7.2 — Implementation of recommendations

The recommendations of the ASIC Enforcement Review Taskforce made in December 2017 that relate to selfreporting of contraventions by financial services and credit licensees should be carried into effect.

Government Response

The Government agrees to implement the outstanding ASIC Enforcement Review recommendations to improve the breach reporting regime. The Government also agrees to provide ASIC with powers to give directions to AFSL and ACL holders consistent with the recommendations of the ASIC Enforcement Review.

The ASIC Enforcement Review Taskforce also made recommendations relating to the enforceability of industry codes, which is covered by the Government’s response to Recommendation 1.15.