Section 58BW — Competition and Consumer Act 2010: Simplified outline of this Subdivision

Each regulated entity for a regulated sector must take reasonable steps to: (a) disrupt an activity that is the subject of actionable scam intelligence; and (b) prevent losses from such an activity. The entity will also need to report to the SPF general regulator the outcomes of the entity’s investigation about whether such an activity is a scam. The report may also need to describe any disruptive actions the entity has taken in relation to the activity. The entity is not liable for damages etc. in taking certain actions to disrupt such an activity. The SPF code for the sector may include sector-specific provisions for this principle.