Regulatory Alerts2020-07-29
Added · Updated
PS20/16: Updating the Dual-regulated firms Remuneration Code to reflect CRD V
The Financial Conduct Authority amends the Dual-regulated firms Remuneration Code (SYSC 19D) to transpose CRD V requirements, introducing new material risk taker categories, replacing proportionality thresholds with exemptions, and mandating gender-neutral remuneration policies. The rules apply to credit institutions, designated investment firms, and specific third-country branches, with new proportionality thresholds set at €500,000 for fixed remuneration and €50,000 for variable remuneration for individuals. Amendments concerning the UK’s exit from the EU and currency conversions take effect on 1 January 2021, while the updated remuneration requirements must be applied from the next performance year beginning on or after 29 December 2020.
More like this from FCA
FCA published 5 documents in the last 30 days. We email you each new one the day it's published.