Australia: Treasury Launches Second-Round Consultation on Open Banking Designation Instrument

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. This represents the second stage of the consultation on open banking; the first one was held in 2018.

The second stage of the consultation addresses concerns raised in the first stage regarding the “scope of information about the use of a product by carving out information about the use of a product that meets the test of having been materially enhanced”.

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