Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Before making an instrument under subsection 56AC(2) or section 56ACA, the Minister must consider all of the following:
(a) the likely effect of making the instrument on:
(i) the interests of consumers; and
(ii) the efficiency of relevant markets; and
(iii) the privacy or confidentiality of consumers' information; and
(iv) promoting competition; and
(v) promoting data - driven innovation; and
(vi) any intellectual property in the information, or relating to the types of actions, to be covered by the instrument; and
(vii) the public interest;
(b) the likely regulatory impact of allowing the consumer data rules to impose requirements relating to the information, or types of actions, to be covered by the instrument;
(c) for an instrument under subsection 56AC(2)--the following matters when considering whether to specify a class of information, as described in paragraph 56AC(2)(d), in the instrument:
(i) whether not specifying that class could result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) otherwise than on just terms (within the meaning of that paragraph);
(ii) whether holders of information within that class currently charge a fee for disclosing such information;
(iii) whether the incentive to generate, collect, hold or maintain information within that class would be reduced if that class were not so specified;
(iv) the marginal cost of the disclosures required under the consumer data rules of information within that class;
(d) for an instrument under subsection 56AC(2)--whether one or more gateways need to be specified in the instrument in order to facilitate access to the information to be covered by the instrument;
(e) any other matters the Minister considers relevant.
Note: The consumers could be individuals or other persons such as companies (see also subsection 56AI(4)).
(2) Before making an instrument under subsection 56AC(2) or section 56ACA, the Minister must:
(a) be satisfied that the Secretary of the Department has complied with section 56AE in relation to the making of the instrument; and
(b) wait at least 60 days after the day the Secretary publishes the report relating to the making of the instrument (see section 56AE).
(3) Before making an instrument under subsection 56AC(2) or section 56ACA, the Minister must consult the Information Commissioner about the likely effect of making the instrument on the privacy or confidentiality of consumers' information.