Exemptions to delay product reference data obligations

On 23 April 2020 the Australian Competition and Consumer Commission (ACCC)  granted exemptions under section 56GD of the Competition and Consumer Act 2010 (Cth) to authorised deposit-taking institutions (ADIs) listed in Appendix A, delaying the scheduled 1 July 2020 commencement date of their Product Reference Data sharing obligations, until 1 October 2020. 

The temporary three-month exemptions will apply to non-major ADIs, including non-major banks, building societies and credit unions, and extend to non-primary brand products offered by the major banks.

The ACCC granted the exemptions in response to submissions from the banking industry, and in the interest of creating capacity to allow all ADIs to respond to the physical and economic impacts of COVID-19.