Document ID: chunk:federal_register_of_legislation:F2023L01348:front:0:p4
Version: federal_register_of_legislation:F2023L01348
Segment Type: other
Provision Reference: 
Character Range: 8689–11622

engagement governed by foreign law, any applicable foreign legislation.
9.             For an ADI, by operation of the Legislation Act 2003, this Prudential Standard is to be read and construed subject to the Banking Act, including Part IIAA which imposes requirements relating to remuneration.

10.         Subject to paragraphs 11, 12 and 13, this Prudential Standard applies:
        (a)          to an ADI that is an SFI, or a group headed by an ADI or authorised banking NOHC that is an SFI, on 1 January 2023;
        (b)          to a general insurer, life company, private health insurer or RSE licensee that is an SFI, or a group headed by such an SFI, or a group headed by an authorised insurance NOHC, a parent entity of a Level 2 insurance group or a registered NOHC that is an SFI, on 1 July 2023; and
        (c)          to any other APRA-regulated entity on 1 January 2024.
11.         The disclosure requirements of this Prudential Standard, specified in paragraphs 63-73 and paragraphs 91-98, apply to an APRA-regulated entity's first full financial year that commences on or after 1 January 2024.
12.         This Prudential Standard does not apply to a person's variable remuneration if the opportunity to earn the variable remuneration arose before the relevant commencement dates specified in paragraph 10.
13.         Despite paragraph 12, if:
        (a)          the person's variable remuneration is payable under a contract entered into before the previous version of this Prudential Standard came into effect; and
        (b)          apart from this paragraph, the application of this Prudential Standard to the variable remuneration would result in an acquisition of property from the person other than on just terms (within the meaning of paragraph 51(xxxi) of the Constitution);
    this Prudential Standard does not apply to the variable remuneration to the extent it would result in such an acquisition.[4]

Interpretation
14.         Terms that are defined in Prudential Standard 3PS 001 Definitions, Prudential Standard APS 001 Definitions (APS 001), Prudential Standard GPS 001 Definitions (GPS 001), Prudential Standard LPS 001 Definitions (LPS 001) or Prudential Standard HPS 001 Definitions (HPS 001) appear in bold the first time they are used in this Prudential Standard.
15.         In this Prudential Standard, unless the contrary intention appears, a reference to an Act, Regulations, Rules or Prudential Standard is a reference to the Act, Regulations, Rules or Prudential Standard as in force from time to time.
16.         Where this Prudential Standard provides for APRA to exercise a power or discretion, the power or discretion is to be exercised in writing.
17.         For the purposes of this Prudential Standard:
(a)          group – means a Level 2 group, Level 3 group or a group comprising the RSE licensee and all connected entities[5] and all related bodies corporate[6] of