Recent Australian Privacy Reforms Will Significantly Impact Offshore Share Incentives For Australian Employees

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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 (ie employees) in connection with managing employee share incentive plans (Plans).

When the reforms become effective on 12 March 2014, many of the current practises 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.

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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