Mandatory Comprehensive Credit Reporting Exposure draft law and explanatory materials This table sets out the key elements of the Mandatory Comprehensive Credit Reporting Regime and shows the relevant sections and references. It is intended to help you locate those parts of the Bill which reflect the key elements of the Mandatory Comprehensive Credit Reporting Regime. Issue Bill ref. Brief explanation Who must supply data? The mandatory regime applies to eligible licensees. (Paragraphs 1.34 to 1.42 of the explanatory material) On 1 July 2018 an eligible licensee is a large ADI and any of its Large ADIs and their subsidiaries 133CN(1)(a) subsidiaries that hold an Australian that hold an Australian Credit Credit Licence. License A large ADI is an ADI that has total Extending the regime to other 133CN(1)(a) resident assets greater than credit providers $100 billion. Definition of credit provider Item 2 A regulation can be made to extend ss5(1) the regime to other credit providers. Definition of large ADI Item 3 ss5(1) When must the data be supplied? The first bulk supply must be made within 90 days of the first 1 July Initial bulk supply 133CR(1) & after the credit provider becomes an eligible licensee. The first supply (Paragraphs 1.39 to 1.42 of the explanatory material) must include information on 50 per cent of open and active Remaining bulk supply 133CR(3) accounts. (Paragraphs 1.40 to 1.42 of the The second bulk supply must be explanatory material) made within 90 days of the 1 July Ongoing supply 133CT that occurs 12 months later. This supply must include information on (Paragraphs 1.54 to 1.61 of the the remaining accounts not explanatory material) included in the first supply or that Regulations can recognise an 133CT(1)(b)(i) have subsequently opened. equivalent arrangement for Updates on existing accounts and ongoing supply. information on new accounts must (Paragraphs 1.62 to 1.65 of the be supplied within 20 days of the explanatory material) end of the month when the update occurred or the account opened.
Mandatory Comprehensive Credit Reporting Exposure draft law and explanatory materials This table sets out the key elements of the Mandatory Comprehensive Credit Reporting Regime and shows the relevant sections and references. It is intended to help you locate those parts of the Bill which reflect the key elements of the Mandatory Comprehensive Credit Reporting Regime. Issue Bill ref. Brief explanation Who must supply data? (Paragraphs 1.34 to 1.42 of the explanatory material) The mandatory regime applies to eligible licensees. On 1 July 2018 an eligible licensee is a large ADI and any of its subsidiaries that hold an Australian Credit Licence. A large ADI is an ADI that has total resident assets greater than $100 billion. A regulation can be made to extend the regime to other credit providers. Large ADIs and their subsidiaries that hold an Australian Credit License 133CN(1)(a) Extending the regime to other credit providers 133CN(1)(a) Definition of credit provider Item 2 ss5(1) Definition of large ADI Item 3 ss5(1) When must the data be supplied? The first bulk supply must be made within 90 days of the first 1 July after the credit provider becomes an eligible licensee. The first supply must include information on 50 per cent of open and active accounts. The second bulk supply must be made within 90 days of the 1 July that occurs 12 months later. This supply must include information on the remaining accounts not included in the first supply or that have subsequently opened. Updates on existing accounts and information on new accounts must be supplied within 20 days of the end of the month when the update occurred or the account opened. Initial bulk supply (Paragraphs 1.39 to 1.42 of the explanatory material) 133CR(1) & Remaining bulk supply (Paragraphs 1.40 to 1.42 of the explanatory material) 133CR(3) Ongoing supply (Paragraphs 1.54 to 1.61 of the explanatory material) 133CT Regulations can recognise an equivalent arrangement for ongoing supply. (Paragraphs 1.62 to 1.65 of the explanatory material) 133CT(1)(b)(i)