58EDRegulator of a regulated sector

58ED Regulator of a regulated sector

(1) The Minister may, by legislative instrument, designate an entity that:

(a) is a Commonwealth entity (within the meaning of the Public Governance, Performance and Accountability Act 2013); and

(b) is already conferred functions by or under a law;

to be the SPF sector regulator for a regulated sector.

(2) The Commission is the SPF sector regulator for a regulated sector if (and while) no instrument under subsection (1) is in force for the sector.

Note: The Commission could also be designated under subsection (1) to be the SPF sector regulator for a regulated sector.

(3) The functions and powers of the SPF sector regulator for a regulated sector include:

(a) those conferred by:

(i) the SPF code for the sector; and

(ii) any other SPF provisions; and

(b) monitoring, investigating and enforcing compliance with the provisions of the SPF code for the sector; and

(c) if the SPF sector regulator is the Commission—the Commission’s powers under section 155 to the extent that section 155 relates to:

(i) the provisions of the SPF code for the sector; or

(ii) a designated scams prevention framework matter (within the meaning of that section) involving the performance of a function, or the exercise of a power, mentioned in paragraph (a) or (b) of this subsection.

Note: The functions and powers of SPF regulators other than the Commission include the monitoring and investigating functions and powers referred to in Division 6 (see subparagraph (a)(ii) of this subsection).

(4) The Minister may, in writing, delegate the Minister’s power under subsection (1) to another Minister.

Note: Sections 34AA to 34A of the Acts Interpretation Act 1901 contain provisions relating to delegations.