Section 58BE — Competition and Consumer Act 2010: Annual certification about SPF governance policies, procedures, metrics and targets—civil penalty provision

(1) A regulated entity for a regulated sector contravenes this subsection if: (a) no senior officer of the entity certifies in writing, within 12 months of the day the entity becomes a regulated entity for the sector, whether the entity’s SPF governance policies, procedures, metrics and targets for the sector comply with this Subdivision; or (b) no senior officer of the entity certifies in writing, within 7 days after each 12-month anniversary of the day the entity becomes a regulated entity for the sector, whether the entity’s SPF governance policies, procedures, metrics and targets for the sector comply with this Subdivision. (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).