Commission Delegated Regulation (EU) 2021/923 on criteria for managerial responsibility, control functions, and material risk impact staff

The European Commission adopts regulatory technical standards supplementing Directive 2013/36/EU by defining criteria for managerial responsibility, control functions, material business units, and staff with a material impact on an institution's risk profile. Institutions must identify such staff using qualitative criteria, such as authority over credit risk exposures exceeding 0.5% of Common Equity Tier 1 capital, and quantitative thresholds, including total remuneration of at least EUR 750,000 or placement within the top 0.3% of earners in institutions with over 1,000 staff. Competent authorities must grant prior approval for excluding high earners from these criteria, with specific reporting obligations to the European Banking Authority for staff earning EUR 1,000,000 or more.

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Source: European Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works