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Improving the technology neutrality of Treasury portfolio laws

13 December 2021

The ABA remains very supportive of the Treasury’s ongoing efforts to improve the technology neutrality of the Treasury portfolio and look forward to further engagement on this, and subsequent, tranches of legislative change. Industry’s main comments regard allowing: • (under National Credit Code (NCC)) the ‘publish and notify’ and ‘in any other way agreed to’ methods of communications which are permitted under the Corporations Act; • more than one address to be used at any given time, which may be appropriate depending on the type of communications; and, • communications via secure portals instead of an email address, as securely housing certain notifications and communications within the credit providers (CP) information system, where it can be retrieved by customers after appropriate authentication, better balances the need for accessibility, security and technology neutrality.

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Australia’s cyber security regulations and incentives

27 August 2021

The ABA sees an important role for government in coordinating messaging and cyber security uplift efforts across stakeholder groups and sectors, and setting clear expectations of what entities should do to protect themselves and their customers. The ABA acknowledges that there is a difficult but important balance to be struck between, on the one hand, economy wide, consistent cyber security regulatory requirements that improve the nation’s cyber risk position and, on the other hand, more specific or targeted measures which need to respond to specific risks and/or levels of risk. Further clarity will also be required for entities that may be indirectly subject to SOCI Act requirements, and for entities that may move in and out of the SOCI Act regime. The ABA seeks further information about the legal form that the governance standards would take and what legal standing (if any) the standards would have. The ABA asks for clarity on the interaction between the proposed standards and other regulatory regimes.

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Modernising Business Communications

3 March 2021

The ABA welcomes the Government’s establishment of the Deregulation Taskforce (Taskforce). The proposed reforms to modernise business communications have the potential to reduce business costs and reflect the way Australian consumers and businesses prefer to manage their financial affairs today. The ABA particularly welcomes the Taskforce’s whole-of-economy approach by working to improve technology neutrality across Commonwealth laws, and importantly - partnering with states and territories to explore opportunities to achieve national consistency.

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Response to Senate Select Committee on Fintech and RegTech

17 December 2020

The ABA urges the development of an overarching strategy for data and information privacy to underpin the transition to a digital economy and provide a consistent framework for future reforms. Co-ordination will be critical to achieve the intended outcomes. The data economy has the real and exciting potential to generate jobs and opportunities for servicing the needs of all Australians. Technology and digital capability are the mechanisms by which banking will continue to develop.

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