Financial Accountability Regime (Consequential Amendments) Act 2023 (68 of 2023)

Schedule 2   Application, saving and transitional provisions

Part 2   Banking sector

Division 2   Deferred remuneration obligations

11   Deferral of variable remuneration under FAR

When this item applies

(1) This item applies in relation to a person who is an accountable person under section 10 of the FAR Act of an entity (the deferring entity ) that is, at the banking start time:

(a) an accountable entity under subsection 9(1) of the FAR Act; or

(b) a significant related entity of such an accountable entity.

FAR applies to financial years starting at least 6 months after banking start time

(2) Part 5 of Chapter 2 of the FAR Act applies in relation to the variable remuneration of the accountable person only if the minimum deferral period for the variable remuneration (see section 28 of the FAR Act) starts in:

(a) the first financial year of the deferring entity that begins after the end of the period of 6 months after the banking start time; or

(b) a later financial year.