Regulatory Alerts2023-05-26
Added · Updated
CSSF Circular 23/836: Application of EBA Guidelines on Remuneration Benchmarking, Gender Pay Gap, and Higher Ratios
The CSSF integrates the EBA Guidelines on benchmarking exercises regarding remuneration practices, the gender pay gap, and approved higher ratios into its administrative practice and regulatory approach. All credit institutions and CRR investment firms must comply with these guidelines, which mandate the annual submission of remuneration data, biennial submission of higher ratios data starting from 2023 for the financial year 2022, and triennial submission of gender pay gap data starting from 2024 for the financial year 2023. The CSSF selects institutions for data collection based on specific criteria and collects benchmarking data at the individual level for gender pay gap and higher ratios, while remuneration data is collected at the level of application of disclosure requirements.
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