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).
Sourced from the Federal Register of Legislation at 22 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.
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