The Australian Securities and Investments Commission (ASIC) has again extended the period for group purchasing bodies to comply with breach reporting conditions.

The new deadline is December 31 instead of June 30. The original deadline was December 31 last year.

Some group bodies can gain an exemption from the financial services licensing regime and Corporations Act if they hold insurance for the benefit of third parties on a non-commercial basis.

These can include sporting groups and not-for-profit organisations that arrange insurance for players and volunteers.

The breach reporting condition provides that groups relying on the exemption must notify ASIC in writing if they believe they have failed to comply with the conditions in the relief it has given.

The deadline was previously extended to allow more consultation.