The compliance and enforcement powers of the Payment Times Reporting Act 2020 (the Act) commenced on 1 January 2022.
These allow us to publish details of non-compliance on the Payment Times Reports Register, undertake investigations, require reporting entity compliance audits, issue infringement notices, and commence civil penalty actions.
To help you understand how we’ll apply these powers and administer other functions under the Act, we’ve published Payment Times Reporting Regulator: Our approach to regulation.
This has information about:
- our role and functions
- the principles applied for regulation actions
- our approach to maintaining the Payment Times Reports Register
- our approach to non-compliance
- how we engage with stakeholders.
Updated guidance material
Following a review of the enquiries from reporting entities and payment times reports from the first reporting period in 2021, we identified a need for updated guidance material.
We anticipate the updated guidance material will be available for public consultation in the first quarter of 2022.
We encourage you to engage in the consultation process to ensure the revised guidance is useful and meets your needs.