DNB and the Netherlands Authority for the Financial Markets (AFM) are consulting on Sound Remuneration Policy Regulation 2021 (Rbb 2021). This Regulation will replace the Sound Remuneration Policy Regulation 2017 (Rbb 2017). The changes in the Rbb 2021 compared to Rbb 2017 mainly relate to the implementation of the Investment Firms Directive. Comments on the consultation are requested until May 14, 2021. The final Rbb 2021 will enter into force at the time that “Article I, part N, of the Implementation Act on Prudential Supervision of Investment Firms Directive enters into force.”
Annex A of the Rbb 2021 contains the remuneration rules for banks and investment firms that fall or will continue to fall within the scope of the Capital Requirements Regulation (CRR). Annex A contains some textual adjustments and corrections to better reflect the wording of the Capital Requirements Directive (CRD). Additionally, the provision on state aid that was deleted in the revision of the Rbb 2017 has been reinstated in Annex A of Rbb 2021. Annex B to the Rbb 2021 contains the remuneration rules for investment firms that fall within the scope of the Investment Firms Directive and Investment while Annex C contains the remuneration rules for premium pension institutions.
Related Links (in English and Dutch)
Comment Due Date: May 14, 2021
Keywords: Europe, Netherlands, Banking, Investment Firms, IFD, IFR, CRR, CRD, Basel, Remuneration, AFM, DNB
Previous ArticleEC Sets Out Standards for MREL Reporting by Competent Authorities
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.