Jun12018 by Connor JamesNo Comments
Three reminders for exempt businesses from the latest AER Compliance Report  

Three reminders for exempt businesses from the latest AER Compliance Report  

AU Energy Compliance
The Australian Energy Regulator’s (AER) Quarterly Compliance Report: National Electricity and Gas Laws 1 January – 31 March 2018 was recently released.[1] It canvasses a range of compliance activities carried out by the AER over that three-month period, including compliance for wholesale market participants such as retailers, distributors and generators.  Rather than market participants, our focus today is on the AER’s compliance activities with respect to businesses operating under network or retail exemptions. In particular, we look at compliance lessons for Embedded Network Operators (ENOs) and exempt businesses using power purchase agreements (PPAs). By Dr Drew Donnelly, Regulatory Specialist, Compliance Quarter. Advising embedded network customers that seek to go ‘on market’ The AER observes that embedded networks are now expected to be fully in compliance with the power of choice…
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Jun12018 by Alex SilcockNo Comments
GDPR: The Legitimate Interests test

GDPR: The Legitimate Interests test

Uncategorized
On 25 May the EU General Data Protection Regulation (GDPR) came into force. If you need help in working out whether or not your Australian business will be affected by GDPR, please get in touch with us without delay. We have offered updates recently on: - Cross-country data transfer (https://www.compliancequarter.com.au/gdpr_implications_for_australia/); - Consent (https://www.compliancequarter.com.au/gdpr-countdown-2-how-to-get-consumer-consent-and-when-is-it-required/). Photo by Yeo Khee on Unsplash By Dr Drew Donnelly, Regulatory Specialist, Compliance Quarter Today we update you on one of the more perplexing aspects of the GDPR; the ‘legitimate interests’ ground for processing personal data. On the one hand, the GDPR makes it easier for organisations to know when personal data processing is permitted (or ‘lawful’). The clear-cut definition of ‘consent’ means all organisations can be on the same page as to whether consent holds. On the other hand,…
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Jun12018 by Alex SilcockNo Comments
Are electricity prices in Australia being driven by an excessive tax allowance?

Are electricity prices in Australia being driven by an excessive tax allowance?

AU Energy Compliance
The Australian Energy Regulator (AER) recently announced a review on how much estimated tax it will allocate when making revenue decisions for network businesses.[1] This is, in part, a recognition that network costs have been the key driver of rising electricity prices over the last decade or so.[2] As part of that review, AER has released an issues paper for consultation. We summarise this below. By Dr Drew Donnelly, Regulatory Specialist, Compliance Quarter Estimate of tax payments When setting revenue allowances for network businesses (i.e. deciding how much revenue monopoly distributors are allowed to make), the AER estimates expected tax payments for electricity and gas distributors. By reviewing the current approach to estimating tax, the end result may change the total revenue allowance for network businesses, and thereby contribute to…
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Jun12018 by Alex SilcockNo Comments
Understanding your breach reporting obligations as an AFS Licence Holder

Understanding your breach reporting obligations as an AFS Licence Holder

Financial Services
Last month’s wealth management hearings before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Banking Royal Commission) highlighted the need for AFS licensees to understand and fully comply with their breach reporting obligations in a timely and not overly legalistic way. You can read more about our coverage of the issues coming out of the Banking Royal Commission here https://www.compliancequarter.com.au/tech-lies-and-litigation-asic-reads-the-riot-act-to-the-financial-services-industry/ In our article covering AFSL breach reporting obligations we take a closer look at those obligations and the consequences of non-compliance. What must an AFS licensee report? AFS licensees must notify ASIC in writing of any ‘significant’ breach (or likely breach) of their obligations under s912A (including licence conditions), s912B (compensation arrangements) or financial services laws, as soon as possible, and in any event within…
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