Competition and Consumer Amendment (Consumer Data Right Measures No. 2) Regulations 2022

Per explanatory statement, "The Competition and Consumer Amendment (Consumer Data Right Measures No. 1) Regulations 2022 (the Regulations) modify the date from which CDR obligations in relation to joint accounts will apply to non-major authorised deposit taking institutions (ADIs). The new commencement date of 1 October 2022 gives non-major ADIs sufficient time to build the information technology infrastructure required to comply with obligations that had been scheduled to commence on 1 July 2022. Non-major ADIs have outlined significant difficulties in meeting these obligations for a range of reasons including: • the need for careful design to ensure compliance with the requirements; • skills shortages in this specialised field; and • a high dependency on external suppliers who have also been impacted by skills shortages exacerbated by the pandemic. The Regulations apply only to non-major ADIs, and amend the timetable for the roll-out of CDR obligations only in relation to joint accounts. The Regulations replace the current commencement table with a new table, which would provide that non-major ADIs will be subject to CDR obligations in relation to joint accounts from 1 October 2022."