The Office of the Australian Information Commissioner (OAIC) has issued an update on ARCA‘s application to vary the Credit Reporting Code. Background.
The OAIC has requested that ARCA submit an amended variation application which
While Consumer Data Right (CDR) accredited persons, CDR representatives and service providers are permitted to outsource complex requirements relating to CDR data they receive, there are privacy obligations both for the principal and the outsourced service provider (OSP).
The Office of the Australian Information Commissioner (OAIC) has published guidance on the privacy obligations of both
The Treasurer has announced the terms of reference for a review by the Council of Financial Regulators (CFR) and the ACCC of the role small and medium-sized banks.
The review is in response to the ACCC’s Inquiries into retail deposit products and home loan pricing.
The review will focus on the role small and medium
Treasury has released a consultation paper on the thresholds which will determine which mergers or acquisitions of a target business or asset that have a material connection to Australia must be notified to the Australian Competition and Consumer Commission (ACCC) before completion. Background.
The Government’s merger reform proposal will create a legal obligation for
The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill has been passed by the Senate to require mandatory climate reporting by large companies. Background.
The new laws establish Australia’s climate risk disclosure framework, introducing standardised climate-related financial disclosures.
The Australian Accounting Standards Board will issue internationally‑aligned standards. Large businesses will need to
ASIC has released a report (REP 790) into anti-scam practices of 15 banks and financial services providers outside the four major banks. Background.
From its findings about existing and emerging bank practices in preventing, detecting and responding to scams, ASIC has provided observations for all banks to consider, to minimise the impact
The Australian Prudential Regulation Authority (APRA) has maintained its heightened focus on the cyber resilience of regulated entities in banking, superannuation and insurance.
It has published a list of common issues it has observed in terms of security in configuration management, privileged access management and security testing.
APRA says it expects regulated entities to review
ASIC has updated the 2021 ASIC Corporations and Credit (Reference Checking and Information Sharing Protocol) for financial advisers and mortgage brokers to reflect changes to the Corporations Act and Credit Act made by the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023 to ensure that aggregators would be appropriately subject to reference
The Assistant Treasurer and Minister for Financial Services has announced changes to the Consumer Data Right in order to increase its uptake by streamlining implementation and reducing compliance costs. Background.
The announcement follows the release of the Consumer Data Right compliance costs review report.
The changes include:
Treasury has released Treasury Laws Amendment Instrument 2024: Small Business Exemption (the Draft Regulations) for public comment.
The Regulations will amend the National Consumer Credit Protection Regulations 2010 to extend the existing exemption from responsible lending obligations for small businesses which will expire on 3 October 2024 for a further two years until 3 October
