SUP 16.29 MIFIDPRU Remuneration Report

1This section applies to a MIFIDPRU investment firm, except where:

1. (1)

   the MIFIDPRU investment firm is part of a group to which prudential consolidation applies in accordance with provisions of the UK CRR and the PRA Rulebook; and

2. (2)

   the reports in (3) have been submitted to the PRA on behalf of the consolidation group and each covers the MIFIDPRU investment firm.

3. (3)

   the reports referred to in (2) are:

   1. (a)

      the Remuneration Benchmarking Information Report; and

   2. (b)

      the Higher Earners Report.

1A firm to which this section applies must submit the MIFIDPRU Remuneration Report:

1. (1)

   in the format set out in SUP 16 Annex 51R;

2. (2)

   in accordance with the instructions in SUP 16 Annex 51G; and

3. (3)

   online through the appropriate systems accessible from the FCA’s website.

1The information in the MIFIDPRU Remuneration Report must be denominated in pound sterling.

1Where a MIFIDPRU investment firm does not form part of an investment firm group to which consolidation applies under MIFIDPRU 2.5, it must complete the report on a solo basis in respect of remuneration awarded in the last completed financial year to all relevant staff of the firm who mainly carried on their professional activities within the UK.

1Where a MIFIDPRU investment firm forms part of an investment firm group to which consolidation applies under MIFIDPRU 2.5, it must not complete the report on a solo basis. The MIFIDPRU investment firm must complete the report on a consolidated basis in respect of remuneration awarded in the last completed financial year to all relevant staff of the firm who mainly undertook their professional activities within the UK.

1. (1)

   1A firm to which this section applies must submit a MIFIDPRU Remuneration Report to the FCA annually.

2. (2)

   The firm must submit that report to the FCA within 4 months of the end of the firm’s accounting reference date.