Tag Archives: remuneration

Changes in terminology. PRA updates its Supervisory Statements

The PRA updated a number of its Supervisory Statements (SSs) on 4 July 2018 to reflect changes in terminology, following the publication of policy statement 15/18 “Strengthening individual accountability in insurance: Extension of the Senior Managers and Certification Regime to insurers”. A list of those SSs can be found below. SS28/15 “Strengthening individual accountability in […]

ESMA updates UCITS FAQ

ESMA has updated its FAQs on the application of the UCITS Directive. The additions look at how to apply remuneration disclosure requirements to staff or the delegate of a UCITS management company who have been delegated investment management functions.

ESMA updates funds FAQs

ESMA has updated its FAQs on the AIFMD and UCITS. The AIFMD additions look are remuneration issues, and updates to both sets of guidance look at periodic reporting under the SFTR.

FCA makes CRD IV remuneration guidance

FCA has made its final rules and guidance on remuneration in CRD IV firms, which it has aligned to EBA guidelines. The changes take effect immediately, since the EBA guidelines came into force at the beginning of 2017. Firms should ensure they comply with the new standards for the 2017 performance year onwards.

FCA speaks on culture

Andrew Bailey has given a speech at the Hong Kong Monetary Authority (HKMA) Annual Conference for Independent Non-Executive Directors in Hong Kong. He spoke about the culture in financial institutions, setting out what he meant by culture, what he sees as the respective roles of firms’ governing bodies and management and public authorities, and two […]

FCA makes it crystal clear that 2016/2017 Remuneration must be directly linked to Effective Risk Management

The FCA will crack down hard on firms which incentivise behaviours that are not in the best interests of consumers, market integrity or fair competition and will look closely at Material Risk Takers, bonus pools and individual performance assessments. The FCA’s letter to all UK banks, building societies and investment firms (with relevant total assets […]

ESMA publishes fund remuneration guidelines

ESMA has published its guidelines on remuneration practices under the AIFMD and for UCITS. The guidelines are new for UCITS management companies, and amended for AIFMs to address how to apply the rules in a group context where some group members are banks. The guidelines apply from 1 January 2017.

PRA and FCA feed back on accountability

PRA and FCA have published several papers on the SMR, SIMR and accountability standards. FCA’s supervisory review of the SMR highlights its views that firms have, in general, engaged well. It gives detailed feedback, separately, in respect of UK banks and building societies, branches from both inside and outside the EEA, and credit unions. It […]