Competition and Consumer Act 2010
58BEAnnual certification about SPF governance policies, procedures, metrics and targets—civil penalty provision
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58BE Annual certification about SPF governance policies, procedures, metrics and targets—civil penalty provision
(1) A regulated entity for a regulated sector contravenes this subsection if:
(a) no senior officer of the entity certifies in writing, within 12 months of the day the entity becomes a regulated entity for the sector, whether the entity’s SPF governance policies, procedures, metrics and targets for the sector comply with this Subdivision; or
(b) no senior officer of the entity certifies in writing, within 7 days after each 12‑month anniversary of the day the entity becomes a regulated entity for the sector, whether the entity’s SPF governance policies, procedures, metrics and targets for the sector comply with this Subdivision.
(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).