Publication of two RTSs to determine the ‘identified staff’ and the types of instruments that can be used for paying bonuses

A little more than two months after their adoption by the European Commission, these two regulatory technical standards (RTSs) were published in the Official Journal of the European Union on 20 May and 6 June 2014 respectively. Taking the form of two commission-delegated regulations, they shall enter into force on the 20th day following that of their publication, namely since 9 June 2014 with regard to the classes of instruments and as from 26 June 2014 as regards the criteria to identify staff. From these dates, their provisions shall be directly applicable, i.e. they shall be legally binding in all member states without having to be implemented into national law.

This contribution aims at describing briefly the key points of the above-mentioned texts.

The above-mentioned RTSs were developed by the European Banking Authority (EBA) pursuant to the mandate given to it under article 94(2) of the Capital Requirements Directive (CRD 4), and then endorsed by the European Commission. They set out a methodology for identifying material risk takers at group, parent company and subsidiary levels, including institutions established in offshore financial centres, based on a combination of qualitative and quantitative criteria that will have to be applied by all the institutions subject to CRD 4…

Click on the link below to read the rest of the Arendt & Medernach briefing.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Arendt & Medernach

View more briefings from Arendt & Medernach

Overview

14, rue Erasme
L-2082 Luxembourg
Luxembourg
http://www.arendt.com

Turnover (€m): 99.00
Jurisdiction: Luxembourg