Understanding GDPR: Opportunities and Risks

Understanding GDPR: Opportunities and Risks

Consumer, Uncategorized
In this post on understanding GDPR, we'll look at the following: Data Disruption Regulation in the age of Data The GDPR Opportunity? What are the Next Steps? The post forms the commentary by our regulatory specialists on a recent webinar on understanding GDPR conducted for our clients and interested parties. Below is the video content of the webinar: Introducing Anne Wardell - Compliance Quarter Regulatory Specialist Anne is a former of the Victorian Bar with over thirty years' experience as a lawyer. She was also the National Director of Insolvency at the ATO and a Deputy Registrar of the Federal Court of Australia. She was an insolvency specialist acting for liquidators, banks and the Official Receiver, before moving into compliance and regulations. She has advised energy retailers in relation to…
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Greater Regulation of Embedded Networks in 2018

Greater Regulation of Embedded Networks in 2018

AU Energy Compliance
Today we look at two new publications that will impact the regulation of embedded networks in 2018. This month saw the release of the Australian Energy Market Commission’s (AEMC) final report on the Regulation of Embedded Networks along with the publication of Version 6 of the Electricity Network Service Provider Exemption Guideline (draft) by the Australian Energy Regulator (AER). [caption id="attachment_2683" align="aligncenter" width="640"] Photo by Seb Zurcher on Unsplash[/caption] By Connor James, Compliance Quarter. Electricity Network Service Provider Guideline As readers will be aware, in the Eastern States, anyone who engages in an electricity distribution activity must either be registered with the Australian Energy Market Operator as an electricity network service provider or must gain an exemption from that requirement. Exemptions are granted by the AER. On 17 November 2017,…
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A new Consumer Data Right for 2018: What we Know So Far

A new Consumer Data Right for 2018: What we Know So Far

Consumer, Uncategorized
On 26 November the Federal Government announced its intention to legislate a national Consumer Data Right next year, following the recommendations of the Productivity Commission (which you can view here). In today’s article we look at what we currently know about this proposed data right and suggest how it relates to existing data rights and other changes proposed by the Government. [caption id="attachment_2680" align="aligncenter" width="640"] Photo by Pana Vasquez on Unsplash[/caption] By Dr Drew Donnelly, Compliance Quarter. What we know so far The Government will announce its formal response to the Productivity Commission’s Inquiry Report Data Availability and Use (PC Report) in a few weeks time, so this announcement is a ‘sneak peek’, with more detail to be released shortly. Nevertheless, there are a few things that we know from…
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Is it time we had an energy sandbox to encourage innovation?

Is it time we had an energy sandbox to encourage innovation?

AU Energy Compliance
Should we be looking to collaborate with the energy industry regulators and push for an energy sandbox that will foster innovation into the industry? By Steve Findley, Compliance Quarter.  It has long been the case that, in a similar way to the banking industry, there are many barriers to entry for those looking to become an energy retailer. Recently we have taken enquiries with a number of technology-focused entrants looking to disrupt the industry. This poses the question: Should the regulators be providing a regulatory "energy sandbox" to allow new-to-market entrants, or tech startups, an opportunity to test their business models and help encourage innovation in the industry? The energy regulators generally maintain good relationships with retailers and some of the collaboration and support they provide to retailers gives them…
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1 July 2018: Are you getting prepared for the Banking Executive Accountability Regime (BEAR)?

Financial Services
The Banking Executive Accountability Regime (BEAR) is shaping up to be the most significant piece of business-related legislation hitting this year. We have discussed the details of these reforms on a few occasions: Budget 2017 and financial services: an opening for the minnows and a warning for the sharks (https://compliancequarter.com.au/budget-2017/); The Banking Executive Accountability Regime (BEAR) Exposure Draft- Part One (https://compliancequarter.com.au/bear_part_1/); Banking Executive Accountability Regime Exposure Draft – Part Two (https://compliancequarter.com.au/banking-executive-accountability-regime-exposure-draft-part-two/). Photo by Scott Webb on Unsplash By Dr Drew Donnelly, Compliance Quarter. Since we discussed it last, the Treasury Laws Amendment (Banking Executive Accountability and Related Measures) Bill 2017 (the Bill) has been introduced to Parliament, passed through its initial stages in the House of Representatives, and been referred to the Senate Economics Legislation Committee (the Committee). The Committee has received public…
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How might smart contracts fit into your 2018 compliance program?

