Section 58EF — Competition and Consumer Act 2010: Arrangements for regulating the Scams Prevention Framework

(1) The SPF general regulator, and each SPF sector regulator, must enter into an arrangement relating to the regulation and enforcement of the SPF provisions. (2) The SPF general regulator may choose to comply with subsection (1) by entering into: (a) a single arrangement with all, or one or more, SPF sector regulators; or (b) a separate arrangement with each SPF sector regulator. However, subsection (1) does not apply to the extent that the Commission is an SPF sector regulator. (3) The arrangement must include provisions relating to the matters (if any) prescribed by the SPF rules. Note: For example, the SPF rules could require an SPF regulator that requests a scam report under subsection 58BS(1) to: (a) notify each other SPF regulator of the request; and (b) give a copy of the scam report to any of those other SPF regulators that asks for one. (4) Each SPF regulator that is a party to such an arrangement must publish the arrangement on its website. (5) A failure to comply with this section does not invalidate the performance or exercise of a function or power by an SPF regulator.