The ACCC has released a draft determination proposing to re-authorise Gateway Network Governance Body Limited (GNGB) to make and give effect to certain clauses of the revised Memorandum of Understanding – an agreement between GNGB and Gateway Operators, which sets standards for Gateway Operators’ participation in the Superannuation Transaction Network (Network).
GNGB is an industry-owned organisation that manages the integrity of the Network, via which superannuation data is exchanged between employers and superannuation funds. Gateway Operators operate the entry/exit points of the Network on behalf of employers and funds, and range from large banks to small business operators and fintechs.
This conduct has been previously authorised since 2016 and is substantially the same in the current application. However, there are material amendments to clauses that prescribe GNGB’s role, GNGB’s powers and remedies in respect of default events, and the dispute resolution processes.
The ACCC considers that the proposed conduct is likely to result in public benefits in the form of increased likelihood of compliance with the Gateway Standard by Gateway Operators, and improved operational efficiency of the Network and potential cost savings. The ACCC considers that the proposed conduct is likely to result in minimal public detriment.
The ACCC proposes to grant authorisation for 5 years.
The ACCC invites submissions in relation to this draft determination by 17 September 2021 before it makes its final decision.
Further information about the ACCC’s draft determination is available on the ACCC public register at: Gateway Network Governance Body Limited