Securitisation System User Agreement
The Securitisation System User Agreement is an agreement between the Reserve Bank and each Information Provider that is entered into via the Securitisation System (which also takes effect as an agreement between the Reserve Bank and each natural person that uses the Securitisation System on behalf of an Information Provider). The Agreement includes undertakings by the Reserve Bank regarding the confidentiality of the information provided via the Securitisation System. It also includes undertakings by the Information Provider regarding privacy and data quality.
The Securitisation System User Agreement will be updated by the Reserve Bank on the 1st of March 2019 and includes the following changes:
- The Reserve Bank can use securitisations data to perform any of its functions or exercise any of its powers under any law (Clause 1.2(b)(i), which already permits use under the Reserve Bank Act 1959 (Cth))
- The Reserve Bank can disclose statistical information or analysis derived from the securitisations data, provided that such statistical information or analysis does not disclose information about any identifiable individual or entity. (Clause 1.2(b)(v), which already permitted this for the purpose of ‘publication’, has been amended)
- The Reserve Bank can liaise directly with certain parties to the relevant securitisation (including the original source of the securitisations data) in addition to the Information Provider in order to, among other things, address questions or issues arising from the data that has been submitted. This now includes instances where the Information Provider (i.e. the entity that submits securitisations data to the RBA) is a different entity from the entity that is the original source of the data. (Clause 1.2(b)(vi))
- The parties now agree the agreement constitutes the entire agreement between the parties in connection with its subject matter. (Clause 7.1(b))
The updated User Agreement will be available via the Securitisation System on 1st of March 2019. The User Agreement takes effect between the Reserve Bank, the User and the relevant Information Provider when the User clicks ‘I agree’ to the User Agreement. A User is prompted to click ‘I agree’ the very first time they login to the Securitisation System after the User Agreement has been updated. Once the latest version of the User Agreement has been agreed to by a User, they will not be prompted again to agree to the User Agreement on subsequent logins (unless and until the User Agreement is further revised).
Any queries on the above should be directed to the Securitisation Support Centre.