The principles of "Open Banking" will apply to 27 financial products, and regulation will be overseen by the ACCC, if the findings of a review by Scott Farrell, a partner at King & Wood Mallesons, are followed.Open Banking is one the pro-competition fashions championed by the Australian government, with guarded support from the industry, over the last year.Open Banking "will be implemented as part of the Consumer Data Right in Australia, a more general right to data being created across the economy following a recommendation by the Productivity Commission's Data Availability and Use Inquiry," the treasurer, Scott Morrison, said on Friday.In November, the government announced that the Consumer Data Right "will be established sector-by-sector, beginning in the banking, energy and telecommunications sectors," Morrison said."Open Banking gives customers a right to direct that the information they already share with their bank be safely shared with others they trust," Farrell wrote at the outset of his report.Open banking, Farrell said, "should be legislated through amendments to the Competition and Consumer Act. It should be regulated by the ACCC (for competition and consumer issues and standards setting) and supported by the OAIC (privacy protection), with ASIC, APRA and the RBA providing advice as required." Also last week, the Productivity Commission listed open banking as a "key features of workable competition in Australia's financial system" in its long report on Competition in the Australian Financial System.There are 16 deposit products and 11 lending products on Farrell's list of banking products relevant to any open banking regime. These include common consumer and business accounts, the most common consumer loans and a handful of business loan types.Farrell said open banking will need "specific rules that consider the characteristics of the banking sector as well as interoperability across the economy-wide data transfer system. "In addition to these Rules, Open Banking should require technical Standards that specify how participants will connect and how they will meet the Rules," he said.