58DBMinister may authorise external dispute resolution schemes for a regulated sector

58DB Minister may authorise external dispute resolution schemes for a regulated sector

(1) The Minister may, by legislative instrument, authorise an external dispute resolution scheme (an SPF EDR scheme) for the purposes of this Part and one or more regulated sectors if:

(a) the scheme is already authorised under a Commonwealth law for another purpose; or

(b) the Minister is satisfied that the requirements prescribed by the SPF rules for the purposes of subsection 58DC(1) are met for the scheme.

Note 1: For paragraph (a), the Minister could, for example, authorise the AFCA scheme (within the meaning of the Corporations Act 2001) to apply for the purposes of this Part and a regulated sector. If that happens, ASIC’s functions and powers relating to the AFCA scheme (for example, under section 1052A of that Act) will also apply for the purposes of this Part and the regulated sector.

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

(2) Before authorising a scheme, the Minister must consider:

(a) the accessibility of the scheme; and

(b) the independence of the scheme; and

(c) the fairness of the scheme; and

(d) the accountability of the scheme; and

(e) the efficiency of the scheme; and

(f) the effectiveness of the scheme; and

(g) any other matters the Minister considers relevant.

A failure to comply with this subsection does not invalidate an instrument made under subsection (1) authorising the scheme.

(3) An instrument made under subsection (1) may make the authorisation of the scheme subject to specified conditions.

(4) An instrument made under subsection (1) authorising a scheme for which paragraph (1)(b) applies must set out the scheme.

(5) More than one scheme may be authorised under subsection (1).