(1) The Commission may determine a mandatory standard for any matter which may be the subject matter of a voluntary industry code if the Commission is satisfied that the voluntary industry code has failed, and will continue to fail, to promote industry conduct which is consistent with—
 

(a) the objects of this Act;

 

(b) any relevant instrument under this Act; or

 

(c) any relevant provisions of this Act or its subsidiary legislation.
 

(2) The Commission shall determine a mandatory standard if it is subject to a direction from the Minister to determine a mandatory standard in place of a voluntary industry code.

 

(3) A Ministerial direction, to determine a mandatory standard, may include reference to—
 

(a) matters which shall be dealt with in the mandatory standard; and

 

(b) the manner in which those matters are to be dealt with. 
 

(4) The determination of the Commission under this section shall be in accordance with section 55.