Document ID: chunk:federal_register_of_legislation:C2025A00015:clause:1_58bd
Version: federal_register_of_legislation:C2025A00015
Segment Type: clause
Provision Reference: sch 1 cl 58BD
Character Range: 20432–21424

58BD  Documenting and implementing governance policies and procedures—civil penalty provision
 (1) A regulated entity for a regulated sector contravenes this subsection if the entity fails to do one or more of the following:
 (a) document governance policies and procedures about:
 (i) preventing, detecting and disrupting scams; and
 (ii) responding to scams; and
 (iii) reports relating to scams;
  relating to, connected with, or using the entity's regulated services for the sector;
 (b) implement those governance policies and procedures;
 (c) develop and implement performance metrics and targets that:
 (i) are for measuring the effectiveness of those governance policies and procedures; and
 (ii) comply with any requirements for those metrics and targets 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).