The Government has registered the Competition and Consumer Amendment (Consumer Data Right Measures No. 1) Regulations 2022 to give non-major authorised deposit-taking institutions (ADIs) an extra 3 months to implement joint account data sharing, before their Consumer Data Right (CDR) obligations commence. Background.
There is no change to the proviso that any joint account holder may withdraw a consent for data sharing on an account at any time.
The new commencement date of 1 October 2022 gives non-major ADIs sufficient time to build the information technology infrastructure required to comply with obligations that had been scheduled to commence on 1 July 2022.
The Regulations apply only to non-major ADIs, and amend the timetable for the roll-out of CDR obligations only in relation to joint accounts.
The regulation amends the timetable in subclause 6.6(1) of Schedule 3 to the Competition and Consumer (Consumer Data Right) Rules 2020.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
