When the Remuneration Code was revised in December last year, the FSA said that it would still be taking some outstanding issues forward in 2011.  It has now published consultation papers and further information in a number of areas.

These include:

  • consultation on a proposed retention requirement of six months for shares which are received under remuneration awards;
  • consultation on notification and other requirements for guaranteed bonuses which can comply with the Remuneration Code;
  • consultation on a proposal to extend the transitional period (which was due to expire on 30 June 2011) in which firms without a quoted parent do not have to pay at least 50% of variable remuneration in shares, pending further work on what suitable alternatives might be;
  • consultation on proposed templates for the remuneration policy statement which firms are required to prepare; and
  • FAQs on a number of remuneration-related issues.

The FSA has also issued templates for firms which wish to apply for a lower tier categorisation than either their own activities or the activities of their group would normally apply.

Consultation ends on 18 May 2011 (13 May 2011 for the share-based payment awards).

Click here for a link to the relevant FSA webpage with further links to the relevant consultation pages etc..

This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq

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The original publication date for this article was 10/05/2011.