Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies if a financial sector entity (other than a superannuation entity) that is required by or under a reporting standard to give a reporting document to APRA before a particular time or within a particular period fails to comply with the requirement.
(2) It is the duty of the principal executive officer of the entity, as soon as practicable after that time or the end of that period, as the case may be, to notify the governing body of the entity in writing that the failure has occurred.
(3) The principal executive officer of a financial sector entity must not refuse or fail to notify the governing body of the entity as required by subsection (2).
(4) An offence for a contravention of subsection (3) is an offence of strict liability.