The Consumer Data Right (CDR), a regime comprising legislation, rules and standards, is in the process of being implemented in Australia.
The objective of the CDR is to provide ‘CDR consumers’ (both individuals and businesses) with a right to access, and direct accredited third parties (ADRs) to access and use, information held about that consumer by a data holder.
The CDR regime recognises the value and utility of data to both businesses and individuals, and is reflective of regulatory trends globally regarding how businesses use and commercialise, and consumers control and understand the use of, consumer data.
Stay tuned for insights from our data specialists that address key opportunities and challenges presented by the rollout of the CDR regime in Australia.
Consumer Data Right: 2020 Update
Following extensive activity around the Consumer Data Right (CDR) throughout 2019, the Australian Competition and Consumer Commission (ACCC) advised in December 2019 that the CDR roll-out in respect of the banking sector would be delayed due to incomplete system testing. As a result, the first availability of consumer data via the CDR has been pushed back from February to July 2020.
CDR: Challenges and Opportunities in the Superannuation Sector
The Senate Select Committee on Financial Technology and Regulatory Technology (the Committee) is considering the current and future government approach to FinTech and RegTech in Australia, and is inviting submissions until 31 December 2019.
Industry engagement essential to success of ‘gateway’ model for energy sector CDR
The ACCC’s selection of a ‘gateway’ model as the preferred data access model for implementation of the Consumer Data Right (CDR) in the energy sector is anticipated to align to the preferences of incumbent energy sector participants, but may not fully meet the expectations of potential new market players.
Challenges & Opportunities as CDR Legislation Nears Enactment
Herbert Smith Freehills’ briefing on the progress of the Consumer Data Right (CDR) legislation’s implementation in Australia following the CDR Bill’s introduction into Parliament last Wednesday Our briefing identifies key potential financial industry impacts, practical CDR issues and cross-sector CDR implications that businesses can expect if the CDR Bill is passed this week.
Consumer data right: Briefing and State of Play
Herbert Smith Freehills’ update on the implementation of the Consumer Data Right (CDR) in Australia ahead of the federal election.
Consumer data right: progress update and key outstanding challenges
Herbert Smith Freehills’ update on the implementation of the Consumer Data Right (CDR) in Australia following the return of the Coalition government at the federal election.
The contents of this publication, current at the date of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills 2020