Competition and Consumer Act 2010

The Minister may, by legislative instrument, make a declaration specifying any of the following as services to which access may be the subject of negotiation or arbitration under this Part:

one or more CS services;

one or more classes of CS services.

A declaration under subsection (1) may also specify one or more CS services that are taken not to be covered by the declaration.

A CS service is covered by a declaration if:

the CS service is specified, or is in a class of CS services specified, in a declaration under subsection (1) that is in force; and

the CS service is not specified as a CS service that is taken not to be covered by a declaration in a declaration under subsection (1) that is in force.

In considering whether to make a declaration under subsection (1), the Minister:

must have regard to:

the likely effect on the Australian economy, and on the efficiency, integrity and stability of the Australian financial system, of making the declaration; and

the likely regulatory impact of the declaration; and

the extent to which a provider of a CS service that will be affected by the declaration has a monopoly or significant market power over the provision of the CS service; and

must have regard to the matters (if any) raised by the Commission in advice provided under subsection (5) in relation to the declaration; and

may have regard to any other matters that the Minister considers relevant.

Matters that the Minister may have regard to under paragraph (c) may, for example, include any relevant international standards and international commitments.

The Commission may (on its own initiative) and must (at the request of the Minister):

consider whether a declaration should be made under subsection (1); and

advise the Minister accordingly.

The Commission may request advice from ASIC or the Reserve Bank of Australia for the purposes of informing its consideration and advice under subsection (5).

ASIC and the Reserve Bank of Australia may give advice to the Commission relating to whether a declaration should be made under subsection (1).