Commonwealth Numbered Acts Commonwealth Numbered Acts(1) The variable remuneration of an accountable person of an accountable entity or a significant related entity is:
(a) so much (if any) of the accountable person's total remuneration as:
(i) is conditional on the achievement of objectives; and
(ii) is not remuneration of a kind prescribed by the Regulator rules for the purposes of this subparagraph; and
(b) so much (if any) of the accountable person's total remuneration as is remuneration of a kind determined under paragraph (3)(a) or prescribed by the Regulator rules.
(2) However, remuneration of a kind determined under paragraph (3)(b) is not variable remuneration of an accountable person of an accountable entity or a significant related entity.
(3) The Regulator may, by written notice given to an accountable entity or a significant related entity, determine that:
(a) remuneration of a particular kind, of one or more accountable persons, or of a class of accountable persons, of the accountable entity or significant related entity, is variable remuneration; or
(b) remuneration of a particular kind, of one or more accountable persons, or of a class of accountable persons, of the accountable entity or significant related entity, is not variable remuneration.
Note: A decision under this subsection is a reviewable decision (see Part 5 of Chapter 3).
(4) The Regulator must give a copy of a determination it makes under subsection (3) to each person who, when the determination is made, is an accountable person covered by the determination.
(5) If:
(a) after a determination is made under subsection (3), a person becomes an accountable person of the accountable entity or significant related entity; and
(b) the determination covers the person;
the accountable entity or significant related entity must give a copy of the determination to the person.
(6) A notice under subsection (3) is not a legislative instrument.
(7) Regulator rules made for the purposes of paragraph (1)(b), or a determination made for the purposes of paragraph (3)(a), may also identify the day, or a way of working out the day, on which the minimum deferral period for the variable remuneration starts.