Remuneration

UK: A guide to the PRA’s proposals on the Solvency II remuneration rules

The PRA has issued a draft Supervisory Statement, containing guidance on how Solvency II remuneration rules are to be applied (Draft Guidance).  The Draft Guidance is, in certain respects, materially more onerous than may have been expected.  In particular, it … Continue reading

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Filed under European Guidance, Insurance, PRA, Remuneration

Final EBA Guidelines published: EBA continues to propose extending the bonus cap to all CRDIV firms

The European Banking Authority has published the final version of its updated guidelines on the CRDIV remuneration requirements.

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Filed under Banking, EU, European Guidance, European Regulation, Remuneration

EU: ESMA disagrees with the EBA on proportionality: guidelines on remuneration under UCITS V are published for consultation

On 23 July 2015, the European Securities and Markets Authority (“ESMA”) published its draft guidelines on the implementation of the UCITS V remuneration principles for consultation.  In the consultation, ESMA’s approach to the application of proportionality differs from that of the European Banking Authority (EBA) … Continue reading

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Filed under EU, Europe, France, Germany, Italy, Remuneration, Spain

Bonus cap: PRA and FCA announce details of UK implementation

The Prudential Regulation Authority and the Financial Conduct Authority have each announced their proposed approach to the UK implementation of the cap on variable remuneration, being introduced by the amended capital requirements directive (CRD IV).  The consultation documents give much … Continue reading

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Filed under EU, FCA, PRA, Regulatory Reform, Remuneration, UK

Problem, process and prognosis: the legal challenge to the EU Bonus Cap

Yesterday afternoon it was announced that the UK Government has launched a legal challenge in the Court of Justice of the European Union against the cap on variable remuneration introduced by the new capital requirements directive (“CRD IV”).  Although this may … Continue reading

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Filed under EU, Europe, European Regulation, France, Italy, Remuneration, UK, UK Government

EU, UK: A new definition of “Code Staff” – key issues and summary of the draft rules

The European Banking Authority (“EBA”) has published draft regulatory technical standards on the definition of Identified Staff (“Code Staff” under the UK Remuneration Code) which, when finalised, will create compulsory rules on classifying Identified Staff.  These standards are intended to … Continue reading

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Filed under Banking, Dubai, Europe, France, Italy, Remuneration, Spain, UK

FSA issues final form remuneration code

On Friday 17 December 2010, the FSA issued its revised Remuneration Code (the “Code“) containing its interpretation of the remuneration principles contained in the amendments to the Capital Requirements Directive (“CRD III”). The FSA Code takes into account a number … Continue reading

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Filed under Europe, FSA, JURISDICTIONS, Remuneration, UK

CEBS issues final form guidelines on CRD III

On Friday 10 December 2010, following the public consultation in relation to its draft guidelines, the Committee of European Banking Supervisors (“CEBS”) issued its final form Guidelines on Remuneration Policies and Practices (the “Guidelines”) in relation to the remuneration principles … Continue reading

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Filed under Europe, European Guidance, JURISDICTIONS, Remuneration

FSA consults on remuneration disclosure requirements

The Financial Services Authority (FSA) has published a consultation on the implementation of remuneration disclosure requirements based on those set out in the Capital Requirements Directive (CRDIII). The consultation period closes on 8 December 2010 and the FSA intends to … Continue reading

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Filed under Europe, European Guidance, FSA, FSA Consultations, JURISDICTIONS, Remuneration, UK

Guidance may require the FSA to reconsider its interpretation of CRD III

The Committee of European Banking Supervisors (“CEBS”) has published its consultation paper setting out guidelines on the implementation of the remuneration provisions contained in the amended Capital Requirements Directive (“CRDIII”).  The consultation paper, ‘Guidelines on Remuneration Policies and Practices’ (the … Continue reading

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Filed under European Guidance, FSA, JURISDICTIONS, Remuneration, UK