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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Australia | Publication | October 2023
On 12 October 2023, the Government introduced the Information Privacy and Other Legislation Amendment Bill 2023 (Bill) to Queensland Parliament which, amongst other things, establishes a mandatory data breach notification scheme (MDBN Scheme) in Queensland. The Bill is consistent with the recommendations in the Coaldrake Review and is currently under consideration by the Education, Employment and Training Committee.
It is unclear when the Bill will pass, however, if enacted, the MDBN Scheme will apply to all Queensland state and local government agencies that are subject to the Information Privacy Act 2009 (Qld) (Privacy Act). Notably, the Queensland government will take a phased approach to implement the MDBN Scheme and local councils will be subject to a 12-month transition period to mitigate the resourcing impacts and costs involved to comply with the scheme.
Non-compliance with the MDBN Scheme may result in a privacy complaint being made to the Minister, compliance action under the Privacy Act or an order by the Queensland Civil and Administrative Tribunal for compensatory payments to the individual affected.
If you have any queries in respect to the potential effect of the MDBN Scheme, please feel free to contact:
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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Artificial intelligence (AI) raises many intellectual property (IP) issues.
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Taking place across three webinars, our team of experienced lawyers and consultants, along with industry professionals and regulators, explore the latest ESG developments and trends within financial services regulation. This series takes a cross jurisdictional perspective, covering ESG financial services regulation and trends from across the globe.
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