
Publication
BC legislature update – themes of truth, reconciliation, and transparency
The BC NDP government has introduced two changes to employment law in this session of the legislature.
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Australia | Publication | June 24, 2019
Following the re-election of the Morrison Government, the Consumer Data Right (CDR) for the Australian banking sector is imminent. From 1 July 2019, the four major Australian banks are expected to publish generic product information by way of an application programming interface (API). The API will allow data to be read by a computer so products can be easily compared.
Last month, NRF hosted a Financial Institutions Symposium where attendees gained insights from four CDR experts on the proposed regime. The panellists agreed that in ensuring the CDR achieves its purpose, the Government must balance the competing interests of all parties who will be affected by the new regime. CDR will allow Australians to access their own financial data and share it with accredited data recipients, with the aim to facilitate and encourage more competition in the banking sector. While a simple proposition, the introduction of the regime is accompanied by tensions from a privacy and competition law perspective, in addition to the technology challenges of security and the ability of different systems across the industry being able to “talk” to each other.
Notwithstanding that the legislation underpinning the regime is yet to be passed by parliament1, the steps to finalising the CDR regime are now underway. It is expected that the law will be passed in the coming months and open banking will be in full effect from 1 February 2020. Banks should be ready by to share data by 1 July 2019. For those wishing to profit from the potential increase in consumers seeking to benefit from a streamlined approach to information sharing, being ready for when a potential customer seeks to have their information transferred is critical.
The ACCC will perform the role of the CDR Registrar and will maintain the Register of Accredited Persons (the Register) who have been granted accreditation as an Accredited Data Recipient. The ACCC is currently seeking feedback in relation to the design of the Register to ensure it meets the needs of the CDR ecosystem. The ACCC also intends to consult on other aspects of the CDR Register by the end of June 2019, including: (i) business and technical design principles; (ii) security profile and certificate management; and (iii) caching and refreshing of Register metadata2.
Our Financial Institutions Symposium CDR panellists agreed that, for the CDR to be an effective regime, consumers must have complete confidence and trust that their data will be used appropriately. All panellists agreed that the framework effectively facilitates this. Financial Institutions wishing to take advantage of the regime should take steps now – a CDR regime is imminent.
Publication
The BC NDP government has introduced two changes to employment law in this session of the legislature.
Publication
The Government of Canada recently released the Regulations Amending Certain Regulations Concerning the Disclosure of Cosmetic Ingredients (the Amending Regulations) in Canada Gazette, which is now open for public comment until April 22, 2023.
Publication
On March 14, the BC government revamped its framework for proposed LNG facilities in the province. Under this new framework, proposed LNG facilities (i.e., those currently in or entering the provincial environmental assessment process) must pass an emissions test and must have a “credible plan” to reach net-zero emissions by 2030.
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