Section 58BD — Competition and Consumer Act 2010: 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).