Section 58AC — Competition and Consumer Act 2010: Regulated sectors subject to the Scams Prevention Framework

(1) The Minister may, by legislative instrument, designate one or more businesses or services to be a regulated sector of the Australian economy. Note 1: An individual business or service could be designated, or businesses or services could be designated by class (see subsection 13(3) of the Legislation Act 2003). Note 2: For variation and repeal, see subsection 33(3) of the Acts Interpretation Act 1901. (2) Without limiting subsection (1), the following classes of businesses or services could be designated: (a) businesses of banking, other than State banking (within the meaning of paragraph 51(xiii) of the Constitution) not extending beyond the limits of the State concerned; (b) businesses of insurance, other than State insurance (within the meaning of paragraph 51(xiv) of the Constitution) not extending beyond the limits of the State concerned; (c) postal, telegraphic, telephonic or other like services (within the meaning of paragraph 51(v) of the Constitution), such as one or more of the following: (i) carriage services (within the meaning of the Telecommunications Act 1997); (ii) electronic services (within the meaning of the Online Safety Act 2021), such as social media services (within the meaning of that Act); (iii) broadcasting services (within the meaning of the Broadcasting Services Act 1992). Note: This is not an exhaustive list. Similarly, a subset of paragraph (a), (b) or (c) could be designated.