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SYSC TP 3 Remuneration code

11

R

[deleted]2

2

2

R

[deleted]2

2

3

R

2[deleted]2

4

G

[deleted]2

2

25

G

(1)

The FSA recognises that firms may require additional time to comply in full with the requirements of the Remuneration Code where they were not subject to the version of the Remuneration Code that applied before 1 January 2011. The FSA considers that a firm may be able to rely on the proportionality provisions in SYSC 4.1.2 R and the remuneration principles proportionality rule to justify not complying with the requirements of the Remuneration Code relating to remuneration structures by 1 January 2011 provided it takes reasonable steps to comply as soon as reasonably possible and in any event by 1 July 2011.

(2)

On a similar basis and on the same timescales set out in (1), a firm which was subject to the previous version of the Remuneration Code may be able to justify not complying with the requirement to pay 50% of variable remuneration in shares or other non-cash instruments (SYSC 19A.3.47 R).

26

R

Until 1 January 2012, SYSC 19A.3.54 R and SYSC 19A Annex 1 (on voiding and recovery) apply only in relation to a firm that was subject to the version of the Remuneration Code that applied before 1 January 2011.