Document ID: chunk:federal_register_of_legislation:C2023A00068:clause:2_10
Version: federal_register_of_legislation:C2023A00068
Segment Type: clause
Provision Reference: sch 2 cl 10
Character Range: 39156–40070

10  Deferral of variable remuneration continues under BEAR after FAR starts

When this item applies
(1) This item applies in relation to a person if:
 (a) immediately before the banking start time, the person is an accountable person of an ADI, or of a subsidiary of an ADI, under the old Banking Act; and
 (b) at the banking start time, the person is an accountable person of the ADI or subsidiary under section 10 of the FAR Act.

Old Banking Act continues to apply until FAR applies
(2) Despite the repeal of Part IIAA of the Banking Act 1959 by Part 2 of Schedule 1, the old Banking Act applies, after the banking start time, in relation to the variable remuneration of the accountable person unless Part 5 of Chapter 2 of the FAR Act applies to the variable remuneration (see item 11 of this Schedule).
Note: APRA may exercise powers etc. under repealed provisions for the purposes of this item: see item 29.