Document ID: chunk:federal_register_of_legislation:F2024C01258:clause:4_4:p64
Version: federal_register_of_legislation:F2024C01258
Segment Type: clause
Provision Reference: sch 4 cl 4 (pt 64/75)
Character Range: 207854–210621

currently applies.
 (8) The service must be in accordance with the data standards.

4A.7  Changing to a more restrictive disclosure option
 (1) A joint account holder may at any time choose that the non‑disclosure option will apply to the joint account, using the disclosure option management service.
 (2) If the pre‑approval option applies to a joint account, a joint account holder may at any time choose that the co‑approval option will apply to the joint account, using the disclosure option management service.

 (3) If a joint account holder (account holder A) changes the disclosure option that applies to the account in accordance with this rule, the data holder must, as soon as practicable through its ordinary means of contacting the other joint account holders:
 (a) explain to each of them what the consumer data right is; and
 (b) inform them which disclosure option previously applied to the account; and
 (c) inform them that account holder A has changed the disclosure option, and of the disclosure option that now applies; and
 (d) explain to them the mechanisms for changing the disclosure option again.
Note: This subrule is a civil penalty provision (see rule 9.8).

4A.8  Obtaining agreement on change to a less restrictive disclosure option

Application of rule
 (1) This rule applies in relation to a particular joint account if:
 (a) the non‑disclosure option applies to the account, and a joint account holder (account holder A) proposes, using the disclosure option management service, to change to the co‑approval or pre‑approval disclosure option; or
.  (b) the co‑approval option applies to the account, and a joint account holder (account holder A) proposes, using the disclosure option management service, to change to the pre‑approval option.

Inviting other account holders to respond to proposal
 (2) The data holder must, as soon as practicable through its ordinary means of contacting the other joint account holders:
 (a) explain to each of them what the consumer data right is; and
 (b) inform them which disclosure option currently applies to the account; and
 (c) inform them that account holder A has proposed that the co‑approval or pre‑approval option apply to the account, as the case may be; and
 (d) explain to them that this change requires the agreement of all account holders; and
 (e) explain to them any alternative options for change that are available and how they can be made; and
 (f) invite them to either agree to or reject the proposal within a specified period.
Note: This subrule is a civil penalty provision (see rule 9.8).
 (3) At the end of the specified period, the data holder must, as soon as practicable through its ordinary means of contacting the joint account holders, inform them whether:
 (a)