50.—(1) A F70[railway organisation] shall ensure that its safety management system, as described in its F71[safety management document], is independently audited by a suitably qualified person not later than the fourth anniversary of its acceptance by the Commission and not later than each subsequent period of 4 years thereafter or such other lesser period as may be specified from time to time by the Commission, having regard in particular to F70[railway organisation]s who are parties to an agreement under section 40.

(2) The objectives of an audit under subsection (1) shall, at minimum, be—

(a) to confirm the adequacy and scope of the safety management system,

(b) to confirm that the F71[safety management document] accurately reflects the safety management system,

(c) to confirm compliance by a F70[railway organisation] with its F71[safety management document], and

(d) to make recommendations, if any, for such improvements to the safety management system as the suitably qualified person deems appropriate in light of national or international experience and technological development.

(3) The report of a suitably qualified person appointed under subsection (1) shall be submitted by the F70[railway organisation] to the Commission within such period as may be specified by the Commission.

(4) The Commission may, where it considers it appropriate to do so upon application by a F70[railway organisation], being—

(a) a heritage railway, or

(b) a F70[railway organisation], other than a F70[railway organisation] used for the purposes of fare-paying passengers or for fee-paying members or the conveyance of merchandise for monetary gain,

grant an exemption or derogation from the requirements of subsection (1) to such F70[railway organisation] on such terms and conditions as it deems appropriate.

(5) In considering an application made by a F70[railway organisation] under subsection (4), the Commission shall have regard to—

(a) the nature, extent and complexity of its railway infrastructure and operations,

(b) its interaction, if any, with railway infrastructure or trains of other F70[railway organisation]s or with public roads,

(c) the likely consequences for persons of any incident on its railway, and

(d) the time elapsed since any previous safety audit was undertaken and the findings of such audit.

(6) Where the Commission considers that a potential danger may exist in any particular situation, it may undertake, or direct by notice in writing the relevant F70[railway organisation] to engage a suitably qualified person to undertake, an independent safety audit of the particular matter that gives rise to potential danger.

(7) The Commission may at any time undertake, or appoint a suitably qualified person to undertake on its behalf, an audit of all or any part of the safety management system and F71[safety management document] of a F70[railway organisation].

(8) A person appointed by the Commission under subsection (7) shall, for the duration for which he or she stands engaged, have the same powers as an inspector in respect of the F70[railway organisation] concerned.

(9) A F70[railway organisation] shall maintain sufficient records relating to all aspects of its safety management system for the purposes of demonstrating that it is conducting its activities in compliance with its safety management system.

(10) The Commission may make regulations specifying the minimum requirements for the auditing of F71[safety management document]s and a suitably qualified person referred to in section 49 shall comply with such regulations.

(11) A F70[railway organisation] which fails to comply with this section is guilty of an offence and is liable—

(a) on summary conviction, to a fine not exceeding €3,000, or

(b) on conviction on indictment, to a fine not exceeding €60,000.