A rail transport operator must review the rail transport operator's safety management system in accordance with the regulations –

(a) at the times, or within the periods, that are prescribed; or

(b) if no times or periods are prescribed, at least once each year or at another time agreed between the rail transport operator and the Rail Safety Regulator.

Penalty:  In the case of –

(a) a body corporate, a fine not exceeding 500 penalty units; or

(b) an individual, a fine not exceeding 100 penalty units.