Document ID: chunk:federal_register_of_legislation:F2025L00272:clause:1_32
Version: federal_register_of_legislation:F2025L00272
Segment Type: clause
Provision Reference: sch 1 cl 32
Character Range: 52521–53480

32  Before clause 7.1 of Schedule 3
Insert:

7.1A  Transfer of data sharing obligations between data holders
 (1) A data holder in the banking sector or NBL sector (the first data holder) may elect to comply with these rules in the place of another data holder in the banking sector or NBL sector (the second data holder), in relation to a covered product, if:
 (a) either:
 (i) the second data holder offers the product on behalf of the first data holder, such that the first data holder is the data holder that enters into contracts with consumers to provide the product; or
 (ii) the first and second data holders are related bodies corporate for the purposes of the Act (see subsection 4A(5) of the Act); and
 (b) both data holders have agreed to the election in writing.
 (2) If an election is in effect under subclause (1), these rules apply in relation to the first data holder in relation to the covered product as if it were the second data holder.