Guidelines compliance table

Transcription

1 Guidelines compliance table ESMA/2016/675 4 October 2017 Guidelines on sound remuneration policies under the AIFMD (ESMA/2013/232) The following competent authities* intend to with ESMA Guidelines on sound remuneration policies under the AIFMD (ESMA/2013/232): Competent authity Member States LV Latvia and Capital Market LU Luxembourg de Surveillance du Secteur Financier FR France Autité des marchés financiers (AMF) ES Spain CNMV EL Greece Hellenic Capital Market BE Belgium FSMA SK Slovakia National Bank of Slovakia ion/finbem/bhv/circmedprak/es ma.aspx CZ Czech Republic Czech National Bank DK Denmark Danish No The Danish FSA does not, and does not intend to,

2 authity Supervisy Authity with the Guidelines and recommendations f the following reasons: The Danish provisions regarding severance payments establish a threshold regarding min severance payments. The Guidelines do not fesee any threshold. Accding to the Danish provisions min severance payments that do not exceed a value cresponding to the last year two years total remuneration (different criteria determine the size of the threshold) including pension can be exempted from the remuneration requirements. The size of severance payments vary depending on a person s total salary. Although all severance payments should be related to perfmance achieved over time and designed in a way that does not reward failure which is in line with the AIFMD annex II (1)(k). Severance payments that exceed a value of me than one two years of remuneration including pension are considered variable remuneration and all of the remuneration requirements apply. Due to the Danish exemptions regarding min severance payments Denmark is noncompliant with parts of paragraph 89 that states It is good practice to defer any outstanding variable payments long-term incentive plans and f these to mirr the iginal deferral schemes since remuneration 2

3 authity requirements do not apply to these min severance payments. In practice severance payments paid by FAIFs in Denmark are often limited to the thresholds which is considered reasonable by the Danish FSA. LT Lithuania The Bank of Lithuania UK United Kingdom Conduct Authity NL The Netherlands Autiteit Financiële Markten AT Austria FMA Austria PT Ptugal CMVM, the Ptuguese Securities Market SE Sweden Finansinspekti onen (FSA Sweden) HU Hungary Central Bank of Hungary Intends to ** It is estimated that the implementing MNB Recommendations will be adopted in September The implementing measures should enter into fce on 1 January The implementation of the Guidelines requires the amendment of the MNB Recommendations on remuneration policies. FI Finland Finanssivalvont a (FIN-FSA) RO Romania Romanian Supervisy The Romanian legislation complies with the provisions of the guidelines. The transity period f the AIFMD closes 3

4 authity Authity on 23 May CY Cyprus Cyprus Securities and Exchange SI Slovenia Securities Market Agency DE Germany BaFin MT Malta Malta Services Authity PL Poland KNF Polish Authity IT Italy CONSOB IT Italy Bank of Italy IE Ireland Central Bank of Ireland EE Estonia Estonian Authity BG Bulgaria HR Croatia HANFA EEA EFTA States NO Nway Finanstilsynet LI Liechtenstei n Finanzmarktauf sicht (FMA) European Territies under Article 355(3) TFEU 4

5 authity GI Gibraltar The Services *The EEA States other than the Member States of the European Union are not currently required to notify their compliance with the ESMA Guidelines. This table is based on infmation provided from those EEA States on a voluntary basis. ** Please note that, in the interest of transparency, if a competent authity continues to intend to after the application date, it will be considered non-compliant unless (A) the Guidelines relate to a type of institution instruments which do not currently exist in the jurisdiction concerned; (B) legislative regulaty proceedings have been initiated to bring any national measures necessary to with the Guidelines in fce in the jurisdiction concerned. Notes Article 16(3) of Regulation (EU) No 1095/2010 (the ESMA Regulation) requires national competent authities to infm us whether they intend to with each Guideline recommendation we issue. If a competent authity does not does not intend to it must infm us of the reasons. We decide on a case by case basis whether to publish reasons. ESMA endeavours to ensure the accuracy of this document, however, the infmation is provided by the competent authities and, as such, ESMA cannot accept responsibility f its content any reliance placed on it. F further infmation on the current position of any competent authity, please contact that competent authity. Contact details can be obtained from our website ( 5