Regulatory Alerts2021-08-13
Added · Updated
Commission Delegated Regulation (EU) 2021/2154 on criteria to identify staff with material impact on investment firm risk profiles
The European Commission adopted this Regulation to specify regulatory technical standards for identifying categories of staff whose professional activities materially impact the risk profile of investment firms under Directive (EU) 2019/2034. Investment firms must apply qualitative criteria, such as membership in the management body or senior management, and quantitative criteria, including a total remuneration threshold of EUR 500,000 or placement within the top 0.3% of earners in firms with over 1,000 staff. Exclusions from these quantitative presumptions require prior approval from competent authorities, with mandatory notification to the European Banking Authority for staff earning over EUR 1,000,000. The Regulation entered into force on the fifth day following its publication in the Official Journal of the European Union.