The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have released a new online breach reporting system to make the process easier for dual-regulated entities.

The online system not only makes reporting breaches simpler, it also reduces duplication from those institutions that come under both regulators.

The system has previously only been made available to the superannuation industry.

APRA spokesman Stuart Snell told insuranceNEWS.com.au that when institutions need to report a breach they can now do so “in one place, through one system and online” even if it needs to be reported to both ASIC and APRA.

The new initiative comes after the Financial Sector Legislation Amendment (Simplifying Regulation and Review) Act 2007 passed through Parliament.

“What the amendment does is introduce common definitions about what needs to be reported as a breach to both ASIC and APRA, with the purpose of making them clearer and easier to understand for entities,” Mr Snell said.