Australia: Competition Commission Consults on Open Banking Rules Framework

On September 12, 2018, the Australian Competition and Consumer Commission (ACCC) launched a public consultation on the Consumer Data Right (CDR) Rules Framework for the implementation of open banking in the domestic market. The initiative is aligned with the parliamentary legislative reform currently in progress, aimed at introducing the CDR framework via the Treasury Laws Amendment (Consumer Data Right) Bill 2018.

As part of the reform, once the bill is passed, the ACCC will be in charge of its implementation. At the current stage, it is developing a regulatory framework for open banking services.

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