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…
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