An approach to Understanding New Regulatory Obligations

An approach to Understanding New Regulatory Obligations

AU Energy Compliance, Compliance, Consumer Data Right, Victorian Energy
Understanding new regulatory obligations can be a daunting task for any organization. It is important to be aware of all applicable laws and regulations, both federal, state, local, and internal company-instituted rules. Ignorance of the law is no excuse, so it is essential to ensure that everyone in authority is aware of the law and understands it. This is the role of compliance, to make sure people know the rules beforehand and help to ensure that they continuously follow them. To understand new regulatory obligations, there are a few key steps that organizations should take. Research The first step is to research the applicable laws and regulations. This includes researching federal, state, local, and internal company-instituted rules. It is important to be aware of all potentially applicable laws and regulations.…
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Adequate Assistance for Customers in Financial Hardship

Adequate Assistance for Customers in Financial Hardship

Victorian Energy
On 23 January 2023, the Essential Services Commission (ESC) announced that Alinta Energy Retail Sales Pty Ltd (Alinta Energy) had paid more than $380,000 in penalties after allegedly breaching energy rules that protect Victorian consumers by failing to provide adequate assistance to customers in financial hardship. Commenting on the relevant regulatory framework, ESC Chairperson,  Kate Symons said: "Energy is an essential service and businesses delivering energy must follow the rules. There is no excuse for failing to provide the help consumers are legally entitled to, especially those who may be experiencing vulnerability.” And, further: "“Placing unnecessary barriers and prolonging the time it takes for customers to receive assistance can heighten the hardship being experienced, and that’s something the commission won’t tolerate. All of these customers were actively engaging with Alinta Energy, and many…
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Navigating the CDR: Consumer Data Right Policy Essentials

Navigating the CDR: Consumer Data Right Policy Essentials

Consumer Data Right
A CDR policy is required for data holders, and if your business is or will be a data holder under the CDR regime, now is an important time to act in the development of such a policy. According to Privacy Safeguard 1 and CDR Rule 7.2, all CDR entities must have a clearly expressed and up-to-date policy about how they manage CDR data (CDR policy). The policy must be provided free of charge and made available in accordance with the CDR Rules. What needs to be included in a CDR Policy? The CDR policy must include information about how a CDR consumer can access and seek correction of their CDR data, how they may complain, and how the entity will deal with a complaint. It must also: Indicate how the…
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<strong>Energy Sector Data Compliance: A Guide to Navigating the New Era of Transparency and Accountability</strong>

Energy Sector Data Compliance: A Guide to Navigating the New Era of Transparency and Accountability

AU Energy Compliance, Consumer Data Right
As the world continues to shift towards a more sustainable and efficient energy sector, the importance of responsible data management has become increasingly apparent. The Australian government has recognized this and has recently published a compliance guidance document for data holders in the energy sector. This document is designed to provide information on the regulations and requirements for data management, including data collection, storage, and sharing, and to promote transparency and accountability in the energy sector. One key area addressed in the document is data collection. Data holders in the energy sector are required to collect data in a manner that is accurate, complete, and relevant to their business operations. This data must be collected in a way that is consistent with the Privacy Act 1988 and the Australian Privacy…
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<strong>Conduct Risk: A New & Emerging Risk For Energy Businesses</strong>

Conduct Risk: A New & Emerging Risk For Energy Businesses

AU Energy Compliance, Financial Services, NT Energy Compliance
What is Conduct Risk Conduct risk refers to the risk that a company's employees, agents, or contractors may engage in behaviour that is inappropriate, unethical, or illegal, and which could lead to harm or damage to the company or its stakeholders. Although there is no official definition, it is usually associated with issues such as how consumers are handled, employee compensation, and how businesses handle conflicts of interest. The Australian Securities & Investment Commission (ASIC) states conduct risk is a risk of improper, unethical, or unlawful activity that may be brought on by intentional acts or unintentional deficiencies in an entity's procedures, framework, or training programs. Conduct risk has become an increasingly important consideration for companies in Australia, as regulatory agencies have become more focused on ensuring that companies operate…
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Process Overview: Converting a site into an embedded network

Process Overview: Converting a site into an embedded network

Embedded Networks
Converting an existing site into an embedded or exempt network is a complex process that requires careful consideration of the relevant regulations and requirements. This guide outlines the steps required to convert a site into an embedded network in those states that have adopted the National Energy Customer Framework (NECF). Step 1: Prior to Lodging an Application Before lodging an application for approval with the Australian Energy Regulator (AER), the prospective Exempt Network Operator must inform the relevant registered distributor in writing of the proposed conversion. Step 2: Provision of Retrofit Information The prospective Exempt Network Operator must provide notice, by letter, to all tenants at the retrofit location, of the plan to install an embedded or exempt network at the site. The prospective Exempt Network Operator must provide each…
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