Section 58BK — Competition and Consumer Act 2010: Further detail about certain concepts

(1) Taking reasonable steps for the purposes of subsection 58BJ(1) requires more than merely acting on actionable scam intelligence in the form of information provided to the regulated entity by another person. Further sector-specific details can be set out in SPF codes (2) For the purposes of (but without limiting) subsection 58CC(1), the SPF code for a regulated sector may include sector-specific provisions: (a) describing what are reasonable steps for the purposes of this Subdivision (see also section 58BB); or (b) requiring each regulated entity for the sector to: (i) identify its SPF consumers who are at risk of being targeted by a scam; or (ii) identify its SPF consumers who have a higher risk of being targeted by a scam; or (c) requiring each regulated entity for the sector to provide information about such scams to an SPF consumer described in subparagraph (b)(i) or (ii).