14Principal executive officer of financial sector entity (other than a superannuation entity) to notify the entity’s governing body of a failure to provide reporting documents to APRA

14 Principal executive officer of financial sector entity (other than a superannuation entity) to notify the entity’s governing body of a failure to provide reporting documents to APRA

(1) This section applies if a financial sector entity (other than a superannuation entity) that is required by or under a reporting standard to give a reporting document to APRA before a particular time or within a particular period fails to comply with the requirement. (2) It is the duty of the principal executive officer of the entity, as soon as practicable after that time or the end of that period, as the case may be, to notify the governing body of the entity in writing that the failure has occurred. (3) The principal executive officer of a financial sector entity must not refuse or fail to notify the governing body of the entity as required by subsection (2).

Penalty: 50 penalty units.

(4) An offence for a contravention of subsection (3) is an offence of strict liability.