58BFRecord keeping of compliance with SPF provisions—civil penalty provision

58BF Record keeping of compliance with SPF provisions—civil penalty provision

(1) A regulated entity for a regulated sector contravenes this subsection if the entity fails to keep records of information of a material nature relating to each of the following activities for at least 6 years after that activity happens:

(a) the initial documenting, and each revision of the documenting, of the entity’s SPF governance policies, procedures, metrics and targets for the sector;

(b) the initial implementation, and each reimplementation, of those SPF governance policies, procedures, metrics and targets;

(c) each consideration (including certification) by one of the entity’s senior officers of those SPF governance policies, procedures, metrics and targets, including in relation to their documenting, implementation and review;

(d) any other activities 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).