58BGReporting about compliance with this Subdivision—civil penalty provision

58BG Reporting about compliance with this Subdivision—civil penalty provision

(1) A regulated entity for a regulated sector contravenes this subsection if:

(a) the SPF general regulator, or the SPF sector regulator for the sector, gives the entity a written request for a copy of:

(i) the entity’s SPF governance policies, procedures, metrics and targets for the sector; or

(ii) specified kinds of other records required by this Subdivision to be kept for the sector by the entity; and

(b) the entity fails to comply with the request within:

(i) 10 business days after the day the entity is given the request; or

(ii) such longer period as is allowed by the SPF regulator.

(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).