18Simplified outline of this Part

18 Simplified outline of this Part

This Part establishes how service agreements and access agreements are overseen and regulated and the obligations of designated entities in relation to those agreements.

Division 2 provides reporting and record‑keeping requirements for service agreements and access agreements. A report about those agreements is required to be given to the ACCC after a body corporate becomes a designated entity, and then after the end of each financial year. The ACCC has the power to determine an alternative period for a designated entity to give reports.

The ACCC may require a copy of any service agreement or access agreement to which a designated entity is party. Designated entities are required to retain service agreements and access agreements for at least 6 years.

Division 3 contains the requirements for how a designated entity conducts negotiations with another person when proposing to enter into a service agreement or an access agreement, or when a variation to such an agreement is proposed. Requirements for certain terms to be contained in these agreements are also outlined in that Division.

Division 4 outlines the process by which standard terms applicable to service agreements and access agreements are approved by the ACCC, or determined by the ACCC to be approved standard terms under this Act. A designated entity is generally required to have approved standard terms for cash distribution services or facilities access it provides. The ACCC is required to keep a public register of approved standard terms.

A person who contravenes this Part may be liable to a civil penalty.