Regulatory Alerts2023-10-23
Instruction No. 2023-I-16 of 23 October 2023 repealing and replacing Instruction No. 2022-I-19 regarding remuneration information collection for entities subject to Regulation (EU) No 575/2013
The Prudential Control and Resolution Authority issued Instruction No. 2023-I-16 to mandate annual, biennial, and triennial reporting of remuneration data from credit institutions and financial holding companies. The directive requires detailed disclosure of total compensation, gender pay gaps calculated by quartiles, and approvals for fixed-to-variable pay ratios exceeding 100%. These reporting obligations apply based on entity size, consolidation level, and employee count, with submissions due via XBRL format by mid-June of the relevant year.
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