On 16 July 2014, the European Banking Authority revised the guidelines on the data collection exercise regarding high earners and the remuneration benchmarking exercise. The updated guidelines require more detailed data collection and reflect changes introduced by the CRD IV that require Member State competent authorities to collect data per institution (including certain types of investment firms that were not previously included in the data collection).
In Consultation Paper 14/19: CRD IV: data collection on remuneration practices (CP14/19), the FCA and PRA set out the proposed changes to the Remuneration Code to reflect the CRD IV requirements.
The FCA and PRA has now published Policy Statement 14/14: CRD IV – Changes to EBA high earners and benchmarking information reports, including feedback to CP14/19 and final rules (PS14/14).
The final rules are set out in Appendix 1 (FCA Statutory Instrument) and Appendix 2 (PRA Statutory Instrument) of PS14/14 and will take effect immediately. The amendments have been incorporated as amendments to the Supervision manual in the FCA Handbook (SUP 16.17 (Remuneration Reporting) and associated forms / guidance notes) and in the Remuneration part of the PRA Rulebook.