all Commonwealth legislation covered by paragraph (d) of the definition of credit legislation (in so far as it covers conduct relating to credit activities) | |
| Provision | Description |
| Key requirements - National Credit Code | |
| 17(3) | Requirement to include amount of credit to be provided in credit contract |
| 17(4) | Requirement to include annual percentage rate or rates under the contract in the credit contract (other than a small amount credit contract) |
| 17(5) | Requirement to include method of calculation of interest charges payable under the contract in the credit contract (other than a small amount credit contract) |
| 17(6) | Requirement to include total amount of interest charges payable under the contract in the credit contract (other than a small amount credit contract) |
| 17(8)(a) and (b) | Requirement to include information about credit fees and charges that are or may become payable under the contract in the credit contract |
| 17(9) | Requirement to include information about changes that affect interest and credit fees and charges under the contract in the credit contract |
| 17(11) | Requirement to include information about the default rate of interest under the contract in the credit contract |
| 17(15)(a) and (b) | Requirement to include information about insurance financed under the contract in the credit contract |
| 17(15A) | Requirement to include provisions if a person other than the debtor can occupy the reverse mortgaged property under the contract for a reverse mortgage in the credit contract |
| 34(6) | Requirement to include information about interest charges in the statement of account |
| 35 | Requirement to ensure opening balance in each successive statement of account does not exceed the closing balance in the last statement of account |
This means that a breach of any of these civil penalty provisions and key requirements is not taken to be significant for the purposes of paragraph 50A(4)(b) or 50A(4)(c) of the Credit Act respectively.
However, such a breach may still be significant and reportable under the breach reporting regime if one of the other circumstances in the deemed significance test in subsection 50A(4) apply, or if the breach is otherwise significant under the test in subsection 50A(5) of the Credit Act.
For example, if a credit licensee fails to give a consumer the licensee's credit guide before providing credit assistance to the consumer in relation to a credit contract (as required under subsection 113(1)), that breach is not taken to be significant for the purposes of paragraph 50A(4)(b) of the Credit Act. However, if that breach results in or is likely to result in material loss or damage to a credit activity client of the licensee, then the breach would be taken to be significant under paragraph 50A(4)(e). Therefore, the breach would need to be reported to ASIC within the required timeframe.
A breach of a prescribed civil penalty provision or key requirement is not intended to be reportable under the breach reporting regime on the basis that it may also amount to a breach of the civil penalty provision in subsection 47(4) (relating to the general conduct obligations). This would otherwise undermine the rationale for prescribing the civil penalty provisions, which is set out below.
The rationale for prescribing these provisions is:
- •
- a breach of these provisions may be minor, technical, or inadvertent in nature;
- •
- given the frequency with which these documents must be provided (where relevant), it is possible minor, technical, or inadvertent breaches (that would not otherwise be significant) would result in a large regulatory burden if they were deemed automatically significant; and
- •
- more material breaches of these provisions would be captured by the other limbs of the deemed significant test in subsection 50A(4) or by the test in subsection 50A(5) of the Credit Act.
Breach reporting offences and civil penalty provisions that are subject to an infringement notice
Item 14 prescribes the offence in subsection 50B(2) of the Credit Act as being subject to an infringement notice. This offence relates to a failure by a credit licensee to report a reportable situation to ASIC within the required timeframe where there are reasonable grounds to believe the reportable situation has arisen in relation to the licensee.
Item 15 prescribes the civil penalty provisions in subsections 50C(1) and (5) of the Credit Act as being subject to an infringement notice. These civil penalty provisions apply if a licensee fails to either lodge a breach report with ASIC about a mortgage broker that is engaged by another licensee, or provide a copy of that report to the other licensee, as required.
Prescribing this offence and these civil penalty provisions as being subject to an infringement notice is appropriate as there may be a high volume of contraventions (ranging in severity) of these provisions. The Attorney-General's Department's A Guide to Framing Commonwealth Offences, Infringement Notices and Enforcement Powers highlights failing to comply with reporting obligations as an example of a case where issuing infringement notices may be appropriate.
Minor contraventions may be caused by poor internal processes. Where this is the case, the use of infringement notices may lead to a faster rectification of processes, as licensees are put on notice by ASIC sooner.
The ability to give an infringement notice (along with the other existing enforcement options) provides ASIC sufficient flexibility to pursue the most appropriate action in each case, which will depend on its assessment of various considerations. These options are consistent with the options that apply in relation to the breach reporting regime in the Corporations Act.
Other amendments
Item 2 updates the reference in the table in clause 1 of Schedule 1 to the Corporations (Fees) Regulations 2001 to confirm that financial services licensees are not required to pay a fee on lodging a breach report.
As the former breach reporting regime in the Corporations Act will continue to have some application on and after 1 October 2021, item 1 ensures the existing reference in clause 1 of Schedule 1 to the Corporations (Fees) Regulations 2001 which is being repealed continues to apply in relation to the former breach reporting regime, to the extent that regime applies.
Item 12 inserts a new item in the table in clause 1 of Schedule 1 to the National Consumer Credit Protection (Fees) Regulations 2010 to specify that credit licensees are not required to pay a fee on lodging a breach report.
ATTACHMENT B
Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
Financial Sector Reform (Hayne Royal Commission Response - Breach Reporting and Remediation) Regulations 2021
This Legislative Instrument is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview of the Legislative Instrument
The Financial Sector Reform (Hayne Royal Commission Response - Breach Reporting and Remediation) Regulations 2021 (the Regulations) support the amendments in Schedule 11 to the Financial Sector Reform (Hayne Royal Commission Response) Act 2020 (the Act).
Schedule 11 to the Act implements the Government's response to recommendations 1.6, 2.8 and 7.2 of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry by:
- •
- clarifying and strengthening the breach reporting regime for financial services licensees in the Corporations Act;
- •
- introducing a comparable breach reporting regime for credit licensees in the Credit Act; and
- •
- requiring financial services licensees and credit licensees to report serious compliance concerns about financial advisers and mortgage brokers respectively.
To support these amendments, the Regulations amend the Corporations Regulations 2001, the National Consumer Credit Protection Regulations 2010, the Corporations (Fees) Regulations 2001 and the National Consumer Credit Protection (Fees) Regulations 2010 to:
- •
- prescribe civil penalty provisions and key requirements that are not taken to be significant (and therefore may not be reportable) under the relevant breach reporting regime if those provisions are contravened;
- •
- ensure certain breach reporting offences and civil penalty provisions are subject to an infringement notice; and
- •
- make minor and technical amendments, including updating references to the Corporations Act.
Human rights implications
The Regulations do not engage any of the applicable rights or freedoms.
Conclusion
The Regulations are compatible with human rights as it does not raise any human rights issues.