Document ID: chunk:federal_register_of_legislation:C2025A00015:clause:1_58bf
Version: federal_register_of_legislation:C2025A00015
Segment Type: clause
Provision Reference: sch 1 cl 58BF
Character Range: 22367–23453

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).