Related provisions for SYSC 19A.3.51

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SYSC 19A.3.3RRP
(1) This section applies in relation to Remuneration Code staff, except as set out in (3).(2) When establishing and applying the total remuneration policies for Remuneration Code staff, a firm must comply with this section in a way and to the extent that is appropriate to its size, internal organisation and the nature, the scope and the complexity of its activities (the remuneration principles proportionality rule).(3) Paragraphs (1) and (2) do not apply to the requirement for
SYSC 19A.3.7RRP
A firm must ensure that its remuneration policy is consistent with and promotes sound and effective risk management and does not encourage risk-taking that exceeds the level of tolerated risk of the firm.[Note: Paragraph 23(a) of Annex V to the Banking Consolidation Directive]
SYSC 19A.3.8RRP
A firm must ensure that its remuneration policy is in line with the business strategy, objectives, values and long-term interests of the firm.[Note: Paragraph 23(b) of Annex V to the Banking Consolidation Directive]
SYSC 19A.3.9RRP
A firm must ensure that its remuneration policy includes measures to avoid conflicts of interest.[Note: Paragraph 23(b) of Annex V to the Banking Consolidation Directive]
SYSC 19A.3.10RRP
A firm must ensure that its governing body in its supervisory function adopts and periodically reviews the general principles of the remuneration policy and is responsible for its implementation.[Note:Paragraph 23(c) of Annex V to the Banking Consolidation Directive and Standard 1 of the FSB Compensation Standards]
SYSC 19A.3.11RRP
A firm must ensure that the implementation of the remuneration policy is, at least annually, subject to central and independent internal review for compliance with policies and procedures for remuneration adopted by the governing body in its supervisory function.[Note:Paragraph 23(d) of Annex V to the Banking Consolidation Directive and Standard 1 of the FSB Compensation Standards]
SYSC 19A.3.12RRP
(1) A firm that is significant in terms of its size, internal organisation and the nature, the scope and the complexity of its activities must establish a remuneration committee. (2) The remuneration committee must be constituted in a way that enables it to exercise competent and independent judgment on remuneration policies and practices and the incentives created for managing risk, capital and liquidity.(3) The chairman and the members of the remuneration committee must be
SYSC 19A.3.27RRP
A firm must ensure that its total variable remuneration is generally considerably contracted where subdued or negative financial performance of the firm occurs, taking into account both current remuneration and reductions in payouts of amounts previously earned.[Note:Paragraph 23(q) of Annex V to the Banking Consolidation Directive and Standard 5 of the FSB Compensation Standards]
SYSC 19A.3.29RRP
A firm must ensure that:(1) its pension policy is in line with its business strategy, objectives, values and long-term interests;(2) when an employee leaves the firm before retirement, any discretionary pension benefits are held by the firm for a period of five years in the form of instruments referred to in SYSC 19A.3.47 R (1); and(3) in the case of an employee reaching retirement, discretionary pension benefits are paid to the employee in the form of instruments referred to
SYSC 19A.3.36RRP
A firm must ensure that where remuneration is performance-related:(1) the total amount of remuneration is based on a combination of the assessment of the performance of:(a) the individual; (b) the business unit concerned; and (c) the overall results of the firm; and(2) when assessing individual performance, financial as well as non-financial criteria are taken into account.[Note:Paragraph 23(g) of Annex V to the Banking Consolidation Directive and Standard 6 of the FSB Compensation
SYSC 19A.3.38RRP
A firm must ensure that the assessment of performance is set in a multi-year framework in order to ensure that the assessment process is based on longer-term performance and that the actual payment of performance-based components of remuneration is spread over a period which takes account of the underlying business cycle of the firm and its business risks.[Note: Paragraph 23(h) of Annex V to the Banking Consolidation Directive]
SYSC 19A.3.44RRP
A firm must set appropriate ratios between the fixed and variable components of total remuneration and ensure that:(1) fixed and variable components of total remuneration are appropriately balanced; and(2) the fixed component represents a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible policy on variable remuneration components, including the possibility to pay no variable remuneration component.[Note: Paragraph 23(l) of Annex
SYSC 19A.1.6GRP
(1) The aim of the Remuneration Code is to ensure that firms have risk-focused remuneration policies, which are consistent with and promote effective risk management and do not expose them to excessive risk. It expands upon the general organisational requirements in SYSC 4.(2) The Remuneration Code implements the main provisions of the Third Capital Requirements Directive (Directive 2010/76/EU)which relate to remuneration. The Committee of European Banking Supervisors published
SYSC 19A.2.1RRP
A firm must establish, implement and maintain remuneration policies, procedures and practices that are consistent with and promote sound and effective risk management.[Note: Article 22(1) of the Banking Consolidation Directive]