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Category - Remuneration

FCA writes to RemCo chairs

FCA has written to the Chairs of Remuneration Committees within firms to set out its approach to remuneration this year and to highlight the areas RemCo chairs should be considering. Broadly, the Chair must remain...

PRA updates MRT waiver

PRA has updated its list of modifications by consent to include an application to allow CRR firms to exclude from idenfication as MRTs employees who meet the pay-based criteria for the definition but are deemed not to...

PRA updates on MRTs

PRA has published an update on the requirements applicable to material risk takers.  The EU did not adopt an updated version of the MRT Regulation before the transposition date of CRD V, and so PRA is currently using...

PRA corrects MRT definition

PRA has noted a mistake in the Rulebook definition of “higher paid material risk taker” in Rule 1.3 of the Remuneration Part.  The definition currently states that a person will be an HPMRT where: (a) their...

PRA consults on CRD V

PRA is consulting on changes to its rules, supervisory statements and statements of policy needed to implement parts of CRD V.  This consultation is the first part of PRA’s preparation for implementation, and it...

EBA updates risk taker RTS

EBA has published its final draft RTS on the criteria to define material risk takers for CRD purposes. It has published the revised standards to define and harmonise the criteria across the EU. An individual member of...

Regulator Covid-19 update 1 April

Further updates from the regulators, in addition to FCA’s Dear CEO letter to retail investment firms, include: PRA welcoming the agreement by the boards of large UK banks to suspend dividends and buybacks on...

Investment firm legislation in OJEU

The Directive and Regulation making changes to existing laws on prudential requirements for, and supervision of, investment firms, have been published in the Official Journal. The legislation makes several significant...

FCA updates on Remuneration Code expectations

FCA has written its annual letter to RemCo chairs of Level 1 firms. The letter sets out what FCA has found on accountability, ex-post risk adjustments and diversity and inclusion.  The letter: notes the responsibilities...