Document ID: chunk:federal_register_of_legislation:C2025A00015:clause:1_58ed
Version: federal_register_of_legislation:C2025A00015
Segment Type: clause
Provision Reference: sch 1 cl 58ED
Character Range: 67402–69035

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 those conferred:
 (a) by the SPF code for the sector; or
 (b) by any other SPF provisions; or
 (c) if the SPF sector regulator is the Commission—the Commission's functions and 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, conferred by or under the SPF code for the sector.
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 paragraph (b) 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.