Document ID: chunk:federal_register_of_legislation:C2025C00148:section:3
Version: federal_register_of_legislation:C2025C00148
Segment Type: section
Provision Reference: s 3
Character Range: 55743–57862

3                               a circumstance determined under subsection (5), or prescribed by the Regulator rules for the purposes of this item, exists or occurs in relation to the accountable person  (a) the day on which the circumstance occurs or begins to exist, unless paragraph (b) applies; or
                                                                                                                                                                                                            (b) if, on the day determined under paragraph (a), the accountable entity or significant related entity is not yet satisfied on reasonable grounds that the person has complied with the person's accountability obligations under section 21:
                                                                                                                                                                                                            (i) the day on which the entity is so satisfied (whether the compliance occurred on or before the entity being so satisfied); or
                                                                                                                                                                                                            (ii) if the day mentioned in subparagraph (i) does not occur—the day determined under item 1.

Note: In relation to item 1, if the accountable entity or significant related entity determines that the person has failed to comply, the remuneration policy must require the amount of variable remuneration paid or transferred to the person to be reduced by an amount that is proportionate to the failure: see paragraph 25(1)(b).
 (5) The Regulator may, by written notice given to an accountable entity, determine circumstances for the purposes of item 3 of the table in subsection (4) in relation to either or both of the following:
 (a) the accountable entity;
 (b) one or more significant related entities of the accountable entity.

Notice not a legislative instrument
 (6) A notice under subsection (5) is not a legislative instrument.