Regulatory Alerts2016-12-20
Instruction No. 2016-I-27 of December 20, 2016 amending Instruction No. 2014-I-13 of September 29, 2014 on the collection of remuneration information
The Prudential Control and Resolution Authority (ACPR) amends Instruction No. 2014-I-13 to refine the scope of entities subject to remuneration data collection and update reporting technical standards. The revision clarifies that reporting applies to credit institutions and investment firms with consolidated balance sheets exceeding 1,000 billion euros, while excluding specific small investment firms and financing companies unless part of a consolidated group. Additionally, the ACPR updates the reporting format to mandatory XBRL teletransmission and allows entities with no remuneration exceeding 1 million euros to submit nil returns.
PRUDENTIAL CONTROL AND RESOLUTION AUTHORITY
Instruction No. 2016-I-27 of December 20, 2016 amending Instruction No. 2014-I-13 of September 29, 2014 on the collection of information on remuneration
The Prudential Control and Resolution Authority, Having regard to the Monetary and Financial Code, in particular Articles L. 511-87 and L. 612-24; Having regard to Regulation (EU) No 575/2013; Having regard to Instruction No. 2014-I-13 replacing Instruction No. 2012-I-05 of November 13, 2012 on the collection of information on remuneration; Having regard to the opinion of the Prudential Affairs Consultative Commission of November 16, 2016; Decides:
Article 1: Article 1 of Instruction No. 2014-I-13 is replaced by the following provisions: "The following are subject to this Instruction:
For the statements to be submitted in Annexes 1 to 3, credit institutions, financial holding companies, mixed financial holding companies, investment firms, and financing companies when they are included in the consolidation scope of a credit institution, whose balance sheet size exceeds 1,000 billion euros.
For the statement to be submitted in Annex 4, all credit institutions, financial holding companies, mixed financial holding companies, and investment firms, with the exception of those referred to in points b) and c) of paragraph 2 of Article 4 of Regulation (EU) No 575/2013. Investment firms referred to in points b) and c) of paragraph 2 of Article 4 of Regulation (EU) No 575/2013 and financing companies are excluded from this exercise, unless they are included in the consolidation scope of an institution subject to this data collection."
Article 2: In paragraph 2.1 of Article 2 of Instruction No. 2014-I-13, the words "on a consolidated basis" are replaced by the words "at the highest level of consolidation in France, on a consolidated or individual basis as applicable".
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Article 3: The last paragraph of Article 3 of Instruction No. 2014-I-13 is replaced by the following provisions: "Institutions where none of the staff members receive remuneration exceeding 1 million euros in their reporting scope must indicate this to the ACPR by transmitting a nil return via teletransmission in XBRL format."
Article 4: In Article 4 of Instruction No. 2014-I-13, the words "in electronic form" are replaced by the words "by teletransmission in XBRL format".
Article 5: Article 5 of Instruction No. 2014-I-13 is deleted.
Article 6: The title of Article 6 and the first paragraph of Article 6 of Instruction No. 2014-I-13 are deleted.
Article 7: This Instruction is published in the official register of the Prudential Control and Resolution Authority.
Paris, December 20, 2016 The President of the Prudential Control and Resolution Authority, [Robert OPHÈLE]