58EEDelegation of an SPF sector regulator’s functions and powers

58EE Delegation of an SPF sector regulator’s functions and powers

(1) An SPF sector regulator may, by writing, delegate any of the SPF sector regulator’s functions and powers under:

(a) an SPF provision, other than a provision of the Regulatory Powers Act; or

(b) if the SPF sector regulator is the Commission—the Commission’s powers under section 155 as described in paragraph 58ED(3)(c);

to a person to whom subsection (3) applies.

Note: A function or power of the SPF sector regulator under a provision of the Regulatory Powers Act may be able to be delegated under the Subdivision of Division 6 of this Part that refers to that provision of that Act (for example, see subsection 58FE(5) of this Act).

(2) If an SPF sector regulator is the Commission, a member of the Commission may, by writing, delegate any of the member’s powers under section 155 to the extent that section 155 relates to:

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

(b) a designated scams prevention framework matter (within the meaning of that section) of a kind mentioned in subparagraph 58ED(3)(c)(ii);

to a person to whom paragraph (3)(b) applies.

(3) This subsection applies to the following persons:

(a) a member (if any) of the SPF sector regulator;

(b) person who is an employee of the SPF sector regulator who:

(i) is an SES employee or acting SES employee; or

(ii) holds or performs the duties of an Executive Level 1 or 2 position; or

(iii) holds or performs the duties of a position that is equivalent to a position mentioned in subparagraph (i) or (ii);

and who the SPF sector regulator is satisfied has appropriate qualifications, training, skills or experience to perform the functions or exercise the powers.

(4) In performing any functions or exercising any powers under a delegation under subsection (1) or (2), the delegate must comply with any directions of the delegator.