Update on the consultation of the new Regulation on Sound Remuneration Policies 2021

Supervision consultation

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Published: 20 October 2025

The consultation of the Regulation on Sound Remuneration Policies (Regeling beheerst beloningsbeleid Wft 2021 – Rbb 2021) did not result in any changes to the regulation. However, it was clarified after the consultation that the Authority for Financial Markets (AFM) is the supervisor that decides on requests for an alternative arrangement.

One reaction and one clarification

The consultation took place in April of 2021, during which the AFM and De Nederlandsche Bank (DNB) received one reaction, The Rbb 2021 replaces the Rbb 2017. The substantive changes compared to the latter stem from the implementation of part of the remuneration rules from the Investment Firm Directive (IFD).

Consultation outcome

During the consultation period, DNB and the AFM received one reaction containing two questions. The first question of the reaction refers to which performance year and award date the amended remuneration rules will apply for the first time. The IFD does not provide for a transition period. This means that as of the entry into force of the Implementation Act and the Rbb 2021, these amended remuneration rules will apply. As an example, a performance bonus awarded in the spring of 2022 for the performance year of 2021, will be subject to these remuneration rules. This is not altered by the fact that the Guidelines on remuneration policies under the IFD will become applicable at a later stage.

The second question refers to whether staff members whose professional activities materially affect the risk profile of the institution should be identified where an investment firm can invoke the proportionality rule from section 18, introductory paragraph and point (a) of Annex A or section 12, introductory paragraph and point (a) of Annex B to the Rbb 2021 and, if so, which remuneration rules from the Rbb 2021 will apply. DNB and the AFM point out that even if an investment firm can rely on the aforementioned sections, it must identify the referred staff members. Where a firm invokes the proportionality rule, it will only be exempted from applying sections 14, 15 and the second paragraph of Part 17 of Annex A and sections 8(f) and (h) and 11 of Annex B respectively. The other sections apply in full.

Approval of the use of alternative instruments by the AFM

After the consultation, one change has been made to the Rbb 2021 in order to provide more clarity to the sector. In section 8(g) of Annex B to the Rbb 2021 it has been made clear that the AFM may approve the use of alternative arrangements for institutions falling under the scope of Annex B.

The entry into force of the Rbb 2021 has been delayed

The entry into force of the Rbb 2021 has been delayed. The Senate (Eerste Kamer) has yet to agree to the Implementation Act for the Directive on Prudential Supervision of Investment Firms.

As the Implementation Act also dictates the use of two Member State options included in the Rbb 2021, the latter can only be finalized and once the Implementation Act has been adopted by the Senate. For this reason, the date of entry into force of the Rbb 2021 is also linked to the date of entry into force of the Implementation Act.

The AFM and DNB have decided to publish the results of the consultation in order to keep investment firms informed and they are able to prepare for the upcoming implementation.

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