Blue Whale – Drawing Timelapse Art Brush Pen
ACCC tasked with drawing up new open banking rules
to get free exclusive access to reports, research and invitation only events.
Accreditation system for data recipients as government moves towards open banking
It will be the role of the Australian Competition and Consumer Commission to determine how a new Consumer Data Right (CDR) will apply to a particular sector of the economy, under draft legislation released today by the government.
The CDR will allow consumers to get access to data held by businesses and share it with third parties, potentially making it easier to compare products or shift to a new service provider.
as part of its response to the Productivity Commission’s data inquiry.
The CDR will “empower customers to use their data for their own benefit,” a statement released by Treasurer Scott Morrison said.
“Customers will determine which data is shared, on what terms and with whom. The Consumer Data Right is a right for customers and not for those who wish to access or use a customer’s data.”
The legislation “will arm Australians with the right information they need to seek better deals on banking products and loans, with further sectors such as energy and telecommunications services to be added over time,” Morrison said.
The government today released an exposure draft of the
Treasury Laws Amendment (Consumer Data Right) Bill 2018
The new framework will have three categories of participant: Consumers, data holders, and accredited data recipients.
The legislation also allows for the designation of a Data Standards Body that will support a Data Standards Chair in setting standards for the format and process by which CDR data needs to be provided to a consumer. Initially, the CSIRO’s Data61 will be the designated DSB.
The ACCC and the Office of the Australian Information Commissioner will be the key regulators of the new system; the former will be tasked with overseeing the system from a competition and consumer perspective, while the latter will be tasked with handling privacy-related complaints.
Under the bill, the minister will be able to designate sectors of the economy that the CDR will apply to (though the ACCC can make recommendations). As part of that process he or she will be required to consider the likely effect on consumers, market efficiency, the privacy of individuals and businesses, competition, the promotion of data-driven innovation as well as the likely regulatory impact.
It will be up to the ACCC, in consultation with the OAIC, to determine how the CDR applies to a particular sector, drawing up rules covering a range of matters, including the disclosure, use, accuracy, storage, security or deletion of data, the accreditation of data recipients, and reporting and record keeping.
Data recipients may have different levels of accreditation, under the legislation. The minister has the power to appoint the Data Recipient Accreditor — initially at least, the ACCC will have the role.
In some circumstances, a consumer will be able to direct that data is provided to a non-accredited entity. An explanatory document released by the government states: “Data that has been derived from CDR data, such as financial reports compiled from transaction data, may also be transferred by a CDR consumer out of the CDR system. For example, to their accountant.”
As part of the creation of the new data-sharing framework, a new series of Privacy Safeguards will be created — each equivalent, but the government says more onerous, but the government says more onerous Blue Whale Line Drawing , for which the government said the CDR as a whole is the equivalent.
The Privacy Safeguards represent the minimum protections for CDR data, with the ACCC able to set additional privacy rules on a sector by sector basis.
Encryption: Has the government stuck to its ‘no backdoors’ pledge?
In his statement, Morrison said: “The government is committed to ensuring that high levels of privacy protection and information security for customer data is embedded in the new regulatory framework. This bill delivers enhanced protections, backed by well-resourced regulators with strong powers.”
The government is conducting a consultation on the exposure draft until 7 September.
Australian Cyber Security Centre moves into new digs
Angelene Falk confirmed as Australia’s new privacy czar
Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.
Membership is free, and your security and privacy remain protected. View our
NBN Co still planning to roll out 100Mbps-capable fixed wireless devices
Telstra blends wireless technologies for new location services
Digital Transformation Agency to store classified data in Microsoft’s cloud
Computerworld Live Webinar | Deep Dive_How to Modernise the Datacentre to Cut Complexity and Cost
Computerworld Live Webinar | Multi-Cloud Architecture at Your Fingertips
Computerworld Live | A new reality: VR moves into business arena
What you should know about facial recognition technology
Southern Cross Cable tracked across NZ's North Island
0 Reviews:
Post Your Review