In this edition of FSR GPS, we set out some useful tips to help licensees calculate the 30-day reporting deadline under the ASIC breach reporting regime.
A licensee is required to report to ASIC within 30 days after it first knows that, or is reckless with respect to whether, there are reasonable grounds to believe a reportable situation has arisen. However, the legislation actually explains that this deadline is calculated by reference to the interpretive rules contained in the Acts Interpretation Act 1901 (Cth) as at 1 January 2005 (Acts Interpretation Act). These rules, together with rules in the Corporations Act, can often give licensees some flexibility by enabling an extension of the reporting deadline.
Case study: 3 days added to the reporting deadline
If a licensee located in NSW first knows that there are reasonable grounds to believe a reportable situation has arisen on Thursday 31 August 2023, the last day they could lodge a breach report consistently with the requirements of the breach reporting regime would be Tuesday 3 October 2023 instead of Saturday 30 September.
Although the 30th calendar day after 31 August is Saturday 30 September, the deadline does not occur until Tuesday because the deadline cannot fall on a Saturday or a Sunday, and Monday 2 October 2023 is a public holiday in NSW.