Regulatory Alerts2021-06-09
Added · Updated
Commission Delegated Regulation (EU) 2021/923 supplementing Directive 2013/36/EU with regulatory technical standards on managerial responsibility, control functions, material business units, and staff with significant impact on risk profiles
This Regulation establishes regulatory technical standards defining managerial responsibility, control functions, and material business units for institutions under Directive 2013/36/EU. It sets specific qualitative and quantitative criteria for identifying staff members whose professional activities have a comparable material impact on an institution's risk profile as those referred to in Article 92(3), including thresholds such as total remuneration of at least EUR 750,000 or inclusion in the top 0.3% of earners in institutions with over 1,000 employees. Institutions must apply these criteria to determine which staff fall under strict remuneration rules, subject to prior approval by competent authorities if exemptions are claimed based on low risk impact. The Regulation repeals Delegated Regulation (EU) No 604/2014, maintaining its application to investment firms until June 26, 2021.
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