Document ID: chunk:federal_register_of_legislation:F2022L01522:reg:8:p1
Version: federal_register_of_legislation:F2022L01522
Segment Type: reg
Provision Reference: reg 8 (pt 1/2)
Character Range: 5816–8684

8  Specified classes of information—information about use of product
 (1) This section applies to information about the use of a product by:
 (a) a person to whom the product has been, or is being, supplied; or
 (b) the person's associate, where that product has also been, or is also being, supplied to the associate.
 (2)  The information mentioned in subsection (1) includes, but is not limited to, the following:
 (a) information identifying an account associated with the product;
  (b) each balance of an account associated with the product;
 (c) information about a transaction made by the person or associate in connection with the product;
 (d) information about an authorisation given by the person or associate in connection with an account associated with the product, including information about:
 (i) the persons who are authorised to use or access, or view information relating to, the account; and
 (ii) a third party authorisation to make a payment.
Example 1: For paragraph (2)(a), an account number and account name are examples of information identifying an account associated with a product.
Example 2: For paragraph (2)(d), a direct debit authorisation, a scheduled payment and a payee authorisation are examples of a third party authorisation to make a payment. Information about a direct debit authorisation may include, for example, the party to whom the payment is to be made, the amount to be debited and the date on which the transaction is to be made.
 (3) However, this section does not apply to materially enhanced information.
 (4) For this section, information is materially enhanced information if:
 (a) the information was wholly or partly derived through the application of insight or analysis to information referred to in a paragraph of subsection (1) (source material); and
 (b) the insight or analysis:
 (i) was applied by, or on behalf of, the person or entity that holds the information or on whose behalf the information is held; and
 (ii) rendered the information significantly more valuable than the source material; and
 (c) the derivation of the information was undertaken other than in order to meet a regulatory requirement.

            Note 1: The information may have been derived entirely from source material, or from a combination of source material and other information. It is only necessary for the application of insight or analysis to render the information significantly more valuable than the source material.

            Note 2 The application of insight or analysis may have rendered the information more valuable than the source material by enhancing its usefulness, usability or commercial value.
 (5) To avoid doubt, the following information is not materially enhanced information:
 (a) a calculated balance;
 (b) an amount of interest earned or charged;
 (c) a fee charged;
 (d) a reference number,