Regulated entities for regulated sectors and their regulated services
58AD Regulated entities for regulated sectors and their regulated services
Entities with businesses or services within the banking, insurance or communications constitutional powers
To the extent that a regulated sector includes a business or service covered by paragraph 58AC(2)(a), (b) or (c):
the person who carries on or provides that business or service is a regulated entity for the sector; and
that business or service is a regulated service of the regulated entity for the sector.
This subsection extends to a regulated sector consisting of businesses or services that are a subset of paragraph 58AC(2)(a), (b) or (c).
Sections 58GA to 58GC extend the meaning of person for partnerships, unincorporated associations and trusts.
Other entities who may be regulated entities
Otherwise:
the regulated entities for a regulated sector; and
the regulated services of each of those regulated entities;
are as set out in the following table:
Other regulated entities, and their regulated services, for the regulated sector | ||
|---|---|---|
Item | This person is a regulated entity: | for this regulated service: |
1 | a corporation that carries on or provides a business or service that is part of the regulated sector | that business or service. |
2 | a person to the extent that the person is both: (a) carrying on or providing a business or service that is part of the regulated sector; and (b) acting using a postal, telegraphic, telephonic or other like service (within the meaning of paragraph 51(v) of the Constitution) | so much of that business or service as relates to the person acting in that way. |
3 | a person to the extent that the person is both: (a) carrying on or providing a business or service that is part of the regulated sector; and (b) acting in the course of, or in relation to, a kind of trade or commerce mentioned in subsection (3) | so much of that business or service as relates to the person acting in that way. |
For the meaning of corporation, see section 4.
Sections 58GA to 58GC extend the meaning of person for partnerships, unincorporated associations and trusts.
For the purposes of item 3 of the table in subsection (2), the kinds of trade or commerce are as follows:
trade or commerce between Australia and places outside Australia;
trade or commerce among the States;
trade or commerce within a Territory, between a State or Territory or between 2 Territories.
Exceptions—complete
Despite subsections (1) and (2):
a person is not a regulated entity for a regulated sector to the extent that an exception prescribed by the SPF rules applies to the person; and
a business or service is not a regulated service of a person for a regulated sector to the extent that an exception prescribed by the SPF rules applies to the business or service.
A person, business or service may be specified by class (see subsection 13(3) of the Legislation Act 2003).
Exceptions—partial
Despite subsections (1) and (2), the instrument made under subsection 58AC(1) designating a business or service to be all or part of the regulated sector may declare that:
the person who carries on or provides the business or service is not a regulated entity for the regulated sector for the purposes of specified SPF provisions; or
the business or service is not a regulated service for the regulated sector for the purposes of specified SPF provisions.
An individual person, business or service could be declared, or persons, businesses or services could be declared by class (see subsection 13(3) of the Legislation Act 2003).
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