Related provisions for SYSC 19E.2.24

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SYSC 19E.2.1RRP
1A management company must establish and apply remuneration policies and practices for UCITS Remuneration Code staff that: (1) are consistent with and promote sound and effective risk management;(2) do not encourage risk taking which is inconsistent with the risk profiles or the instrument constituting the fund or the prospectus, as applicable, of the UCITS it manages; (3) do not impair the management company’s compliance with its duty to act in the best interests of the UCITS
SYSC 19E.2.2RRP
(1) UCITS Remuneration Code staff comprise those categories of staff whose professional activities have a material impact on the risk profiles of: (a) the management company; or(b) the UCITS that the management company manages.(2) UCITS Remuneration Code staff must comprise: (a) senior management;(b) risk takers;(c) staff engaged in control functions; and(d) any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk
SYSC 19E.2.4RRP
(1) When establishing and applying the remuneration policies for UCITS Remuneration Code staff, a management company must comply with the UCITS remuneration principles in a way and to the extent that is appropriate to: (a) its size;(b) internal organisation; and(c) the nature, scope and complexity of its activities.(2) Paragraph (1) does not apply to the requirement for significant management companies to have a remuneration committee (SYSC 19E.2.9R).(3) The UCITS remuneration
SYSC 19E.2.7RRP
(1) A management company must ensure that its management body in its supervisory function: (a) adopts and reviews at least annually the general principles of the remuneration policy; and(b) is responsible for the implementation of the general principles of the remuneration policy.(2) The tasks in (1) must be undertaken only by members of the management body who:(a) do not perform any executive functions in the management company concerned; and (b) have expertise in risk management
SYSC 19E.2.9RRP
(1) A management company must establish a remuneration committee if it is significant in terms of: (a) its size, or the size of the UCITS that it manages2; (b) [deleted]2(c) the complexity of its internal organisation; and2(d) the nature, the scope and the complexity of its activities.(2) The remuneration committee must be constituted in a way that enables it to exercise competent and independent judgment on: (a) remuneration policies and practices; and(b) the incentives created
SYSC 19E.2.10RRP
A management company must ensure that employees engaged in control functions are compensated according to the achievement of the objectives linked to their functions, independent of the performance of the business areas that are within their remit.[Note: article 14b(1)(e) of the UCITS Directive]
SYSC 19E.2.11RRP
A management company must ensure the remuneration of the senior officers in the risk management and compliance functions is directly overseen by: (1) the remuneration committee; or(2) if such a committee has not been established, the management body in its supervisory function.[Note: article 14b(1)(f) of the UCITS Directive]
SYSC 19E.2.12RRP
(1) A management company must ensure that, where remuneration is performance related, the total amount of remuneration is based on a combination of: (a) the assessment of the performance of the individual and of the business unit or UCITS concerned, and of their risks; and (b) the overall results of the management company.(2) When assessing individual performance, financial and non-financial criteria must be taken into account.[Note: article 14b(1)(g) of the UCITS Directive]
SYSC 19E.2.13RRP
A management company must ensure that the assessment of performance is set in a multi-year framework appropriate to any holding period recommended to the investors of the UCITS managed by the management company to ensure that the: (1) assessment process is based on the long-term performance of the UCITS and its investment risks; and (2) actual payment of the performance-based components of remuneration is spread over the same period. [Note: article 14b(1)(h) of the UCITS Dire
SYSC 19E.2.14RRP
A management company must not award, pay or provide guaranteed variable remuneration unless it: (1) is exceptional; (2) occurs only in the context of hiring new staff; and(3) is limited to the first year of engagement.[Note: article 14b(1)(i) of the UCITS Directive]
SYSC 19E.2.15RRP
A management company must 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: article 14b(1)(j) of the UCITS Directive]
SYSC 19E.2.16RRP
A management company must ensure that payments related to the early termination of a contract: (1) reflect performance achieved over time; and(2) are designed in a way that does not reward failure.[Note: article 14b(1)(k) of the UCITS Directive]
SYSC 19E.2.18RRP
(1) Subject to the legal structure of the UCITS and the instrument constituting the fund, a management company must ensure that a substantial portion, and in any event at least 50%, of any variable remuneration component consists of: (a) units or shares of the UCITS concerned; or (b) equivalent ownership interests in the UCITS concerned; or (c) share-linked instruments relating to the UCITS concerned; or (d) equivalent non-cash instruments relating to the UCITS concerned with
SYSC 19E.2.20RRP
(1) A management company must not award, pay or provide a variable remuneration component unless a substantial portion, and in any event at least 40%, of the variable remuneration component, is deferred over a period which is:(a) appropriate in view of any holding period recommended to the investors of the UCITS concerned; and(b) correctly aligned with the nature of the risks of the UCITS in question.(2) The period referred to in (1) must be at least three years.(3) Remuneration
SYSC 19E.2.22RRP
A management company must ensure that any variable remuneration, including a deferred portion, is paid or vests only if it is: (1) sustainable according to the financial situation of the management company as a whole; and(2) justified according to the performance of: (a) the UCITS;(b) the business unit; and(c) the individual concerned.[Note: first sub-paragraph of article 14b(1)(o) of the UCITS Directive]
SYSC 19E.2.23GRP
(1) The total variable remuneration should generally be considerably contracted where subdued or negative financial performance of the management company or of the UCITS concerned occurs.(2) When considering (1), management companies should take into account both current compensation and reductions in payouts of amounts previously earned, including through malus or clawback arrangements.[Note: second sub-paragraph of article 14b(1)(o) of the UCITS Directive]
SYSC 19E.2.26RRP
A management company must ensure that its employees undertake not to use any of the following to undermine the risk alignment effects embedded in their remuneration arrangements:(1) personal hedging strategies; or (2) remuneration-related insurance; or(3) liability-related insurance.[Note: article 14b(1)(q) of the UCITS Directive]
SYSC 19E.2.27RRP
A management company must ensure that variable remuneration is not paid through vehicles or methods that facilitate the avoidance of the requirements of the UCITS Remuneration Code.[Note: article 14b(1)(r) of the UCITS Directive]
COLL 4.2.5RRP
This table belongs to COLL 4.2.2 R (Publishing the prospectus).Document status1A statement that the document is the prospectus of the authorised fund valid as at a particular date (which shall be the date of the document).Authorised fund2A description of the authorised fund including:(a) its name;29(aa)its FCA product reference number (PRN);(b)whether it is an ICVC, ACS21 or an AUT;173(ba)whether it is a UCITS scheme or a non-UCITS retail scheme;17(bb)a statement that unitholders