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Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Australia | Publication | October 2023
On 12 October 2023, the Government introduced the Information Privacy and Other Legislation Amendment Bill 2023 (Bill) to Queensland Parliament which, amongst other things, establishes a mandatory data breach notification scheme (MDBN Scheme) in Queensland. The Bill is consistent with the recommendations in the Coaldrake Review and is currently under consideration by the Education, Employment and Training Committee.
It is unclear when the Bill will pass, however, if enacted, the MDBN Scheme will apply to all Queensland state and local government agencies that are subject to the Information Privacy Act 2009 (Qld) (Privacy Act). Notably, the Queensland government will take a phased approach to implement the MDBN Scheme and local councils will be subject to a 12-month transition period to mitigate the resourcing impacts and costs involved to comply with the scheme.
Non-compliance with the MDBN Scheme may result in a privacy complaint being made to the Minister, compliance action under the Privacy Act or an order by the Queensland Civil and Administrative Tribunal for compensatory payments to the individual affected.
If you have any queries in respect to the potential effect of the MDBN Scheme, please feel free to contact:
Publication
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Publication
Our report last year included a summary of the Premier League’s profit and sustainability rules (PSR) and discussed both how owners have reacted to the rules and our predictions for the likely impact on future ownership of Premier League clubs.
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Most incidents handled by our Norton Rose Fulbright cyber team originate from the customer’s service provider. In many cases it is the service provider’s systems, infrastructure and environment which proves to be the most vulnerable to cyber breaches and security issues.
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