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Recorded Webinars

Recorded Webinar: Change is Coming: The Impact of the Proposed Privacy Law Reforms on the Banking and Finance Sector

Significant amendments to Australia's privacy laws have been proposed in the Attorney-General's Privacy Act Review Report. The proposals are intended to bring Australia's privacy laws closer in line with global standards, including the EU's GDPR. If the proposals are adopted, this
PRESENTED BY Steven Klimt Partner - Clayton Utz , Sydney

Date/Time

About the Webinar

Significant amendments to Australia's privacy laws have been proposed in the Attorney-General's Privacy Act Review Report. The proposals are intended to bring Australia's privacy laws closer in line with global standards, including the EU's GDPR. If the proposals are adopted, this could create a significant compliance burden for the banking and finance sector. This session explores the key issues, including:

  • A critical overview of what key proposed changes could mean for the banking sector, including:
    • The introduction of the concept of "controller" and "processor" APP entities
    • The introduction of an overall "fair and reasonable" obligation with respect to the collection, use and disclosure of personal information
    • The expansion of the definition of personal information
    • The removal of the small business exemption in certain circumstances
    • Greater penalties
    • Enhanced regulatory powers for the OIAC
    • New declarations the OIAC may give when making a privacy determination
    • Enhanced privacy collection notices
    • Enhancement of individuals' rights with respect to their personal information, including the introduction of a right to erasure
    • Additional protections for children and vulnerable persons
  • The move to increase data sharing between banks
  • Case study – recent data breaches: what they mean for the banking sector

Presented By

Steven Klimt
Partner, Clayton Utz Sydney, NSW

Steven Klimt joined Clayton Utz in 1986. Prior to being appointed a partner in 1993, he spent a year on secondment in New York with Skadden Arps Slate Meagher & Flom.

Steven practises in two areas:

  • major projects with an emphasis on IT procurements and services contracts; and
  • retail banking and financial services regulations.

Steven's major projects practice covers issues relating to procurement strategies and contract structuring for government technology projects, contract administration, privacy issues, government tender process, drafting and project documentation and advising on technology in the context of procurements. He is a leading partner in our major projects team. He has significant experience advising numerous clients – in particular government clients – on major projects.

Steven's retail banking practice covers retail banking documentation, procedures, forms and systems, all legislation relevant to banking operations including the National Consumer Credit Protection legislation, the Personal Property Security legislation and reforms, anti-money laundering legislation, FSR, FTRA, and other anti-money laundering legislation, Banking Act, the Payment Systems (Regulation) Act, Code of Banking Practice and EFT Code of Conduct.

Who Should Attend?

This webinar is suitable for lawyers practising in commercial law – Australia wide. This webinar is for practitioners with some knowledge in this area and looking to improve their knowledge.

CPD Information

Lawyers can claim up to 1 CPD unit/point – substantive law. This webinar has been designed to run for 1 hour.

WA lawyers – Please note that TEN is unable to verify your completion of recorded webinars to the Legal Practice Board of WA. TEN is an accredited provider.

Enquiries/Assistance

If you need assistance or have an enquiry, please do not hesitate to contact our Webinar Coordinator, Lisa Tran on (03) 8601 7709 or email: [email protected]

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