Section 58BA — Competition and Consumer Act 2010: Simplified outline of this Division

Each regulated entity must comply with the overarching principles of the Scams Prevention Framework. These principles require each regulated entity to: (a) document and implement governance arrangements to combat scams; and (b) take reasonable steps to prevent, detect, report, disrupt and respond to scams. These requirements are civil penalty provisions. The Commission (in its capacity as the SPF general regulator) will monitor, investigate and enforce compliance with these provisions. Division 6 sets out remedies for non-compliance with these provisions.