Regulation on the Application of Guidelines on Remuneration Policies for Retail Banking

THIS TEXT IS UNOFFICIAL TRANSLATION AND MAY NOT BE USED AS A BASIS FOR SOLVING ANY DISPUTE  Official Gazette of the Republic of Slovenia, No. 12/17 of 10 March 2017 (in force since 11 March 2017) Pursuant to the third paragraph of Article 13 of the Banking Act (Official Gazette of the Republic of Slovenia, Nos. 25/15, 44/16 [ZRPPB] and 77/16 [ZCKR]; hereinafter: the ZBan-2), the eleventh paragraph of Article 182 of the Payment Services and Systems Act (Official Gazette of the Republic of Slovenia, Nos. 58/09, 34/10, 9/11, 32/12, 81/15 and 47/16; hereinafter: the ZPlaSS), Article 83 of the Consumer Credit Act (Official Gazette of the Republic of Slovenia, No. 77/16; hereinafter: the ZPotK-2) and the first paragraph of Article 31 of the Bank of Slovenia Act (Official Gazette of the Republic of Slovenia, Nos. 72/06 [official consolidated version] and 59/11), the Governing Board of the Bank of Slovenia hereby issues the following REGULATION on the application of the Guidelines on remuneration policies and practices related to the sale and provision of retail banking products and services Article 1 (purpose and field of application) (1) Pursuant to Article 16(1) of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331 of 15 December 2010, p 12; hereinafter: Regulation (EU) No 1093/2010), on 13 December 2016 the European Banking Authority issued the Guidelines on remuneration policies and practices related to the sale and provision of retail banking products and services (hereinafter: the guidelines), which are published on its website. (2) The guidelines referred to in the first paragraph of this article set out requirements for the design and implementation of remuneration policies and practices in relation to the offering or provision of banking products and services to consumers, with a view to protecting consumers from undesirable detriment arising from the remuneration of sales staff. (3) The guidelines apply to:

1. financial institutions as defined in Article 4(1) of Regulation (EU) No 1093/2010; and
2. competent authorities as defined in point (i) of Article 4(2) of Regulation (EU) No 1093/2010. Article 2 (content of regulation and scope of application of guidelines) (1) By virtue of this regulation the Bank of Slovenia sets out the application of the guidelines to:
3. banks and savings banks that in accordance with the ZBan-2 have obtained an authorisation to provide banking services in the Republic of Slovenia (hereinafter: banks);
4. payment institutions that in accordance with the ZPlaSS have obtained an authorisation to provide payment services as a payment institution in the Republic of Slovenia, and electronic money issuers that in accordance with the ZPlaSS have obtained an authorisation to provide services of electronic money issuance in the Republic of Slovenia;
5. creditors that provide real estate finance leasing services in accordance with the ZPotK-2, and credit intermediaries in the provision of services of consumer credit intermediation for real estate in accordance with the ZPotK-2; and

THIS TEXT IS UNOFFICIAL TRANSLATION AND MAY NOT BE USED AS A BASIS FOR SOLVING ANY DISPUTE 4. the Bank of Slovenia, when, in accordance with the ZBan-2, Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176 of 27 June 2013, p 1; hereinafter: Regulation (EU) No 575/2013), the ZPlaSS and the ZPotK-2, in its role as the competent authority it is exercising supervisory powers and tasks over entities referred to in points 1, 2 and 3 of this paragraph. (2) In the design and implementation of remuneration policies and practices in relation to the offering or provision of banking products and services to consumers, the entities referred to in points 1, 2 and 3 of the first paragraph of this article shall take full account of the provisions of the guidelines, and shall ensure that the provisions of the guidelines are also taken into account by their external providers. (3) In exercising its supervisory powers and tasks in accordance with the ZBan-2, Regulation (EU) No 575/2013, the ZPlaSS and the ZPotK-2, the Bank of Slovenia shall take full account of the provisions of the guidelines in the parts relating to the exercise of the powers and tasks of the competent authority. Article 3 (entry into force) This regulation shall enter into force on the day after its publication in the Official Gazette of the Republic of Slovenia, and shall begin to be applied on 13 January 2018. Ljubljana, 7 March 2017 Boštjan Jazbec President, Governing Board of the Bank of Slovenia