The Australian Banking Association had asked ASIC to clarify whether it had to update the regulator with a new breach report if it found further instances of the issue arising from the same root cause or breaching the same obligation.
“An approach that requires licensees to report each subsequent individual instance would only exacerbate the likely problem of a large volume of reports, making it difficult for ASIC and licensees to focus on the significant issues,” the ABA said in its submission.

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