Tag Archives: Remuneration

European Commission forges ahead with bonus cap for all CRDIV firms

The European Commission has published proposed amendments to the remuneration requirements of CRDIV which would have the effect of extending the cap on variable remuneration (the "bonus cap") to all CRDIV firms, including smaller banks and all CRDIV investment firms.  … Continue reading

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Filed under Europe, European Regulation

UK: FCA and PRA final rules on regulatory references: strengthening accountability in banking and insurance

The FCA and PRA have published new policy statements relating to regulatory references under the new accountability regimes for banks and insurers, which will come into force on 7 March 2017 (see FCA PS16/22 and PRA PS27/16). Banks and insurers … Continue reading

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Filed under FCA, PRA, UK

PRA and FCA updated guidance on CRDIV remuneration rules

The PRA and FCA have each issued consultation papers setting out draft updated guidance in respect of the CRDIV remuneration rules. The proposed updates from the PRA, available here, will consolidate the various existing PRA guidance documents into one, and … Continue reading

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Filed under FCA, PRA, Regulatory Reform

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has issued a draft Supervisory Statement, containing guidance on how Solvency II remuneration rules are to be applied (Draft Guidance).  The Draft Guidance is, in certain respects, materially more onerous than may have been expected.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

EU: Final ESMA Guidelines on UCITS V remuneration provisions: ESMA addresses the application of the proportionality principle under UCITS V and AIFMD

The European Securities and Markets Authority ("ESMA") has published its final guidelines on the remuneration requirements of the UCITS V directive (the "UCITS V Guidelines").  The key issue addressed by ESMA is the ability for smaller or less complex managers … Continue reading

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Filed under Asset management, EU, Funds

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

Has the EBA got it wrong? Proposals to apply the “bankers’ bonus cap” to more banks and investment firms

Proposed guidelines from the European Banking Authority (EBA) would extend the “bankers’ bonus cap” to all IFPRU investment firms as well as all banks, irrespective of size – this may include asset managers, hedge funds, broker-dealers, and spread-betting, FX and … Continue reading

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Filed under Asset management, Banking, EU, Investment banking, Investment Funds

UK: High earners reporting for limited licence/limited activity IFPRU firms – action required by 10 November

Limited licence/limited activity firms subject to the requirements of the Capital Requirements Directive (CRD IV) will have received email correspondence from the FCA requesting information in relation to their high earners in 2013.  This information has not previously been collected … Continue reading

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Filed under FCA, UK

UK: The EBA clamp-down on role-based allowances: behind the headlines

As has been widely reported, the European Banking Authority has stated that many role-based allowances should now be treated as variable remuneration, which will result in many banks being in breach of the “bankers’ bonus cap”. 

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