Commonwealth Consolidated Acts Commonwealth Consolidated ActsEntities with businesses or services within the banking, insurance or communications constitutional powers
(1) To the extent that a regulated sector includes a business or service covered by paragraph 58AC(2)(a), (b) or (c):
(a) the person who carries on or provides that business or service is a regulated entity for the sector; and
(b) that business or service is a regulated service of the regulated entity for the sector.
Note 1: This subsection extends to a regulated sector consisting of businesses or services that are a subset of paragraph 58AC(2)(a), (b) or (c).
Note 2: Sections 58GA to 58GC extend the meaning of person for partnerships, unincorporated associations and trusts.
Other entities who may be regulated entities
(2) Otherwise:
(a) the regulated entities for a regulated sector; and
(b) the regulated services of each of those regulated entities;
are as set out in the following table:
Other regulated entities, and their regulated services, for the regulated sector | ||
Item | This person is a regulated entity : | for this regulated service : |
1 | a corporation that carries on or provides a business or service that is part of the regulated sector | |
2 | a person to the extent that the person is both: (a) carrying on or providing a business or service that is part of the regulated sector; and (b) acting using a postal, telegraphic, telephonic or other like service (within the meaning of paragraph 51(v) of the Constitution) | so much of that business or service as relates to the person acting in that way. |
3 | a person to the extent that the person is both: (a) carrying on or providing a business or service that is part of the regulated sector; and (b) acting in the course of, or in relation to, a kind of trade or commerce mentioned in subsection (3) | so much of that business or service as relates to the person acting in that way. |
Note 1: For the meaning of corporation , see section 4.
Note 2: Sections 58GA to 58GC extend the meaning of person for partnerships, unincorporated associations and trusts.
(3) For the purposes of item 3 of the table in subsection (2), the kinds of trade or commerce are as follows:
(a) trade or commerce between Australia and places outside Australia;
(b) trade or commerce among the States;
(c) trade or commerce within a Territory, between a State or Territory or between 2 Territories.
Exceptions--complete
(4) Despite subsections (1) and (2):
(a) a person is not a regulated entity for a regulated sector to the extent that an exception prescribed by the SPF rules applies to the person; and
(b) a business or service is not a regulated service of a person for a regulated sector to the extent that an exception prescribed by the SPF rules applies to the business or service.
Note: A person, business or service may be specified by class (see subsection 13(3) of the Legislation Act 2003 ).
Exceptions--partial
(5) Despite subsections (1) and (2), the instrument made under subsection 58AC(1) designating a business or service to be all or part of the regulated sector may declare that:
(a) the person who carries on or provides the business or service is not a regulated entity for the regulated sector for the purposes of specified SPF provisions; or
(b) the business or service is not a regulated service for the regulated sector for the purposes of specified SPF provisions.
Note: An individual person, business or service could be declared, or persons, businesses or services could be declared by class (see subsection 13(3) of the Legislation Act 2003 ).