30.17—Q-17: How do the effective date provisions apply with respect to the requirements under section 111 of EESA?
(a) General rule.
The
requirements under this part with respect to
sections 111(b), 111(c), 111(d) and 111(f) are
effective upon June 15, 2009. The guidance under
this part with respect to those sections
supersedes any previous guidance applicable to a
TARP recipient to the extent that guidance is
inconsistent with those requirements, but
supersedes that guidance only as of June 15, 2009.
To the extent previous contractual provisions are
not inconsistent with ARRA or the guidance under
this part, those contractual provisions remain in
effect and continue to apply in accordance with
their terms.
(b) Bonus payment limitation.
The
bonus payment limitation provision under § 30.10
(Q-10) of this part does not apply to bonus
payments paid or accrued by TARP recipients or
their employees before June 15, 2009. Certain
bonus payments may relate to a service period
beginning before and ending after June 15, 2009.
In these circumstances, the employee will not be
treated as having accrued the bonus payment on or
after June 15, 2009 if the bonus payment is at
least reduced to reflect the portion of the
service period that occurs after June 15, 2009. If
the employee is an SEO or most highly compensated
employee at the time the net bonus payment after
such reduction would otherwise be paid, the amount
still may not be paid until such time as bonus
payments to that employee are permitted.