Payment Times Reporting Act 2020

PART 4 - COMPLIANCE AND ENFORCEMENT  

Division 1 - Introduction  

SECTION 28   SIMPLIFIED OUTLINE OF THIS PART  

This Part imposes certain obligations on reporting entities and reporting nominees, and provides for compliance and enforcement powers.

Reporting entities and reporting nominees are required to keep records of information used to prepare payment times reports for 7 years.

The Regulator may require a reporting entity or reporting nominee to arrange an audit of the entity ' s compliance with this Act.

The Regulator may require a person to give the Regulator information, a document or a thing that is relevant to the operation of this Act.

This Part applies Parts 2, 3, 4, 5 and 6 of the Regulatory Powers Act with suitable modifications. Those Parts of that Act deal with monitoring and investigation powers, civil penalty provisions, infringement notices and enforceable undertakings. The Regulator may appoint authorised officers and infringement officers to exercise powers under the Regulatory Powers Act.

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History

S 28 substituted by No 65 of 2024, s 3 and Sch 1 item 47, effective 7 September 2024. For application and transitional provisions, see note under s 3 . S 28 formerly read:

SECTION 28 SIMPLIFIED OUTLINE OF THIS PART  

This Part imposes certain obligations on reporting entities and provides for compliance and enforcement powers.

A reporting entity is required to keep records of information used to prepare a payment times report for 7 years.

The Regulator may require a reporting entity to arrange an audit of the entity ' s compliance with this Act.

This Part applies Parts 2, 3, 4 and 5 of the Regulatory Powers Act with suitable modifications. Those Parts of that Act deal with monitoring and investigation powers, civil penalty provisions and infringement notices. The Regulator may appoint authorised officers and infringement officers to exercise powers under the Regulatory Powers Act.

The application of compliance and enforcement powers under this Act is delayed for 12 months.

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