58ACRegulated sectors subject to the Scams Prevention Framework

58AC Regulated sectors subject to the Scams Prevention Framework

(1) The Minister may, by legislative instrument, designate one or more businesses or services to be a regulated sector of the Australian economy.

Note 1: An individual business or service could be designated, or businesses or services could be designated by class (see subsection 13(3) of the Legislation Act 2003).

Note 2: For variation and repeal, see subsection 33(3) of the Acts Interpretation Act 1901.

(2) Without limiting subsection (1), the following classes of businesses or services could be designated:

(a) businesses of banking, other than State banking (within the meaning of paragraph 51(xiii) of the Constitution) not extending beyond the limits of the State concerned;

(b) businesses of insurance, other than State insurance (within the meaning of paragraph 51(xiv) of the Constitution) not extending beyond the limits of the State concerned;

(c) postal, telegraphic, telephonic or other like services (within the meaning of paragraph 51(v) of the Constitution), such as one or more of the following:

(i) carriage services (within the meaning of the Telecommunications Act 1997);

(ii) electronic services (within the meaning of the Online Safety Act 2021), such as social media services (within the meaning of that Act);

(iii) broadcasting services (within the meaning of the Broadcasting Services Act 1992).

Note: This is not an exhaustive list. Similarly, a subset of paragraph (a), (b) or (c) could be designated.