Section 58BD — Competition and Consumer Act 2010 (Cth)

(1) A regulated entity for a regulated sector contravenes this subsection if the entity fails to do one or more of the following:

(a) document governance policies and procedures about:

(i) preventing, detecting and disrupting scams; and

(ii) responding to scams; and

(iii) reports relating to scams;

relating to, connected with, or using the entity’s regulated services for the sector;

(b) implement those governance policies and procedures;

(c) develop and implement performance metrics and targets that:

(i) are for measuring the effectiveness of those governance policies and procedures; and

(ii) comply with any requirements for those metrics and targets that are prescribed by the SPF rules.

(2) Subsection (1) is a civil penalty provision.

Note: This means subsection (1) is a civil penalty provision of an SPF principle for the purposes of section 58FJ (about civil penalties).

Related sections

• s 58BA — Simplified outline of this Division
• s 58BB — Meaning of reasonable steps
• s 58BC — Simplified outline of this Subdivision
• s 58BE — Annual certification about SPF governance policies, procedures, metrics and targets—civil penalty provision
• s 58BF — Record keeping of compliance with SPF provisions—civil penalty provision
• s 58BG — Reporting about compliance with this Subdivision—civil penalty provision

Research how courts apply s 58BD

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