DNB Amends Regulation on Remuneration Policy, Issues Reporting Updates
DNB published a decision amending the "Regulation on Sound Remuneration Policy Wft 2017" (Rbb 2017) in the Government Gazette in December 2020. The decision entered into force on December 29, 2020. The changes result from the entry into force of the fifth Capital Requirements Directive (CRD5) on December 29, 2020. The Rbb 2017 concerns the national implementation of the remuneration provisions in Articles 92 to 96 of CRD. The amendments concern the category of employees to which the remuneration provisions apply, the broadening of the type of financial instruments in which variable remuneration can be paid, the extension of the period to defer payout, and the introduction of an exemption from certain remuneration provisions. The implementation of these requirements mainly concerns banks and investment firms.
In addition, DNB published several reporting updates, along with an updated list of additional data requests for banks. The updated data requests, which have been highlighted with the word "UPDATE" in red, include semi-recurring as well as ad hoc data requests to banks from DNB and European agencies. The key reporting updates are as follows:
- In addition to the regular Deposit Guarantee Scheme (DGS) reporting, DNB requests banks to submit a report of deposits that have been collected as of December 31, 2020 through cross-border services to the European Economic Area member states. The report is not (yet) included in the XBRL taxonomy for DGS reports. The report is, therefore, requested in Excel. The template must be submitted no later than March 18, 2021. This reporting obligation has been made available in Digital Reporting Portal or DLR from February 01, 2021.
- DNB updated additional data quality checks related to the reference period December 2020. In the previous version for DNB checks 1048-1072 (source EGDQ), columns J (rows) and K (columns) were left empty. For the sake of completeness, these columns are presented in the current version. Additionally, for a few data checks, the syntax has been corrected.
Related Links
- News on Sound Remuneration Policy
- News on DGS Reporting
- News on Additional Data Checks
- Update on Additional Data Requests
Keywords: Europe, Netherlands, Banking, Securities, CRD5, Remuneration, CRD5, Operational Risk, Governance, Reporting, Digital Reporting Portal, Data Quality Checks, XBRL, Deposit Guarantee Schemes, DNB
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous Article
Dubai FSA Updates Several Rulebook Modules in February 2021Related Articles
OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks
The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.