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

12   Deferral of variable remuneration under BEAR - savings provision

When this item applies

(1) This item applies in relation to a person if:

(a) immediately before the banking start time:

(i) the person is an accountable person of an ADI, or of a subsidiary of an ADI, under the old Banking Act; and

(ii) Division 4 of Part IIAA of the old Banking Act applies in relation to the variable remuneration of the person; and

(b) at the banking start time, the person is not an accountable person of the ADI or the subsidiary under section 10 of the FAR Act.

Note: If the person was an accountable person of a subsidiary of the ADI, and the subsidiary is not a significant related entity of the ADI under the FAR Act, then the person may not be an accountable person of the ADI or the subsidiary under the FAR Act.

Old Banking Act continues to apply

(2) Despite the repeal of Part IIAA of the Banking Act 1959 by Part 2 of Schedule 1, the old Banking Act continues to apply, after the banking start time, in relation to the variable remuneration, as if that repeal had not happened.