ASIC releases API for submitting reportable situations

ASIC has released the Reportable Situations Application Programming Interface (API) for submitting reports under the regime.
The API will improve efficiency for high-volume users submitting notifications under the reportable situations regime.
Licensees and third-party service providers should consider whether the API is appropriate for their business, including investment in the resources, need to operationalize its use.
ASIC’s Reportable Situations Application Programming Interface (API) is now available to licensees who submit a high volume of notifications under the reportable situations regime and third-party providers who submit notifications on behalf of these licensees.

Australian financial services (AFS) licensees and Australian credit licensees are required to submit notifications about reportable situations to ASIC via the ASIC Regulatory Portal and ASIC’s approved form.

The API provides a machine-to-machine interface solution to submit these notifications.

The API will make it easier for high-volume users by removing the need to manually input information into ASIC’s form.

Before requesting access to the API, interested parties should review the Specification Document and User Agreement, complete the development of their own API, and be ready for testing.

As part of its 2022-23 priorities, ASIC is focussing on improving the operation of the reportable situations regime. We are working to improve guidance for licensees on reportable situations to clarify licensee obligations. This work may also lead to minor changes to ASIC’s approved form. These changes and any other subsequent changes to the form may require users of the API to make corresponding changes to their systems. We expect that the systems of licensees and third-party service providers would be able to accommodate such changes.

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