On 7 June the Financial Sector (Collection of Data) Regulations 2018 (Cth) (the Regulations) were made.  According to the Explanatory Statement to the Regulations, the purpose of the Regulations is to remake the Financial Sector (Collection of Data) Regulations 2008 prior to their ‘sunsetting’.  The Regulations remake the Financial Sector (Collection of Data) Regulations 2008 by updating the language and restructuring provisions to align with current drafting practices.

These changes do not change the substantive meaning or operation of the provisions.

The Regulations commence on 1 October 2018.