Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

Article 5 Calculation of remuneration awarded

  1. (1)

    For the purposes of this Regulation, remuneration which has been awarded but has not yet been paid shall be valued as at the date of the award without taking into account the application of the discount rate referred to in applicable remuneration rules or reductions in payouts, whether through clawback, malus, or otherwise. All amounts shall be calculated gross and on a full-time equivalent basis.

  2. (1A)

    In paragraph 1 “applicable remuneration rules” means—

  3. (a)

    in the case of PRA-authorised persons, rule 15.13 of the Remuneration Part of the PRA rulebook and rule 19D.3.52 of the Senior Management Arrangements, Systems and Controls sourcebook;

  4. (b)

    in the case of other authorised persons, rule 19A.3.44D of the Senior Management Arrangements, Systems and Controls sourcebook.

  5. (2)

    For the purpose of the application of points (b) and (c) of Article 4(1), the remuneration awarded may be considered separately for each country where the institution has an establishment and staff shall be assigned to the country where they carry on the predominant part of their activities.