Tag Archives: Remuneration
Australia: Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry released
The Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Hayne Report) was released to the public on 4 February 2019. The Federal Government has agreed to take action on all 76 recommendations … Continue reading
SFC publishes findings and guidance on protection of client assets following reviews of brokers’ internal controls and supervision of account executives
Last month, the Securities and Futures Commission (SFC) published a circular, a report and a self-assessment checklist to provide guidance on the standards expected of licensed corporations (LCs) regarding internal controls for the protection of client assets and supervision of … Continue reading
The FCA has today published a report of its March 2018 Transforming Culture Conference. The short report (7 pages) summarises the event and sets out next steps.
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
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
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
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has issued a draft Supervisory Statement, containing guidance on how Solvency II remuneration rules are to be applied (Draft Guidance). The Draft Guidance is, in certain respects, materially more onerous than may have been expected.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
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
The European Banking Authority has published the final version of its updated guidelines on the CRDIV remuneration requirements.
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