Uncategorized
‘Smart contracts’ have not yet taken off as a common commercial tool in Australia. In light of this, consideration of the legal, compliance and regulatory implications of smart contracts involves a lot of guesswork. However, with the proliferation of digital currencies, and blockchain technologies, you may soon be asked to use this technology or may wish to trial such a product yourself. In today’s piece, we look at smart contracts definitions, their legal status, and reflect on some recent regulatory changes that might affect your use of smart contracts. Photo by Matt Barrett on Unsplash By Dr Drew Donnelly, Compliance Quarter Smart contracts and vending machines Smart contracts are not (thus far) creatures of regulation or law, and thus do not admit of a universal definition. In recent times, the term has been…
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AUSTRAC’s regulatory approach in 2017

AUSTRAC’s regulatory approach in 2017

Financial Services
On November 13, the Australian Transaction Reports & Analysis Centre (AUSTRAC) commented on the civil proceedings that it successfully brought against Tabcorp under Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation (see here). In those statements, AUSTRAC CEO, Nicole Rose, summed up AUSTRAC’s approach to compliance succinctly: AUSTRAC will continue to collaborate with industry to strengthen the financial sector against serious financial crime and reduce regulatory burden where possible, but we will continue to take strong action against those companies who break the law where appropriate In today’s article, we look at how AUSTRAC’s risk-based approach to compliance has informed its regulatory and enforcement program over the 2016-2017 year, as evidenced in its 2017 Annual Report. This provides a good indication as to AUSTRAC’s future focus. Risk-based compliance A risk-based approach…
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Transitional Compliance for Embedded Network Managers (ENM): The Key Facts

Transitional Compliance for Embedded Network Managers (ENM): The Key Facts

AU Energy Compliance
The Australian Energy Regulator (AER) has just announced that a transitional compliance approach to the new embedded network manager (ENM) obligations that are coming into force on 1 December (https://www.aer.gov.au/communication/aer-announces-transitional-compliance-approach-embedded-network-manager-appointment). [caption id="attachment_2595" align="aligncenter" width="640"] Photo by Khara Woods on Unsplash[/caption] By Dr Drew Donnelly, Compliance Quarter Below we set out some key things you need to know. The ENM role The ENM is a new role that has been created to support customers in embedded networks transferring from ‘off-market’ to ‘on-market’ and vice versa: That is, embedded network customers switching between electricity supply from an exempt ‘on-seller’ and an authorised retailer. Key components of the ENM role include (but are not limited to): registering a child NMI (National Metering Identifier) to customers in embedded networks, and; creating and updating NMI…
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The proposed new dispute resolution obligations for exempt sellers

AU Energy Compliance
We recently summarised the changes proposed in the new draft retail exempt selling guideline (the draft guideline) issued by the Australian Energy Regulator (https://compliancequarter.com.au/aer-seeking-feedback-revised-draft-retail-exempt-selling-guideline/). By far the most significant change proposed is to the dispute resolution obligations of exempt sellers with respect to residential customers. In this piece, we take a deeper look at the dispute resolution changes for exempt sellers as proposed in the latest draft guideline. Background The National Energy Retail Law (Retail Law) requires all energy sellers to either hold a retailer authorisation or a valid exemption. A common situation where an exemption may apply is where an owner purchases energy from a retailer and then 'on-sells' that energy to tenants. That owner, if granted an exemption would be an ‘exempt seller’. Guidelines, such as the draft…
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The Amending WIC Act: Upcoming regulatory changes for water infrastructure in New South Wales (including recycled water, stormwater and wastewater)

The Amending WIC Act: Upcoming regulatory changes for water infrastructure in New South Wales (including recycled water, stormwater and wastewater)

Uncategorized
Last week we talked about the Independent Pricing and Regulatory Tribunal NSW (IPART) Review of Compliance and Enforcement Policy (read the full story here). We mentioned there that a key compliance and enforcement responsibility of IPART relates to Water Industry Competition Act 2006 (WIC Act) licensing. [caption id="attachment_2555" align="alignnone" width="640"] WIC Act[/caption] Today, we look at the upcoming reform of WIC Act licensing contained in the Water Industry Competition Amendment (Review) Act 2014 No 57 (the ‘Amending WIC Act’). This amending Act, while passed into law in 2014, does not come into effect until an associated regulatory framework is ready to be enforced. Last month IPART gave an information session on progress to date, with the scheme intended to come in to effect in 2019. Today we summarise the key…
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