Recent Australian privacy reforms will significantly affect offshore share incentives for Australian employees
By Alec Christie
The changes to the Privacy Act 1988 (Cth), including the introduction of the new Australian Privacy Principles (APPs), significantly increase the obligations imposed on an offshore parent or related entity that collects or deals with personal information from Australian residents (i.e. employees) in connection with managing employee share incentive plans.
When the reforms become effective on 12 March 2014, many of the current practices of overseas entities that offer Australian employees the ability to participate in plans will not, for information collected from 12 March 2014, be compliant with Australian privacy law and will need to be changed.
From 12 March 2014, the functions and powers of the privacy commissioner (the relevant government regulator) are significantly enhanced; the existing National Privacy Principles (NPPs), currently applicable to the private sector, are replaced with the new APPs, which are applicable to both the public and private sectors; and, for the first time in Australia, significant monetary penalties for both serious and repeated invasions of privacy (i.e. breaches of the Privacy Act/APPs) are available…
If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
Health Alert — Julia Clare v Australian Community Pharmacy Authority; Dr Reid v Medical Council of NSW; and more
DLA Piper has released the 22 December 2014 issue of its Health Alert, which focuses on judgments, legislation and reports in the health sector.
The European Court of Justice (CJEU) has handed down a landmark judgment concerning the patentability of stem cells in Europe.
Analysis from The Lawyer
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.