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
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 10/05/2011.