SYSC TP 3 Remuneration codes

6Part A

IFPRU Remuneration Code

11

R

[deleted]2

2

2

R

[deleted]2

2

3

R

2[deleted]2

4

G

[deleted]2

2

25

G

3[deleted]3

26[FCA][PRA]

R

[expired]5

5

46A[FCA][PRA]

R

(1)

Paragraph (2) applies in relation to a firm that was not subject to the version of the Remuneration Code that applied before 1 January 2011 but satisfies at least one of the conditions set out in SYSC 19A.3.54 R (1B) to SYSC 19A.3.54 R (1D).

(2)

Where this paragraph applies, a contravening provision that is contained in an agreement made before 3 November 2011 is not rendered void by SYSC 19A Annex 1.1R unless it is subsequently amended so as to contravene a rule to which SYSC 19A Annex 1.1R applies.

46B[FCA][PRA]

G

The effect of 6R is to limit the provisions on voiding and recovery to firms which were subject to the version of the Remuneration Code which applied before 1 January 2011. That transitional provision comes to an end on 1 January 2012. A new limit providing for voiding to apply only in relation to certain types of firm is provided in SYSC 19A.3.54 R (1B) to SYSC 19A.3.54 R (1D). Paragraph 6AR applies to firms which become subject to the provisions on voiding after the transitional provision in 6R comes to an end. It prevents certain contravening provisions which predate the making of the new rules limiting the application of voiding from becoming void.

37

G

5

[expired]5

5

6Part B

UCITS Remuneration Code

(1)

(2) Material to which the transitional provision applies

(3) Transitional provision

(4) Transitional provision: date in force

(5) Handbook provisions: coming into force

1

The UCITS remuneration principles

R

A management company need not apply the UCITS remuneration principles to any awards of variable remuneration until it commences its first full performance year starting on or after 18 March 2016.

From 18 March 2016 until 18 March 2017

18 March 2016