The IFPR defines a set of three different remuneration requirements (RemCode) for UK investment firms.
These three sets are classified as Basic, Standard, and Extended remuneration obligations and depend on the investment firm's classification as either an SNI, non-SNI or a larger non-SNI firm based on defined on- and off-balance sheet assets.
The MIF008 Remuneration Report is submitted annually by all investment firms within four months of a firm's accounting reference date.
In addition, all firms must publicly disclose on the subject of remuneration for all senior management and significant risk-takers. Non-SNI firms must also outline their approach to remuneration for all staff, the objectives of their financial incentives and the decision making and governance procedures around the remuneration policies.
We advise that investment firms review their current remuneration policy and public disclosure, as applicable, and take appropriate advice as needed to ensure they conform to the applicable MIFIDPRU Remuneration Code.