On 2 September 2019, the Australian Competition and Consumer Commission (ACCC) released its proposed rules for the Consumer Data Right (CDR) which will be implemented in the banking sector (Open Banking Rules). The Open Banking Rules incorporate feedback received by the ACCC in a consultation on draft rules released in March 2019.
On 16 October 2019, the Office of the Australian Information Commissioner (OAIC) issued draft Privacy Safeguard Guidelines for the CDR (Draft Guidelines) for consultation. The Draft Guidelines set out how the CDR's Privacy Safeguards (Privacy Safeguards) are intended to apply and to give clarity to the legislation.
The CDR allows consumers to access particular data and to direct the business holding data to securely transfer the data to an accredited person. The CDR is currently set to be rolled out with the banking sector in February 2020 and is known in that sector as 'Open Banking'. The CDR will then be expanded to apply to the energy and telecommunications sectors, with potential expansion into additional sectors in future. Please see further information on the CDR in the April 2019 and October 2019 editions of LegalBytes.