Luxembourg: developments in remuneration policy for banks, investment firms, UCITS management companies and external AIFMs

The preceding weeks have been busy in terms of legislative and regulatory work in the field of remuneration policy. In this respect, the following publications are worth mentioning: the CSSF circular regarding the European Securities and Markets Authority (ESMA) Guidelines on remuneration policies and practices (MiFID); ESMA ‘questions and answers’ on the application of the AIFMD; a CSSF circular regarding the Capital Requirements Regulation (CRR); and the submission to the Chambre des Députés of a bill of law implementing the Capital Requirements Directive (CRD 4).

This contribution briefly describes the key principles of the aforementioned publications.

The CSSF issued circular 14/585 in order to implement into Luxembourg law the ESMA Guidelines on remuneration policies and practices (MiFID), under the form of a new appendix V to CSSF circular 07/307 (MiFID: Conduct of business rules in the financial sector). As such, the CSSF circular is immediately applicable…

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