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Australia: Treasury Seeks Feedback on Draft Legislation Strengthening ASIC Licensing, Enforcement and Investigation Powers
11th Sep 2019 | Written by:
On September 11, 2019, the Treasury released a set of draft legislation for public comment, which implements the recommendations issued by the ASIC Enforcement Review Taskforce Report.
Australia: Treasury Releases Financial Services Royal Commission Implementation Roadmap
19th Aug 2019 | Written by:
On August 19, 2019, the Australian Treasury released its Financial Services Royal Commission Implementation Roadmap, which is part of its commitment to take action on all 76 recommendations...
Australia: Treasury Consults on Financial Institutions Supervisory Levy Methodology
16th Aug 2019 | Written by:
On August 16, 2019, the Australian Treasury launched a consultation on the design and operation of the financial institutions supervisory levies. The discussion paper focuses on the methodology...
Australia: Treasury Consults on Currency (Restrictions on the Use of Cash) Bill 2019
26th Jul 2019 | Written by:
On July 26, 2019, the Australian government launched a public consultation on the Currency (Restrictions on the Use of Cash) Bill 2019, which, as noted in the explanatory memorandum, introduces...
Australia Has Second Attempt At Open Banking Legislation
23rd Jul 2019 | Written by:
The Australian government has said it will re-introduce legislation this week to enable open banking to begin on schedule in February 2020, but its reception from opposition parties remains...
Australia: Treasury Launches Second-Round Consultation on Open Banking Designation Instrument
17th Jun 2019 | Written by:
On June 14, 2019, the Australian Treasury released a consultation paper on the second version of a draft designation instrument for the application of the Consumer Data Right to the banking sector....
Aussie Banks, Fintechs Finally Lay Eyes On Open Banking Rules
1st Apr 2019 | Written by:
The Australian competition regulator has issued draft rules for financial data portability under the proposed Consumer Data Right — the foundational legislation for bringing open banking to the...
Open Banking In Australia Flies Into Political Headwinds
25th Mar 2019 | Written by:
The beginning of open banking in Australia could hit another snag after the opposition Labor Party flagged its intention to propose amendments to a bill establishing a Consumer Data Right.
Australia Consults On Locking Industry Standards Into Law
20th Mar 2019 | Written by:
Voluntary industry codes could gain greater legislative weight in Australia, as the government there is consulting on proposals to give regulators powers to prescribe those standards and enforce...
Australia: Treasury Launches Consultation on Enforceability of Financial Services Industry Codes
19th Mar 2019 | Written by:
On March 18, 2019, the Australian Treasury launched a consultation on the enforceability of financial services industry codes following the commitment of the government to implement Recommendation...
Australia: Government Consults on Proposed Sharing Economy Reporting Regime
18th Mar 2019 | Written by:
On January 23, 2019, the Australian Treasury released a consultation paper regarding the implementation of a reporting regime for sharing economy platform providers, following recommendations...
Watchdogs Savage Australian Open Banking Law As Fintechs Strain At The Leash
5th Mar 2019 | Written by:
Consumer and privacy watchdogs have heavily criticised the draft Australian law to facilitate the launch of open banking in the country, while fintechs eager to move onto legacy banks’ turf urge...
Australia: Government Consults on Draft Privacy Impact Assessment on Consumer Data Right
4th Mar 2019 | Written by:
On December 21, 2018, the Australian government published a draft privacy impact assessment on the Consumer Data Right (CDR), in accordance with the Australian Privacy Principles (APP) Code 2017...
Open Banking Risks Played Down By Government, Australian Banks Claim
25th Jan 2019 | Written by:
Australia’s top representative body for banks has accused the Treasury of underestimating the fraud and cybersecurity risks of data sharing under the country’s proposed open banking regime.
Political Turmoil In Australia Forces Open Banking Delay
3rd Jan 2019 | Written by:
The beginning of Australia’s open banking regime has hit a snag after political turmoil and “complex issues” during consultations forced the competition watchdog to delay the introduction of a...
Australia: Government Consults on Extension of Unfair Contract Term Protections to Small Business
22nd Nov 2018 | Written by:
On November 22, 2018, the Australian government published a consultation paper seeking feedback on the effectiveness of the extension of unfair contract term (UCT) protections to small business....
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